Most of us remember those uncomfortable moments when our parents sat us down to talk about pinching pennies and saving for college.

“Money doesn’t grow on trees,” they’d say. Now, it’s time for adult children to return the favor.

We all age - surprise! And as part of that process, older adults will face major financial and lifestyle-altering hurdles as they approach retirement and old age.

“No one wants to talk about it,” says Alex Vasichek, owner and financial advisor at Elevate Financial.

“But the sooner we have heart-to-heart conversations between family members, the better prepared everyone will be.”

Get the Ball Rolling

A conversation about retirement or succession should ideally happen when children are adults and financially independent, according to most researchers.

That means they should be mature enough to handle the topic before parents’ health challenges or family transitions make it difficult to have full and clear discussions.

Acting early allows for open communication with compassion and helps avoid potential conflicts later on—especially when parents can no longer communicate their decisions, and sibling rivalries take hold.

“For the most part, adult children assume their parents are well off,” says Vasichek. “But the truth is, many adult children don’t know the half of it.

They have little knowledge about their parents’ retirement plans, how much they have invested in stocks or savings, or even the most basic question: “What are their monthly income and expenses?”

Understanding their goals and financial outlook is key. Important topics include income sources such as annuities, expenses related to healthcare coverage and long-term care, relocation plans, travel, and charitable giving.

Knowing your parents’ wishes for inheritance, endof-life care, and funeral arrangements may lead to difficult conversations now but can mitigate highstress situations in the long run.