Why talk isn’t cheap

Find out how family conversations can help improve retirement outcomes. Read Modern Retirement Monthly.

12 Feb 2018

Questions you can ask your UBS Financial Advisor:

  • What’s the right conversation to have with my family about retirement?
  • Which topics should I cover when talking to a loved one about handling my affairs if I can’t?
  • What steps can I take to build family values into my family conversations?

We put a lot of time and energy into saving, investing wisely and planning for retirement. But while taking prudent financial steps is critical to successful retirement outcomes, the best-laid plans can be derailed by not communicating them to those who could benefit most: our families.

This edition of Modern Retirement Monthly, “Retirement is a family affair (PDF, 254 KB),” from CIO Americas, Wealth Management (CIO) outlines why it’s critical to communicate retirement plans with loved ones now, whether out of concerns for potential future cognitive decline or for overall longevity issues.

For instance, planning can help you have enough financial resources for 20 or 30 years in retirement and avoid becoming a burden to your family. However, you may not think about—until it’s too late—that you might not have the ability to manage your finances in the future.

This issue explores five key best practices that can help you in starting the conversation with your family:

  1. Talk to family and share your financial decisions. It’s invaluable to have someone you trust who can carry out your decisions in the event that you can’t.
  2. Talk to a trusted advisor who knows you and your financial plan and can help ensure your family values are preserved over time.
  3. Initiate the discussion—ideally it’s the parents’ responsibility to take the lead in determining the impact of their wealth on others.
  4. Nominate the alpha child to take care of your affairs. This is the one family member who should meet your financial advisor.
  5. Build family values through family discussions that get everyone involved to make an impact now and after you’re gone.

Are you doing all you can to have the retirement you want? Together we can find an answer. Connect with your UBS Financial Advisor today or find one.

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