The Father’s Day Gift He’ll Use for a Lifetime
June 19, 2019While that maroon tie you’ve been eyeing could perfectly round out Dad’s collection, consider shaking up Father’s Day by giving Dad a gift that’ll be invaluable for years to come — not only for him, but for you, too.
Let’s celebrate Father’s Day by building Dad the financial plan he deserves!
A financial plan can offer greater stability in all stages of life…
Millennials are on the edge of becoming a “sandwich generation,” meaning many will need to balance providing for their children as well as caring for aging parents.
Building personalized financial plans for ourselves and our families creates road maps that can set us up for success. By creating a plan — rather than waiting until the moment when we need guidance most — we can create clear, attainable goals and reduce stress in otherwise difficult life situations.
…Which is why it’s especially important that Dad plan for his golden years
Making sure that Dad is ready to enjoy his golden years to the fullest requires asking some questions. What is the state of his retirement savings relative to his lifestyle? Will he continue to earn any passive income after he retires?
But sometimes life comes at you fast, so it’s best to plan for both the good times and the bad. In the event that a parent develops a long-term illness or is otherwise unable to care for themselves or their partner, we need to ask: how much do we need to set aside in advance to create comfortable lifestyles for everyone?
By asking these questions and creating a plan, we give a gift that keeps on giving.
Invite Dad and a qualified financial advisor to the table
Gifting a financial plan can be a great way to begin or revisit important conversations about life-planning, but for some, these topics can be deeply personal and difficult to discuss, even with close family members.
If you’re struggling with how to bring up financial planning, that is absolutely okay. Try using your own financial plans as a way to ease into the conversation. For instance, you could say, “Hey Dad and Mom, I’ve been thinking a lot about contingency plans, so I recently set up a living trust so that my property is protected if anything were to happen to me. Do you have any similar policies in place?”
If you’ve successfully started the conversation but are unsure about how to move forward, offer to research a qualified financial professional and set up your parents with a meeting.
For parents who are hesitant about meeting with a financial advisor, they may find comfort in knowing that a meeting with a financial advisor is confidential. You can provide the advisor with some ideas or concerns, especially if you foresee yourself as a future caregiver. A professional third party like a financial advisor — who understands both your perspective and your parents’ priorities — can offer a balanced opinion that best serves your family.
On the other hand, if you and your family are comfortable talking about finances together, consider visiting a financial advisor with your parents. While the apple may not fall far from the tree, it’s likely that you and your parents will have different questions, all of which can better inform a robust financial plan.
Whether Dad has specific questions or just needs a gentle push to help him put his plans into action, inviting dad to a financial planning consultation can be a great next step toward a fulfilling financial future.