The aging process makes decision making a challenge as one ages … interestingly the peak decision making ages are in the 50’s for our brains. This article (How to Protect Aging Clients’ Finances) by Mark Miller brings up points we should consider about ourselves as well as our aging parents. This is a natural process that should be embraced and planned around.
Investing and the Aging Brain describes a pitfall we should all look out for … as you age your investing skill goes down; however, your confidence goes up. Do you see how that is a bad combination? Worse is the attitude, “Yes, but that does not apply to me.” (That’s another behavioral bias where everybody rates themselves above average which is not possible either).
Naturally we all age differently … so generic rules of thumb can’t be applied. But, being sure that various plans are in place is important (especially various legal documents that support your wishes). I feel that’s what you’ve hired me for … to remind you from time to time … to make plans for the things that are important to you and often are not thought about or thought through.
See my blog on how to age in place.