Discussing Financial Values Across Generations

You've built a solid foundation for wealth and are moving closer to retirement. Your kids are adults with financial pressures and goals of their own, and your parents, if living, are advanced in their years. It’s time to talk with your family about money. But how?

Start the Discussion Now
For many, discussing financial issues, especially in the broader context of a family, can feel uncomfortable or even negative.

This is why many people delay having the tough talk about family finances or never even have it. Avoidance, however, isn't a healthy or useful strategy. It may save you stress now, but it can cause more problems in the long run.

You don't need to resolve every issue in a single conversion. The most important step is to begin the first of many conversations, with various people. Asking for help from trusted professionals can also be a wise strategy and a great example of humility and leadership for your family.

Talk with Professionals to Form a Strategy
In order to form a strategy that works for you, you’ll need to speak with relevant professionals about the financial matters concerning the different generations within your family.

Your overall strategy may include financial, legal or even medical components. As such, you’ll likely need to consult professionals in these areas. It may also be deeply beneficial to arrange a meeting in which any professionals you work with get to meet with your family—and perhaps even each other. Opening these lines of communication can help you solidify your plans, and it ensures your family will know whom to call if something unexpected happens.

What Do You Say about Financial Goals and Values?
Many families do not openly discuss the larger and inter-generational aspects of their finances. They often might try to feel their way through and might make inaccurate assumptions.

Sharing financial information across the generations in your family can help you feel confident about the future and can also help others plan well. Share your plans with your kids now, just like you probably shared your financial values with them when they were younger. Assuring them you have a retirement plan and long-term strategy is a great way to lead your family.

You may also be in a position of needing to have conversations with your own aging parents to understand their needs and wishes and to understand how their financial decisions may impact you in the future.

As you consider the conversations you need to have, it may be helpful to think about the different phases most people experience in retirement and reflect on what your needs and goals might be at each stage as you face various life changes. Here is a basic snapshot of these phases.

• The Go-Go Years—the start of retirement to age 70
• The Slow-Go Years—from age 70 to 80
• The No-Go Years—when you reach over 80

Our conversations around your goals and plans, your conversations with your children and perhaps your parents, can all help create more clarity and confidence for everyone about your family’s financial future, from one generation to the next.

Let’s schedule a meeting to discuss how you can begin facilitating these important financial conversations with your family.

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^{For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera nor any of its representatives may give legal or tax advice}