Helping your parents

As your parents age, they may need an increasing level of financial support and help with everyday tasks. It's important to keep these new responsibilities from affecting your own retirement and financial security.

You may be reluctant to begin potentially uncomfortable conversations about financial and end-of-life issues with your parents. When siblings are involved, differences of opinion on lifestyle, health care and estate planning preferences can further complicate an already stressful situation. However, many elderly parents are comfortable discussing these issues with their adult children.

A financial advisor can serve as a neutral party in financial discussions, offering suggestions to help you and your parents deal with income, expenses, taxes, gifting and other issues in a way that sustains your own retirement planning.

Supporting adult children

According to the Ameriprise Financial Money Across Generations® study¹, 92% of Baby Boomers say they have helped their adult children financially with expenses such as college loans, automotive and home costs and medical expenses. Some adult children move back home, which can have implications for your current finances and future retirement.

It's tough to balance supporting your grown children while guiding them towards financial independence — especially if you are also supporting aging parents. And once you're in retirement, you may not be able to replenish the money that you're giving to your kids.

Now is a good time to speak candidly with your children about money and responsibilities. Encourage them to form a relationship with a financial advisor who can help them with life planning, debt management and financial security, while taking some of the burden off of you.

For more insight into how Baby Boomers, their parents and their adult children deal with issues surrounding money and finances, read the Money Across Generations study.

An Ameriprise financial advisor can help you address multi-generational financial issues — such as providing support for your parents or children, or planning estate and gifting strategies — while keeping your retirement security intact.