top of page
  • Writer's pictureMarcus P. Miller, CFP®

How to Have Difficult Conversations with Your Parents About Health and Finances

It is important to discuss plans for the future with our parents. This includes things like living arrangements, lifestyle choices, and what will happen with their wealth after they’re gone. For many of us, these conversations can be difficult and uncomfortable. Here are some tips on how to have a productive conversation about your parents’ health and finances without upsetting them.

Listen First, Talk Later

You must listen carefully to your parents as they talk about their plans for the future. Allow them to express themselves without interruption or judgment. This shows respect and demonstrates that you are interested in hearing their thoughts and opinions. Once they are done talking, it is okay to share your own ideas and concerns.

Be Open-Minded

When having this type of conversation with your parents, remain open-minded and respectful of their wishes. They may have different ideas than you do about how they want their life to look after retirement or what they want to do with their money when they pass away. Make sure you understand where they are coming from before trying to persuade them otherwise.

Be Upfront About Your Concerns

It is also important to be honest about your own feelings and concerns. It is okay to express reservations or disagreements in a respectful way. Explain why you may feel differently than they do, but avoid getting into confrontations with them. Openly discussing potential issues could reveal potential solutions that everyone can agree upon.

Know Your Resources

If your parents have not made any plans or do not have sufficient financial resources, you may need to do some research on your own. You can search for retirement planning advice and resources online, meet with a financial advisor, or even contact organizations like AARP for additional recommendations. Knowing what resources are available can help make the conversation less stressful and help you make more informed decisions.

Bottom Line

Having a conversation about your parent's health and finances can be daunting but it doesn't have to be overwhelming if approached properly. The best way is to start by listening, being open-minded, being upfront about your concerns, and knowing your resources. By following these tips, you can ensure that this difficult conversation goes smoothly without any misunderstandings or hurt feelings! This will help ensure that everyone involved has a clear understanding of the situation going forward which will ultimately benefit all parties involved in the long run.

Legal Disclosure

The opinions expressed in this website are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. We cannot provide financial advice if we do not know your specific financial situation. Please talk to your financial advisor or do your own research before making financial decisions. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Any indices referenced for comparison are unmanaged and cannot be invested into directly. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

bottom of page