Finance refers to the management of funds by an individual or company. One important group of people that need to manage their finance is the elderly people in society particularly when they approach the ages from 65 years. This is because from this point on they may become less productive because of physical strength and activeness. As such, there is an ever growing need for resources that will help serve the older adults in the management of their financial choices. This is meant to help impact the quality of life they live from this point on. There are principal things that need to be understood about aging and reduction in financial capabilities. They include:
- Decline in financial capability can be exploited by family and friends very easily
A good analogy of this point is the true story of a man who opted to marry alit late in life when he had wealth. The wife married him for the money and within no time she had depleted all his finances. Before this happened, the man’s family had tried to intervene but failed. This basically translates that declines in financial ability make older adults very vulnerable to financial abuse, which can be perpetuated by family members and friends, as well as by scammers and strangers.
- Even people free from aging diseases can experience increased difficulty in financial management as they age.
Even in the absence of disease the brain’s abilities change as people age. This process proceeds a little differently for every person but it’s analogous to the aging that we see in other parts of the body: things change with age and wear. Not all changes are negative, but the changes can eventually make managing finances harder.
- If you notice signs of financial impairment, you should start looking for expert advice.
It is certainly possible to develop some difficulties with finances and not have it be an aging associated disease. It could be mild cognitive impairment, it could be depression, it could be another medical problem, or it could even be cognitive aging.
- Work on optimizing brain function if you are concerned about financial impairment.
The main way to optimize a person’s brain function is to identify and reduce medications that interfere with thinking skills. You should also help the older person get assessed for medical problems that interfere with thinking, such as depression, thyroid problems, vitamin B12 deficiency, and many more. The 2019 medicare advantage plans can save you money.