BOSTON (CBS) – Mother’s Day is fast approaching. The ads have been around since before Easter reminding us to buy something for our moms.
And consumers are expected to spend close to $700 million on cards this year, almost $24 billion on gifts and the flower industry gets a boost with spending of about $2 billion on flowers. This once simple celebration has become very commercial.
I would like to spend this week talking about moms and the care we may have to someday provide for our moms as they age.
Seniors want to live active lives but there is a huge difference between a 65-year-old and an 85-year-old. So if your mom is 65, she does not consider herself old. If she is 75, she is probably slowing down, and if she is 85, she just might consider herself old.
Individuals over 85 are the largest growing demographic in the United States. So if you have parents who are elderly they will probably need your help at some time.
So how about spending some time with your mom helping her get her financial stuff in order. This would make a great Mother’s Day gift. Moms are notorious for not wanting you to buy them something. They would prefer you spending some time with them. So here’s your opportunity.
Do not think about starting this process on Mother’s Day. You want a quiet one-on-one time. At the most, you, your siblings, and mom. Start a dialogue about getting older. Ask about what help she may need or want from her kids.
Ask open-ended questions so she will talk about how she feels. I have put together some common concerns.
- Outliving her money; that is if she has money
- Estate Planning does she have a will, a Power of Attorney & Health Care Proxy
- Health issues, what medications does she take? Does she have a list?
- Living alone; does she want to move; closer to you, a sibling, into assisted living
- Driving; good luck with this issue, no one wants to give up their license
- Maintenance of her home
- Ask her about her thoughts on nursing home care (this usually get you an immediate and loud response!)
You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.
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