As you grow older, the chances increase that you could develop dementia. Although the majority of seniors will never develop the disease, many will. When it comes, it could put your money and assets at risk unless you take financial planning steps in advance.
According to ALZ, an organization that provides information about Alzheimer’s, there are about 6.2 million people in the United States who have Alzheimer’s now. At age 45, the lifetime risk of a woman developing the disease is one out of five. For a man at age 45, the lifetime risk is one out of 10. The risk of getting Alzheimer’s for older black Americans is about twice as high as that of older whites and one-and-a-half times as high for older Hispanics.
Symptoms of Alzheimer’s
Once you start to develop Alzheimer’s or some other form of dementia, you will no longer be able to reliably make good decisions about your money and assets—and other normal daily activities of life. The National Institute on Aging provides some symptoms of Alzheimer’s, including:- memory loss
- inability to make sound decisions
- difficulty in planning or solving problems
- losing track of time and dates, and location
- trouble managing money and paying bills
- reduced ability to handle tasks such as bathing
- changes in your personality
- more anxiety and aggression.
