Talking Money With Mom and Dad

With the stock market down and retirement accounts depleted, it's even more important to discuss this touchy subject. But tread carefully.

By Maria Di Mento

Whether you're 5 or 50, you're always a child in your parents' eyes. So it isn't surprising that nearly 50% of senior citizens told a recent survey that they've never had a serious discussion about their financial situation with their adult children.Even more sobering, only about one-third of adult children were confident that their parents' finances in retirement were in solid shape, according to the study, by Golden Gateway Financial and Crestwood Associates. And considering what's been happening in the stock market and the economy over the past few months, the situation has probably gotten worse since the survey was conducted. Avoiding "the talk" could prove disastrous for both you and your parents, so it's important to have a frank discussion before they experience illness or frailty.

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