When planning for retirement, most of us focus on ensuring we have saved enough, have the proper healthcare, and are set up to live in our desired location. However, one often overlooked but crucial aspect is the potential impact of cognitive decline, specifically Alzheimer's and dementia, on your financial health.
Dubbed the "Silent Thief," these conditions can covertly erode your wealth, leaving you and your family financially vulnerable. The cost of care can be staggering, with long-term care expenses reaching over $100,000 annually in the United States.
The insidious nature of these diseases is that cognitive decline often progresses gradually, making it easy to miss the early warning signs. Many families only recognize the extent of the financial implications when it's too late to take adequate protective measures.
To guard against this risk, it’s essential to plan. Here are several key steps you can take to safeguard your finances from the effects of cognitive decline:
Being proactive about the potential for cognitive decline is not about anticipating the worst; it's about ensuring your retirement remains secure and fulfilling.
If Alzheimer's or dementia is in your family history, let's discuss your options. We can help you construct or review the right long-term plan and connect you with the appropriate experts to protect you. Planning today helps protect tomorrow, turning the uncertainty of cognitive decline into a manageable aspect of your retirement strategy. Don't let the "Silent Thief" catch you unprepared—take action now to secure your financial future.
James Artale is a financial advisor located at EmVision Capital Advisors, 251 W. Garfield Rd. Suite 155 Aurora, OH 44202. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at (330) 954-3770 or at info@emvisioncapital.com.