Money Matters with Jim Doyle
Episode #9: Parents & Aging – Financial Challenges
What was the motivation behind this episode?
Declining financial abilities may not only result in a few unpaid bills – but also leave you vulnerable to financial abuse and exploitation – drain your nest egg – and place heavy burdens on your loved ones. Simply watching for red flags isn’t enough. It’s best to start planning for possible problems before warning signs appear.
Nobody likes to think about their financial decision-making ability declining with age. Unfortunately, it can sneak up on us. Many people assume they’ll only need help managing their finances if they develop dementia, yet ALL older adults should consider organizing and simplifying their finances to make their money easier to manage at an advanced age. Prepare for the possibility that someone else may need to step in and help on your behalf.
As a financial planner with 30 years of experience, I’ve seen first-hand the impact a lack of planning can have when it comes to finances/ investments and aging. Parents often feel reluctant to be seen as vulnerable, or needy, fearing the loss of independence and privacy. Equally often, we’ve seen caring family members stuck, not knowing how to go about asking whether their loved ones need – or will accept – help managing their money. When is it appropriate to step in? How can they do so diplomatically? Adult children and caring relatives and friends often feel uncertain about HOW to offer assistance.
What is episode about?
As we age, the evolution of, or changing roles and responsibilities within families, can be difficult for both parents AND adult children to navigate, especially when facing communication barriers. In our collective experience, families that talk openly about aging – money – and estate planning can have richer experiences.
Financial literacy rarely seems important – until a time of crisis, when we’re asked to make important decisions affecting our futures – with whatever financial skills we have.
The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
Join me and my guests, Barbara MitchelI Gerontology Professor SFU, Berta Lopera with Seniors First BC and Nadine Jans with Uptimize Coaching Counselling & Training Ltd, as we explore the significance of CHANGING roles and relationships in families – as parents age, offering tips on navigating this sensitive arena.
We invite you to tune in Thursday at 5pm PT or Sunday at 7am PT on Joytv.
What are we hoping will come out of this show?
We want to help individuals and families navigate the challenges of aging with dignity and help remove the stigma associated with talking about this stage of life.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.