Judy Saxe, AEP®, CAP®
May 08, 2019
The number of people in the United States living with dementia is growing exponentially year over year. According to the Alzheimer’s Association, an estimated 46.8 million people worldwide were living with dementia in 2015, and the number is believed to be close to 50 million people for 2017. By 2030, it’s projected that 75 million Americans will be affected by the symptoms of cognitive decline.
The New Yorker cartoonist Roz Chast aptly labelled this unprecedented generational predicament “an ordinary crisis in ordinary American lives,” and it’s only expected to get worse. Not to mention, the cognitive decline of an aging population presents a host of unique challenges for the family members and financial advisors of those affected. Without proper planning, the financial damage to those no longer able to make decisions independently is likely to be significant.
Fortunately, a wealth of resources and planning documents can help smooth the path of inevitable change. To better understand how you can financially prepare yourself or a loved one for potential—or existing—cognitive decline, read our recent The Advisor article, The Aging Brain: What Does it Mean for You and Your Family? or listen to the audio excerpt from the interview, below. To learn more on this topic and others, please visit our Wealth Strategies resource page.
Judith Saxe, AEP®, CAP® is the director of research and education for wealth strategies and a senior wealth strategist at CIBC Private Wealth Management.
August 14, 2019
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