Be genuine in your motives and respectful in your approach.Being armed with information today can prevent a crisis tomorrow.Instinctively, you may feel uncomfortable having a conversation with your parents about their finances - it highlights the fact that your parents are ageing and are mortal. It may also feel uncomfortable as they have always looked out for you and the roles need to reverse as they age.
Also involve any siblings or close family members who are keen to get involved, as open lines of communication can reduce possible misunderstandings and conflict in future.Many elderly people outlive their money, so if you’re going to have to help out financially in future, it’s useful to be prepared.
You should also check if they qualify for a social old age grant or South African Social Security Agency pension, which can supplement their income. There are certain requirements, including a means test, that determine who qualifies. You can find more informationIf your parents are ill or frail, suggest that they sign a power or attorney, giving you the authority to handle things such as paying accounts and signing documents.
They may want to stay in their home for as long as possible, or they may want to downsize to a smaller property, a retirement village, or they may even have visions of moving in with you.