The greatest risk to a baby boomer’s portfolio may not come in the form of rampant inflation and bear markets. It might be in the financial decisions you make while cognitively diminished.
According to a recent article in The Wall Street Journal, nearly half of the oldest boomers will experience some type of cognitive impairment over the next 10 years. (Smith, R. "Baby Boomers’ Biggest Financial Risk: Cognitive Decline." The Wall Street Journal, June 6, 2021.)
And according to the Center for Retirement Research at Boston College, “A crucial characteristic of cognitive impairment is that people are usually unaware that they are slipping.”
Are you creating your “team” of trusted family members, friends, wealth advisors, and attorneys who will be there to help guide you (and maybe your spouse) in financial and life decisions during this chapter of your life?
Now is the time to discuss this delicate topic with someone you trust; for yourself and those you love. Schedule a call with me and I will walk you through your next steps to consider.