Monday, March 9, 2020
No, no not that talk. The finances talk? Dear Mom and Dad: Are Your Finances Ready for Retirement?was published last month in the New York Times. How do you start such a potentially awkward conversation? The article suggests some options, including bringing up the topic naturally: “Mom and Dad: What does retirement look like for you?” One expert suggests that
A natural point of pain in this conversation is that your parents have been the ones providing you with advice and guidance, and now you’re shifting the paradigm and asking questions that suggest you’re concerned whether they’re going to be O.K., [the expert] said. That shift can cause discomfort and tension.
[Another expert] a financial therapist and financial wellness advocate ... advises that you tie the conversation to your own life as a way to maintain the original roles in which the parent is still the expert and helper. With this strategy, you’re not threatening the power dynamic, while also getting the insights you need.
Take into consideration timing, the location and method (in person, skype), goals, and the participants.
Oh and for an article on that "other" talk, see Having ‘The Talk’ With My 80-Something Dad.