Aging & Money
Making financial decisions and avoiding scams can be challenging at any age, but as you reach 60 and older or experience an unexpected illness such as a stroke or Alzheimer’s disease, the capacity to make sound financial decisions significantly starts to decline. The following resources provide information about the impact of aging on financial decision making:
Early Warning Signs: It’s inevitable that an average person will see change in their ability to make financial decision as they age. While there are varying degrees of cognitive decline for each individual, the key is to be prepared for when – not if – this decline occurs. Information from the National Endowment for Financial Education.
Planning for Care Costs: Paying for care is a big concern if you have Alzheimer's Disease or other progressive cognitive disorder. Putting financial plans in place as soon as the diagnosis has been made can help you secure your financial future. In-depth information from the Alzheimer's Association.
How to Help Your Elderly Parents With Their Finances: If anyone in your family is elderly and potentially in need of assistance, this might be a good time to put personal finances on the agenda. Information from Consumer Reports
Retirement and Aging: Plan for your own golden years and get tips to help your aging family members with their changing financial needs. A resource from SmartAboutMoney.org