Financial Questions Aging Parents Should Ask Themselves

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Aging is a part of life which is often the most dreaded stage, simply because it brings us closer to the idea of death. Unfortunately, we can never stop time, and we will reach that point someday. Instead of avoiding the idea, it would be best to start facing the possibilities so that you can have peace of mind knowing where your family will stand in case of your death and what will happen to you in case you live longer than expected. 

Do I have a will?

There are a lot of family ties broken because of arguments over inheritance, and unfortunately, they don’t only happen in the movies. Don’t let further tension ruin your relationships. While dealing with your own death is highly uncomfortable, you have to accept that it is part of life, and realize that it is best to deal with it as soon as possible, especially when you’re over the golden years.

What is my current financial situation?

You may have been secretive with the kids about your finances in the past, but at this point you should consider being more open with your financial accounts. Let a trusted child know where you bank, what kind of accounts you have, and how to access these accounts in the event of your death. It is also important to inform your family if you’re leaving any debts behind. Perhaps one of your main focuses at this point should be reducing or completely eliminating it, because the last thing any parent wants to leave their children is debt.

How much will I get from my retirement benefits?

It’s important to obtain the figure early because you don’t want to be guessing how much your family will receive from your death benefits. It’s also important that you know if this money is enough for medical bills and other expenses in case you live longer.

What is covered in my insurance policies?

While people are living longer nowadays, the cost of healthcare becomes higher as well, and who knows how much more costly it would be after a few years. Make sure you understand what is covered in your insurance policy and what are the exclusions. It could be hurtful to see your kids worry about your medical expenses because you discovered that your case was excluded. If you have a life insurance, you should also consider what will happen if you outlive your policy if you have a term-life. You must also know exactly how the payout scheme works for your beneficiaries in case you die. More importantly, check if your beneficiaries are appropriately listed.

Where should I spend my remaining years?

It is one of the most painful things to think about, as any parent would love to grow old living with their loved ones. However, the possibility of long-term care may become a reality as you grow older. Even if you’re hoping for your kids to be your primary caregiver, you can never ignore the possibility of having to live in a retirement home.

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