If your parents have not taken care of their retirement savings, the buck will stop with you. If the subject is taboo, sooner or later, the consequences of bad money management will come home to roost for all parties concerned.

Address the issues before they reach a crisis point. It?s not just the lack of funds that can affect ageing parents; they become vulnerable to scams and people who may take advantage of their situation. So, apart from putting in place a plan that can aid them financially, you need to set up regular meetings to discuss all financial issues.

It?s never too early to start this dialogue. Even if your parents tend to be tight-lipped about their situation, they may find it a relief if you broach the subject. Here are some steps you can take now to make sure your parents? finances are in order. The last thing you want is for them to announce they are penniless just as you are planning to send your kids to university.

Discuss retirement investments
If they?re still working, and on a company retirement plan, get them to find out how much money is in the plan and how much of an income they can expect in retirement. There is a good chance that it will not be enough and they may need to save additional money. They should be encouraged to see a reputable financial advisor who can show them how to get on track. If they are worried about this, offer to go with them. A surprisingly large number of people believe that their company retirement plan is sufficient, but experts say the average retiree is at least 20 percent short of their retirement objectives.

You may be able to help your parents with some investment advice, but don?t forget that their needs are different to yours. For example, they need to preserve the capital they have accumulated and not invest in high risk vehicles.

Women need extra help
If your parents are older, they may have run family finances in a more traditional manner, where mom stayed at home and dad worked and accumulated retirement funds and handled the family investments. She may know very little about managing money and the sooner you start getting her up to speed the better.

With women outliving their partners by as much as 10 years, there is a good chance your mother will have to manage her own finances one day. Help her set up her own bank account so she becomes used to managing her own money and get all the important documents in one place. Go through each one with her and explain what everything means.

Another point to remember is that many men don?t take the longevity of their wives into account when planning their retirement spending. Make sure your mom is not cut off from funds in the event of his death.

The one thing that could devastate your parents in retirement is the high cost of medical care. Make sure their medical plan is suitable for long-term care.

Discuss their will
This is, in my opinion, the worst part of financial planning for both parties. Neither of you will relish the topic, but it is a vital one. Tell them that you don?t want to know how much money they have, but you need to ensure they have a well-thought-out plan.

If you think that getting your parents' finances in order is a pain in the neck now, it is a breeze compared to what might happen if you never address these issues. So don?t put this task off, give yourself a deadline.

And while you are at it, have a good look at your own retirement plan as well, so that your own children will have an easier time when you join the blue rinse brigade.