This article is sponsored by Michigan State University Federal Credit Union (MSUFCU)
Host Tati Amare chatted with Deidre Davis from Michigan State University Federal Credit Union (MSUFCU) about helping your mom make the best decisions for her financial future.
Some women may find it more challenging to save for retirement. Deidre explained that this occurs because women tend to live longer than men, so they need their money to last longer. Also many women may make less, and they often have less time in the workforce because of children or elderly parents that need their assistance.
When discussing finances with mom Deidre suggested asking about mortgages, if she has included inflation, and has insurance set up. It’s also important to find out if mom has completed documents such as a will, power of attorney, completing HIPPA information, and setting up beneficiaries for her assets.
Financial conversations with mom can be overwhelming but MSUFCU offers assistance for general financial questions. They also have financial advisors that can help with more sensitive questions and decisions.
For more information visit msufcu.org
Watch the video to learn how to help your family with financial plans.