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BUSINESS Monday 18 noveMber 2019
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Liz Weston: What to do if your parents need financial help

By LIZ WESTON visers from other cultures can offer and when.
Associated Press often have trouble grasp- TALK WITH YOUR PARENTS.
Most parents in the U.S. pro- ing the deep sense of ob- Just over half of the peo-
vide some sort of financial ligation. He's heard peers ple supporting parents in
support to their adult chil- criticize clients who aren't the TD Ameritrade survey
dren, multiple surveys have saving enough for retire- had ever talked with them
found. But often, financial ment or are neglecting about it. Financial planners
aid goes the other way. other goals while support- say that understanding the
A 2015 survey by TD Ameri- ing parents, saying the cli- parents' financial situation
trade found 13% of Ameri- ents don't "get it." can help you prepare, and
can adults provided finan- "I'll say, 'No, no, no. You might also provide an op-
cial support to a parent. don't get it,' " Ahmed says. portunity for you to reduce
Millennials were far more Balancing competing their need for your help. You
likely than older genera- goals is what financial plan- could help them budget,
tions to report they were ning is all about. If you're give them a session with a
helping their folks. Of peo- supporting a parent or think financial planner or check
ple born between 1981 and you may in the future, the Benefits.gov for assistance
1996, 19% helped support following steps could help programs. You also can let
their parents, compared This April 2017, file photo provided by NerdWallet shows Liz make the balancing act a them know how much help
with 13% of Gen Xers (1965 Weston, a columnist for personal finance website NerdWallet. bit easier. you can afford to provide.
to 1980) and 8% of baby com. TALK TO YOUR PARTNER. If ROPE IN YOUR SIBLINGS,
boomers (1946 to 1964). Associated Press you're married or in a com- IF YOU HAVE THEM. Even if
Sometimes the money is a union pension and So- arguments about who will mitted relationship, it helps they can't contribute finan-
provided happily, or at cial Security. Frye and his have the honor of car- to get on the same page cially, they may be able to
least without resentment, wife cover unexpected ex- ing for an older relative. about how much you're help in other ways: running
by those following cultural penses and travel for her Ahmed said he needed a willing and able to give. errands, taking parents to
norms or personal convic- parents, Frye says, and also spreadsheet to coordinate Brainstorm different sce- the doctor, handling bill
tion that they owe it to pay $15,000 a year for a the dozens of relatives who narios, such as emergency paying and other paper-
their parents. Other times, long-term care policy. volunteered to help his expenses (how much can work, or providing respite
financial aid to parents is Frye says that though he's great-grandparents in their you give, and what con- care.
a source of tension — be- happy to be in a position to final illnesses. stitutes an emergency?) or TAKE CARE OF YOURSELF.
tween parent and adult help his in-laws, he still wish- Ahmed invited his mother long-term care (can you You may have to delay re-
child, among siblings and es they had saved money to move in with him after his provide care in your home tirement, buying a house or
between partners. for their retirement . father died in 2001. His wife, or help pay for in-home or having kids to support your
Certified financial planner "They just spent what they Simona, an economist who nursing care?). If you're not parents. Many people do,
Austin A. Frye had no idea made," Frye says. "They grew up with similar values clear what you can afford, according to the survey.
when he married his wife didn't really plan." in Romania, supported the a consultation with a finan- But you should have a plan
four decades ago that they Certified financial planner move, and Ahmed's moth- cial planner could help. If to eventually reach your
would one day support her Kashif A. Ahmed, on the er is helping to raise their you don't have a partner, own goals. Unlike your par-
parents. The older couple, other hand, comes from four daughters, ages 6 to talking to a trusted friend ents, you may have only
now in their 80s, cover their a Pakistani culture where 16. or a financial planner can yourself to rely on when
day-to-day expenses with younger people get into Ahmed says financial ad- help you clarify what you you're older.q

United Auto Workers approve new 4-year contract with Ford

U.S. factory investments. Acting Union President Rory employees and different
Ford gets to close an en- Gamble called the agree- wage tiers for workers do-
gine factory near Detroit ment “life changing” for ing the same jobs. q
but its 600 workers there will workers and said it elimi-
get jobs at a nearby plant. nates perpetual temporary

In this Feb. 14, 2019, file photo a wheel on a 2019 Ford Expedition
4x4 is displayed at the 2019 Pittsburgh International Auto Show
in Pittsburgh.
Associated Press
Associated Press who voted were in favor of
DETROIT (AP) — Members the deal.
of the United Auto Work- The four-year agreement
ers union at Ford Motor Co. reached Oct. 31 gives
voted Friday to approve workers a mix of pay raises
a new contract with the and lump-sum payments
company. as well as a $9,000 ratifica-
The union said in a state- tion bonus. The company
ment that 56.3% of workers also promises $6 billion in