Families, it's time for "the talk."
No, not the one about the birds and the bees. For aging parents and their adult children, talking about big financial issues like retirement goals, estate plans and health-care wishes can go a long way toward reducing misconceptions and easing family tensions.
But those talks don't happen as often or as successfully as they should, according to a recent study by Fidelity Investments, which found that nearly two-thirds of families disagree about the optimal time for such discussions, with adult children generally preferring earlier talks than parents.
"There are a lot of different dependencies in families over time," said Lauren Brouhard, senior vice president of retirement at Fidelity. But in this instance, she said, the children seem to have the right idea. "To have those conversations sooner increases peace of mind."