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Decision making declines with age
- 1. Decision-Making Ability Declines With Age Regardless of gender or education level, Americans become considerably less capable of making financial decisions after age 60, according to a new study. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC
- 2. It’s an unfortunate fact of life that many of the most important financial decisions must be made in later years, as old age makes us less capable of making such decisions. For this reason, it’s important to make these important decisions earlier rather than putting them off until the last minute. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 3. According to a recent study, reported on here by the Wall Street Journal, the decline starts around age 60. Starting at that age, test scores on knowledge of investments, insurance, credit and money basics fell about 2% each year, from 59% for those in their early 60s to 30% for those 80 and older. Even worse, as actual knowledge and ability falls, confidence in one’s ability seems to rise. The less we know, the more we think we know. Or, as the saying goes, there’s no fool like an old fool. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 4. The problem is that it is just when our mental abilities go into dramatic decline that we are faced with important decisions relating to end of life, elder care, NY estate planning, and New York asset protection, decisions involving Medicare, Social Security, long-term health-care planning, and the creation of instruments to handle transfer of assets. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com
- 5. As an adult child of older parents, this is something to keep in mind. Your help may not be wanted, but when it is least wanted is likely to be when it is most needed. On the other hand, as an older person you may need to develop self-understanding and awareness of how your abilities are declining with age. For everyone, it means that estate planning issues should be confronted earlier rather than later. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC www.parkertrustlaw.com