Unexpected Dependents

Your children aren’t the only dependents you may find yourself responsible for. Your parents or grandparents may need help, perhaps because of medical problems or the challenge of living on a limited income. If the responsibility for helping them falls on your shoulders, you may need to reshuffle your financial plans a little to continue meeting your own important goals while making sure your parents or grandparents get the support they need.

Family issues can be emotionally draining. For example, it can be hard to talk to parents about money, but if you can manage to initiate an open, honest, respectful discussion about realities, it could help everyone. In fact, if you have the luxury, you may want to think about initiating that conversation before it becomes necessary, so you have plenty of time to come to conclusions and make plans. For example, it could help you to know whether your parents have life insurance, how financially prepared they are for retirement, what kind of healthcare they have, and how they’d like you to care for them if their health deteriorates to the point that they need ongoing assistance in their daily lives.

If you’re facing this kind of responsibility, it may be a good time to visit a professional financial adviser, who can help you figure out your priorities and help you see what you can and can’t do with your financial situation.