Seniors Should Pick a Financial Ally Before Cognitive Decline Hits. Here’s How.

By Nick Fortuna

Seniors often wait too long to simplify their finances, communicate financial goals, and eventually sign a power-of-attorney document that names someone to manage their money if they’re no longer capable. This delay can be costly, and it’s why researchers are urging seniors to choose a financial advocate and create a financial plan before they need assistance.

Mild cognitive impairment, which often presages dementia or Alzheimer’s, affects 6.7% of people ages 60 to 64, according to the American Academy of Neurology. Rates climb steadily thereafter, reaching 14.8% for those ages 75-79 and 25.2% for ages 80-84. Among people older than 65 who have mild impairment, 14.9% will get dementia within two years, according to the AAN.

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The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.

Nick Fortuna is not affiliated with US Wealth Management, LLC and LPL Financial.

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