Asking your parents about their finances can feel nearly as invasive as asking about their sex lives. It’s private, none of your business, and not something we discuss in this family!
But as your parents age, money won’t necessarily stay private and it can very much become your business, whether Mom and Dad want it to or not. As of 2021, the average annual cost of a private room in a nursing home was over $108,000 , and paying out-of-pocket is the primary way families pay for nursing home care.
No matter how uncomfortable the conversations may be, it’s vital for adult children to talk to their parents about money. This will help the whole family prepare for any major financial issues that crop up as their parents transition into retirement and beyond.
If the very idea of asking your folks about their finances makes you break into a cold sweat, here are some ways to broach the subject.
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