A Plan for Financial Management as You Age

A recent study revealed that 80 percent of spouses in the early stages of dementia were still managing the couples’ money. Unfortunately, this means the person who manages the family finances unknowingly may be making serious financial mistakes, and is more susceptible to financial scams. Interestingly, those most at risk are ones who derive income from an actively managed retirement income account rather than a fixed income comprised of pension and Social Security benefits.*

One preventive measure to address this situation is have both spouses involved in money management decisions to create a form of checks and balances system. It’s also important to have a back-up plan, such as an adult child or financial professional available to speak with. In the case of an external resource, you may wish to draw up a power or attorney or proxy agreement in order to transfer the ability to make financial decisions for both spouses should it become necessary.

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing insurance and security products. If we can be of any assistance to you please contact us at 801-990-5055.

*Marketwatch.com, June 2, 2014, “Stunning study on dementia, couples and money,”http://www.marketwatch.com/story/stunning-study-on-dementia-couples-and-money-2014-06-02.