Key Financial Questions You Should Ask Your Dad on Father’s Day – Get a quote in 2 minutes

Instead of wandering around, it would be wise to take the opportunity to have a sincere chat with your father about money. The pandemic has had a huge impact on the economy and as a result, millions of Americans' financial situations have changed, particularly those that are approaching retirement. Although you may feel uncomfortable talking to your father about money, it has never been more important to check his finances with him and make sure he is ready for the future. Here are six questions you should ask him about this Father's Day. Is your pension plan still in shape? sirtravelalot / Shutterstock The pandemic has dented many American pension funds. If your dad is ready to retire early, we advise you to double check that his plan is still solid. If your retirement savings hit a hit when the market crashed, we recommend talking to a financial advisor on how to get back on track. You can find financial planners online who will build a personalized retirement plan for your father based on his goals for the future. He will never need to visit an office or meet in person to get their advice. Even if your father is already retired, talking to a financial planner will ensure that he maximizes his savings and makes the right investments to support him for many years to come. Have you taken steps to protect your income? Robert Kneschke / Shutterstock If your father still works, ask him if he has taken steps to protect his income if he falls ill. Many companies offer short-term disability coverage as part of the benefit package, but your father may not be covered if an injury or illness persists. The most effective way to make sure your father can sustain himself in the face of a chronic condition is to suggest buying a disability insurance. Long-term disability insurance will replace a substantial portion of your income if something unexpected happens and you get too sick to work. Today you can find several online companies that make purchasing a surprisingly simple policy by providing a quote in minutes without a medical exam. Are you at the top of your bills? Federico Marsicano / Shutterstock Fighting the high interest of credit cards can be tough at any age, and if your dad is getting older, the hassle of managing multiple deadlines and minimum payments could be a lot to deal with. If your dad is finding it difficult to keep track of all his bills, tell him about how to set up automatic payments on his accounts to make life easier. You can also consult the online services that will keep track of all your father's bills for him, remind him when his payments are due and tell him which cards to prioritize in order to save money on interest. They can also consolidate their bills so that they have only one regular payment to deal with each month. This is another burden from his shoulders. Do you have a life insurance policy? Monkey Business Images / Shutterstock This will be difficult, but if the pandemic has taught us anything, it is that we must expect the unexpected. The best way to break a morbid argument is to be as direct as possible. Ask your father what type of coverage he has and if he feels confident that he will cover the cost of his family's needs when he is no longer around. If there have been major changes in his life since he signed up to his policy, such as new children or grandchildren, he may want to update his coverage to make sure they are taken into account. Many Americans receive life insurance coverage through work, but if your father is approaching his golden years, you may need to purchase a new policy once he retires. If he does, tell him not to worry; nowadays it is trivial to compare rates online and find a good deal. When was the last time you updated your will? Casper1774 Studio / Shutterstock Like life insurance, the testament can be a sensitive topic with elderly parents. Start by simply asking your father if he has a will. If not, gently encourage him to create one as soon as possible. Your father may fear that the process is a nuisance, but reassure him that it is quick and painless. In fact, it can go online and create a legal will in a matter of minutes. If he already has a will, be sure to keep it updated. As a general rule, you should update your will whenever there is a big change in your life, like moving, remarrying, or welcoming a new son or father-in-law into the family. Remind him that updating his will is the easiest way to protect his legacy and ensure that his assets are broken down according to his wishes. Where are your important documents? paulaphoto / Shutterstock Once you've talked to your father about his will, it's a good idea to ask him where he keeps his important documents in case you need to access them during an emergency. These documents could include your will, your social security information, your power of attorney and anything else related to your assets. You may also ask him to provide copies for you and any other important family member so that they can be easily accessed. The last thing your father would like is panic and confusion over his desires in the midst of a crisis.