If you haven’t spoken with your parents about their retirement funds, estate plans, and wishes regarding medical treatment, you should. The Department of Health and Human Services has data showing that around 70-percent of senior citizens will require some form of long-term care during their life. What this means is that your parents may be getting ready to retire, or already are retired, but any major problems they have will likely become your problems, too, so it behooves you to sit down and talk with them about some things. Many of these topics are usually avoided simply because no one likes to think about their parents not being around, but you do need to speak with them about this before it is too late. Here are some questions to get you started:
– Have you created a trust or undertaken extensive financial planning?
– What is your retirement plan? Have you taken the time to devise a plan that sets out your financial needs, goals, and strategies for meeting the financial demands of your retirement?
– When was the last time you reviewed or updated your retirement plan?
– Have you can cause a list of all your current investments, accounts, and the passwords which accompany these investments and accounts?
– Have you taken the time to create a comprehensive plan for your estate and potential disability?
– When was the last time, if ever, that you updated your will?
– Have you compiled a current list of all property and assets that you own, being sure to list the location of each?
– Have you discussed how you would like to spend your final days?