Many of us are at risk of cognitive decline, but there are things we can do to protect our finances from its effects.
The author points out, “The greatest threat to the financial security of many older adults isn’t a recession, market correction or inflation. It’s the risks posed by health-related events. Roughly 78% of adults over the age of 55 in the U.S. have been diagnosed with at least one chronic illness, such as diabetes, asthma or arthritis, according to the CDC. And 1.9 million people were diagnosed with cancer last year, according to the American Cancer Society.
But the greatest health-related threat to financial wellness and retirement security is cognitive decline.”