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July 2016 Archives

Communication is key between elderly parents and their adult children

When children are growing up, their parents play a critical role in their development. When parents are growing old, adult children are likely to play a crucial role in caring for their parents. This reversal of roles can be challenging, and will only be successful when both parties understand their roles and have similar expectations. According to Fidelity Investment's Family & Finance report, parents and children don't always see eye-to-eye in these matters. This survey asked parents and children questions about financial support, estate planning, retirement income, elder care and other issues. It found that 40% of families are not in agreement about these important issues.