Prepare for Cognitive Decline

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Many uncertainties arise in life; however, one instance that should be expected is age-related cognitive decline. According to the National Endowment for Financial Education, some Americans begin losing the capacity to make fi nancial decisions around age 60.

It’s also more common for older adults to face severe health conditions like strokes or Alzheimer’s, which can signifi cantly reduce the ability to make essential decisions. Prepare for the expected by getting your fi nancial ducks in a row. Meet with an adviser to discuss creating a last will and choosing a power of attorney. In best-case scenarios, your mental health will remain vital. Still, strategically planning can make managing your fi scal matters more straightforward for your family members.

Check out some tips to prepare yourself and your loved ones if you become unable to communicate your fi nancial wishes.

‘Americans begin losing the capacity to make nancial decisions around age 60’

SOURCE: National Endowment for Financial Education

KEEp dOCuMENTS updATEd

After drafting your last will and testament, it’s essential to keep it updated as life circumstances change. For instance, events like divorce, marriage, the birth of a new child or a loved one’s death may require tweaks to your document.

Ensure your estate plan

includes those coming into your life and excluding people you no longer deemed eligible. It would be best if you also considered adjusting as you purchase new homes, land or automobiles. With a direct expectation of how you should distribute your belongings, family members can begin the grieving process without additional stress. STAY ON TOp OF FINANCIAL LITERACY

While combatting cognitive decline isn’t always possible, you can challenge your mental health by vigorously educating yourself on fi nancial documents. An excellent place to start is visiting your local library and reviewing books that advise on money saving strategies or investment tactics.

Make it a group affair by discussing these topics with others in your age group to receive essential social benefi ts.

You can also fi nd educational resources from your credit union or fi nancial institution. Take advantage of free workshops or seminars that they offer.