7 ‘Taboo’ Money Topics We Should Be Openly Discussing

Gabrielle Olya  Sat, June 19, 2021, 2:00 PM

Talking openly about money has been seen as taboo for years. But it seems that millennials are now trying to buck the trend. A recent Wall Street Journal article noted that young adults are more open to talking about their finances than older generations -- and this might be a good thing

How Your Parents Plan To Support Themselves in Retirement

It can be uncomfortable to discuss financial plans with your parents, but not having these conversations now can make things more difficult for you and your siblings down the line if it turns out that your parents don't have a retirement plan in place.

"We should definitely talk more with our aging parents about their financial situations and how to plan for them -- not just with the parents, but also other siblings," said Yaron Ben-Zvi, CEO of Haven Life, a life and disability insurance agency. "This isn't always easy, but can avoid a lot of stress down the road if aging parents don't actually have the resources they need to live comfortably in their golden years."

Your Own Retirement Plans

In addition to being aware of your parents' plans for retirement, you may also want to check in with your peers to make sure that you yourself are on track -- even if retirement currently seems far away.

‘Saving for retirement’ is a nebulous phrase that many people do not understand fully, and therefore, they put it off longer than necessary," said Leslie Tayne, founder and head attorney at the debt solutions law firm Tayne Law Group. "By speaking openly about how much one has saved for retirement and their saving practices, it becomes easier for those younger or newer to saving to understand the scope of long-term financial stability and goals."

Estate Plans

Talking about money -- especially in the context of death -- can make anyone uneasy, but you should be discussing estate plans with both your partner and your parents.

"Talking about death or severe illness/disability with your partner is probably not your idea of romantic pillow talk, but estate planning is, in some ways, a final act or expression of love," said Tara Falcone, CFA, CFP, founder of ReisUP and ambassador for Trust & Will.

"Your medical or end-of-life wishes are the last thing you want your loved ones to be stressed out about if something happens to you. For example, when my father passed away at 36 years old, he didn’t have a will, nor had we discussed his wishes even though we knew his illness would likely take him. Not having those documents in place fueled a lot of heated discussions and sleepless nights that could have been avoided."

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https://finance.yahoo.com/news/7-taboo-money-topics-openly-180004560.html