Perhaps in an effort to spare their children "the trouble," a survey finds many parents don't talk to their grown children about their own retirement plans, a scenario that could prove a disconnect in families regarding life insurance.
The Indexed Annuity Leadership Council revealed that while parents and children alike think about retirement, 36 percent of adults say their parents never talk to them about retirement concerns. A further 34 percent say those talks only occur once a year or less. Despite a lack of communication, the Survey on Generational Retirement Perspectives says 54 percent of parents feel they're at least somewhat responsible for the financial futures of their adult children.
Likewise, 56 percent of adult children are worried they may have to support their parents into retirement.
"Actively taking control of your financial future can provide peace of mind for you and your family members. Families that engage in an open dialogue about retirement and retirement planning are taking the first step towards taking control," Wendy Waugaman, CEO and president of American Equity.
The issue can also raise problems when it comes to life insurance. Sometimes, beneficiaries may be unaware their loved one even had a policy, leaving the benefits uncollected at a time when they're supposed to provide financial relief.