It is said that GenXers are the next “sandwich” generation in Ogden because they are sandwiched between two groups of people who need their special care and attention: their children and their aging parents. There are plenty of directions and advice out there for parenting, but little seems to be available to help Ogden GenXers with the challenges of parenting aging.
One of the biggest challenges facing older Americans this month is getting to the heart of their parents’ finances. For example, do you know how much money your parents have? How much do you owe? Where do they bank in Ogden? Do they have a safe?
If you have aging parents, you should know the answers to these questions – especially since illness or death could suddenly put you in charge of managing your finances.
However, getting the answers can be difficult. Why? One big reason is that older people often find it unacceptable – even downright rude – to be asked questions about their finances by their own children. You were raised to believe that money matters are deeply private.
Another reason is that facing the negative effects of the discussion is not easy – mom and dad are getting old. We’d better talk about their finances now while we still can. Who wants to think about it, let alone talk about it? The consequence? Avoidance – on your part and that of your parents – and no preparation for when you may have to act on behalf of mom and dad.
While it may be uncomfortable to think about, it is important to have the conversation. Take your time if you and your parents aren’t interrupted. A great way to open the door is to discuss your own retirement plans and how to prepare for your own illness, loss of income, or other challenge. Your personal banker in Ogden can also serve as a sounding board for this important discussion.
Talking financially with your parents during Older American Month may not be easy, but it is certainly important. It will help you deal with the inevitable challenges of aging and it will help you get answers now on how to manage any financial responsibilities that you may have to assume on their behalf.
Matt Bloye is the bank president for the Wells Fargo area of Utah.
Comments are closed.