In one of my recent Facebook Lives, I shared how my mom and I discussed her retirement. Finances can be overwhelming for many people, even the savviest. This made me think about some important conversations that we all must have, so I’ve put together a list of the 4 conversations you must have before the New Year.
Seniors in your family 55+
• What are your retirement plans?
• Do you have any retirement/investment accounts? How many, where, how much?
• Do you understand how Medicare works, when you need to apply, supplemental plans?
• Take them to meet with a social security and Medicare expert to plan ahead.
AARP is honestly a great resource, people joke about it, but the work they are doing to educate those 50+ is awesome https://www.aarp.org/
Here’s a good article from their site: Understanding Medicare
• Financial education – make sure they understand the basics of money management. Teach them how debt and credit works and how to be smart about both.
• Show them how online banking works, how to keep track of spending, how to pay bills online.
• Give them ways to earn money.
• This conversation should be age appropriate, from elementary to young adults – have regular money conversations.
*This isn’t you lecturing for an hour, but an interactive two-way conversation. If you lecture, you’ll be tuned out.
• Share your financial goals, make a plan for next year for debt elimination, saving and investing. Write everything down.
• Discuss your financial dreams, what are some big purchases you’d each like to make?
• Ask your mate what is important to them financially.
Lastly, for all the important people in your life, parents, grandparents, mate – have the tough conversation about what to do in case of their passing.
• How would you like your funeral arrangements handled?
• Where are life insurance, wills and other important documents?
If these aren’t all in one place, get a binder or small plastic file box for them to put it there.
• Are there any details regarding your belongings that are important to you?
What are some other conversations you believe it’s important to have now? What has been your strategy for reaching out to those closest to you?