Money Matters with Jim Doyle
Encore Episode #13: Parents & Aging – Financial Challenges
What was the motivation behind this episode?
No one likes to think about their financial decision-making ability declining with age; some assume they’ll only need help managing their financial affairs IF they develop dementia. Yet, ALL older adults should consider the benefits of organizing and simplifying their finances. Who knows when the day might come, that you need someone to 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 on finances and investments as people age. Parents are reluctant to be viewed as vulnerable, or needy, fearing the loss of independence and privacy. We’ve also seen caring family members stuck – uncertain how to offer help – or if their loved one will accept help managing their financial affairs. When is it appropriate to offer help? How can they do so diplomatically?
What is episode about?
As we age, roles and responsibilities can evolve within families, making it difficult for both parents AND adult children to navigate. This can be heightened 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, Dr. 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, Arp. 30 at 5pm PT or Sunday, May 3 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.