It seems straightforward, but discussing retirement plans with an elderly family member like your father or grandmother might be harder than you think. It’s a tricky subject at best, and it can quickly turn into a troublesome conflict if someone says the wrong words at some point.
When you approach your senior family member, make sure that they are in a good mood. You could probably smooth things over by inviting them to a cafe and treating them to their favorite drink, but try not to go overboard. Also, it’s best to actually tell them from the start that you want to discuss something serious and not just spring it on them when you’re out in public.
Discussing retirement plans should also be done as practically as possible. Try not to cut corners or avoid topics that are more delicate. Tell them about your concerns, for example mentioning that you might be worried that their plan to join an expensive retirement community might be a little too optimistic. Also, aim to discuss all possibilities in a serious manner, and don’t try to make any decisions for them.
The best approach is one where the talk progresses as it would between equals. Ultimately, it’s about their life and their choices, so the best thing you can do is research some good retirement homes and assisted living facilities, and tell them your information in a transparent way.
Meeting with a Financial Advisor offered through a principled credit union in Littleton is a great way to start retirement planning and ensure future financial freedom.