How to Help Your Recently Widowed Mom скачать в хорошем качестве

How to Help Your Recently Widowed Mom

How to Help Your Recently Widowed Mom Many women are thrown into learning about money for the first time when they experience the loss of a partner. And age-related cognitive changes can make managing finances in later life especially tricky. Here’s how adult children can collaborate with parents to optimize financial health. I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston. It’s no secret that women have historically deferred to their partners when it came to financial decision-making. It’s only recently that women have gone mainstream with their financial independence. According to a TD Wealth study conducted in October of 2021, 31 % of women are now the primary earners in their household. Still, some women in their later years may be tackling financial independence for the first time. The death of a spouse can be world-changing. Mourning is as individual as it is complex. This emotional sea change might mean your mom’s finances are currently taking a back seat. Maybe life is overwhelming right now, and her bills are piling up. And for a short period of time, that’s probably OK. Financial decision-making is complicated and the first thing to fail when age-related cognitive changes emerge. This can be a good time to establish or strengthen open, respectful communication with your mom about her mood, memory and finances. Here are some thoughts that might help. 1- Ask for permission to help Ask your mom if there is a good time to talk. This signals collaboration and respect and allows your mom to maintain some control over when and how the conversations take place. 2- Offer to collaborate Next, you can help create a plan together to tackle her finances. Depending on the situation, it may be appropriate to accompany her to the bank, and ask to be included in conversations with her advisor. 3- Be patient and don’t push If you hit a roadblock and you sense your mom is shutting down, don’t push. Unless it is an emergency, you’re better off returning to this conversation another time. I hope you found this helpful. If you'd like to learn more about how I work with widows, call me at 613-549-9008 for a no obligation chat.