If you are over 40, there’s a good chance you’ve helped an elderly family member enjoy their retirement.
More than 30% of adults between the ages of 40 and 65 financially support their parents, according to AARP, an advocacy group for older Americans.
Families should have an open conversation about retirement well before there are money problems, according to Winnie Sun, managing director and founding partner of Sun Group Wealth Partners.
You’ll need to discuss where your parents want to retire and what they want it to look like, said Sun, who currently helps her own parents with retirement.
Check out this video for a full breakdown of how to navigate the conversation with your loved ones and to learn what documents and accounts you’ll need to locate.
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