How To Talk to Your Kids About Retirement Decisions

Shot of a young man and his elderly father having a chat over coffee on the sofa at home

You’re already working through your retirement checklist: what you’ll be doing, what financial decisions you need to make, whether or not you’re moving from your family home into somewhere smaller, enrolling in Medicare … as you’re taking care of all the details, don’t forget about one very important item: having “the talk” with your kids.

While you may be happy and excited about your retirement plans, your adult children may be hesitant, concerned, or even upset with the changes ahead. Here are a few tips for talking to your kids about retirement and what lies beyond for you … and them.

Begin the conversation early.

Instead of springing the news on your kids all at once, start the conversation with them well before you actually throw a retirement party. While you don’t have to include the kids in planning, you can start bringing them into conversations about finances, future care, and important items like estate planning as early as five years before you decide to retire.

Be upfront with financial information.

It’s important for your kids to know the lay of the land, financially speaking. You may not be comfortable involving them in all aspects of your finances, but it’s important for them to know if you’re doing OK or if you’re struggling. Having all this information on the table will help you plan the future together.

Discuss and disclose important estate planning information.

Estate planning goes beyond finances and involves things like health care directives, powers of attorney and living wills. Be sure your children know your wishes for now and in the future.

It’s a good idea to get an estate planning attorney involved sooner rather than later. They can assist with making sure your assets are protected and can also help you set up the essential documents you and your children will need to help care for you in the best possible way.

Share your lifestyle plans.

Are you planning on remaining in your current home, or would you like to move to a Life Plan Community? What are your plans if you or your spouse require additional support in the future, such as Assisted Living or Memory Care? Having a plan in place will help you and your kids manage transitions more gracefully down the road.

Consider a Life Plan Community for your senior years.

A Life Plan Community is a type of senior living community that offers Independent Living and a full spectrum of care services, all on one campus. Independent Living residents enjoy the full-service, carefree lifestyle while experiencing all the benefits and freedom of retirement.

The Best Life Plan Community in Sleepy Hollow

Kendal on Hudson is nestled in Sleepy Hollow’s woodlands and offers Independent Living plus a full continuum of care services, including Assisted Living, Memory Support, Skilled Nursing and Rehabilitation. Interested in learning more about the benefits of Lifecare and how it can help you realize your retirement lifestyle and financial goals? Reach out today to learn more.