Parents and Children Hesitant to Talk About the Future

Julia Little  |  August 5, 2011

Family reading a bookA new survey conducted for the Indexed Annuity Leadership Council (IALC) revealed that more than one-third of adult children haven't talked to a parent about possible retirement plans, which could make everything from financial decisions to moving to a senior living community much more difficult in the coming years.

Experts agree that families should have candid conversations about these topics as parents age, because that makes it easier for children to guarantee that a parent's golden years are happy and healthy.

Perhaps most interesting, the findings showed that most prospective retirees were still planning on working at least part-time after 65. Three out of four respondents said that "working part time best represented what it means to retire for most people." Only 20 percent said that retirement means not working at all.

This kind of survey emphasizes the need for careful financial planning, because a nest egg is a crucial investment for any retiree. At some point, older adults may require some assistance with day-to-day living and want to move to an independent living community or a similar residence, and they should consider discussing the points with family members in advance to make the transition easier for everyone.  

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