Preparing for retirement as a family

Three conversations to help parents and children plan for the future

As parents approach retirement, it’s natural for children to wonder what sort of support they will need in the years ahead. Starting these conversations early can help everyone feel more prepared. Here are some important topics to discuss.

• Financial security: Cover whether the parents feel financially secure and confident about their income in retirement.
• Important documents: Understand whether the parents’ personal affairs are in place and where documents are kept. It’s important to know where to find wills and trust documents, powers of attorney, healthcare proxy, financial statements, deeds and titles, and insurance policies, for example.
• Care: Discuss the plan for long-term care, even if it’s never needed. It’s important for children to understand parents’ wishes, since children will likely be responsible for carrying them out.