Are you older than 53?
Well, here is just what I needed to read – as we get older,
it seems our cognitive functions have a tendency to decline and thus, our
financial decision-making gets worse (this according to a recent study reported
in the San
Francisco Chronicle). Apparently, we are at our peak financial
decision-making capacity at age 53.
Whether you are
approaching, at, or past that milestone of financial savvy, the news is not all
bad. There are things we can do to prolong our cognitive (and financial)
abilities, to include: physical exercise, mental stimulation, proper diet, and
social interaction. There are also some common-sense things the experts
recommend we avoid, such as smoking, heavy drinking, and consuming a high-fat
diet. It all makes sense from a physical wellness aspect, and now we know it
makes sense from a financial-wellness aspect as well!
Additionally, experts recommend that middle-age is the time
to seek out your trusted financial and elder care attorneys – while you are in the
prime of your decision-making life.
Advisors well-chosen now should serve you well as you grow older.
In the meantime, maybe that gym membership makes even more
financial sense than you thought? Better yet – golf is just good retirement