The Impact Aging Has On Financial Decision-Making

As people age their ability to manage financial decisions might decline. The likelihood and severity of that decline is different for each person and could depend on a large number of different variables. This article discusses the scientific research that has been done on the impact that the aging process has on people’s cognitive ability to make financial decisions. It is important to be able to anticipate any potential health problems that might come up in the future and carefully plan ahead. People need to think about the unpleasant possibility that they might one day face cognitive decline when putting together their own estate plan. It is also crucial to get the assistance of an estate planner who has experience with helping clients plan for the possibility of a future decline in cognitive abilities.

See Ted Beck, How Aging Affects Financial Decision-Making, Forbes, February 2, 2016.