Check out the latest edition of “A Step Ahead“, brought to you by the Elder Law and Estate Planning Group at Abrams Fensterman. Featured attorneys include Moriah Adamo, Lawrence N. Berwitz, and Maureen Rothschild DiTata.
Talking to Your Adult Children About Retirement
Retirement brings exciting changes, but it’s important to consider how your plans may affect your loved ones. Starting a conversation about retirement with your adult children can be challenging. Some parents prefer not to discuss financial details, while others share openly and involve their children in the planning process. Regardless of your approach, open communication can help everyone prepare and align expectations.
When to Start the Conversation
Begin discussions at least five years before retiring. This allows time for adjustments, especially if you provide financial support, housing or childcare to your children. Early conversations help your loved ones adapt and prepare for changes.
Key Topics to Cover
- Living Arrangements: Will you stay, downsize, or relocate?
- Long-Term Care: Share your plans for managing any future healthcare needs and the associated costs. Make copies of long-term care insurance policies available.
- Financial Outlook: Be transparent about finances and potential support needs.
- Estate Planning: Discuss your plans for assets, executors, and professional advisors.
Early honest discussions ensure smoother transitions and foster understanding, setting the stage for a worry-free retirement. If you would like to speak with one of our experienced estate planning professionals about incorporating retirement assets into your overall estate plan please contact us at 516-328-2300 ex. 304 or [email protected].
