Plan for their plans - Trends have shifted to the point where the majority of young people expect to care for their elderly parents in the future. In order to plan for this care it’s important to know their plans. Ask them when they expect to retire, where they plan to live, and how much money they have saved. These answers will allow you to better prepare your finances in way to give them the support they may need.
When it comes to your parents future there is a lot to discuss, and in order to get to all if it, you need to start the conversation early and revisit it often. It may not be easy or fun, but your parents probably had a struggle or two with you back in the day trying to get you to comply with their conversations.
It’s the circle of life, and embracing your new role to clear up the essentials now can save your parents, and you, a lot of money later.
