Although older Americans with impaired memory or cognitive problems may appear healthy and retain social skills, their financial capacity—that is, their ability to manage money, pay bills and debts, and make prudent decisions regarding investments and risk—may nevertheless be significantly diminished. Not surprisingly, therefore, financial advisors are often the first people to notice when a person begins to show signs of cognitive impairment—sometimes even before the individual or family become aware. A full 75 percent of advisors in a recent survey indicated they had at least one client who exhibited diminished mental capacity.
Older adults with otherwise healthy brains sometimes develop biological changes that could put them at risk for financial exploitation, according to a study published earlier this year by researchers from Cornell and York universities. Previous studies had identified a link between brain disease (mild cognitive impairment, Alzheimer’s disease ) and increased risk of financial exploitation, but this is the first study to look for biological risk factors among otherwise healthy adults who are aging normally.
Many of us understand that saving for retirement and for the long term is one of the most important actions you can take to ensure a secure future. So is protecting that savings.
This month, state legislatures throughout the nation are convening to mark the inauguration of new governors, state legislators and other state leaders. We will then begin to hear State of the State messages from governors that detail the challenges, opportunities and priorities they have defined for the year ahead.
Hey all, Jenn here from the AARP Illinois Communications team. In this post I wanted to tell you about some of the legislative work that AARP staffer Ryan Gruenenfelder has been doing down in Springfield. I spoke with Ryan yesterday about House Bill 1689 - a bill that goes into effect in Illinois this month which addresses an issue that he's been working on for about 3 years - cracking down on those sad, sad souls who try to steal Social Security checks and any other sort of money from the elderly and disabled.
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