On this episode of "Decoding Retirement," Robert “Bob” Powell speaks with Chris Herman, head of personal retirement at Bank of America Merrill Lynch. Having dealt with caregiving for his mother for nearly 25 years, Chris discusses the often unforeseen difficulties that come with managing finances for an elderly family member. In this wide-ranging conversation, Bob and Chris talk about the necessity of having difficult conversations, budgeting for anticipated future expenses, and making sure your children are also getting a financial education.

Yahoo Finance's Decoding Retirement is hosted by Robert Powell.

Find more episodes of Decoding Retirement at https://finance.yahoo.com/videos/series/decoding-retirement.

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