Journal of Financial Counseling and Planning’s Post

Is it time to tune in to your aging parents' needs? 👀 As an Aging Parent Coach, I've seen firsthand the importance of being aware and proactive during this transition period. Here's what to watch for: 1️⃣ Changes in Behavior: Keep an eye out for any sudden shifts in behavior or mood. These could be signs of underlying health issues or emotional struggles that need attention. 2️⃣ Physical Health: Notice any changes in mobility, balance, or overall physical health. Regular check-ups and discussions with healthcare professionals can help address any concerns early on. 3️⃣ Cognitive Function: Pay attention to memory lapses, confusion, or difficulty with daily tasks. Early detection of cognitive decline allows for interventions and support to maintain independence as long as possible. 4️⃣ Social Engagement: Isolation and loneliness can have significant impacts on mental and emotional well-being. Encourage social activities and connections to help combat feelings of loneliness. 5️⃣ Financial Management: Keep an eye on financial matters and ensure your parents have a plan in place for managing their finances as they age. This includes budgeting, retirement planning, and any necessary legal documents. 6️⃣ Safety at Home: Assess the home environment for potential hazards and make necessary modifications to ensure safety and accessibility. Being proactive and attentive to these signs can help ensure your aging parents receive the support and care they need as they navigate this stage of life. 💖

Planning for retirement includes looking at all aspects including potential health issues. Did you know that Alzheimer's can affect more than health; it can impact finances too? Explore valuable insights and strategies to help you plan ahead. https://lnkd.in/eyUFvBzx

The Center for Retirement Research at Boston College looked at issues surrounding when seniors should transfer control of their finances. With age comes the risk of cognitive decline, which can have significant financial consequences. Older adults must have a trustworthy agent in place and have the agent take over before irreversible mistakes are made. I deal with clients with this concern constantly. No one wants to give up control too early but you may not recognize when it's too late. Regular monitoring of cognitive abilities is essential. You can also start working jointly with a daily money manager like me so it's a gradual shift. If you have or a loved one has cognitive issues, consider the dangers of making bad financial decisions and start taking steps to protect yourself and your family. https://ow.ly/LbvO50QwSBC #dementia #alzheimers #aging #moneymanagement #caregiver #fiduciary

Planning for retirement includes looking at all aspects including potential health issues. Did you know that Alzheimer's can affect more than health; it can impact finances too? Explore valuable insights and strategies to help you plan ahead. https://lnkd.in/eGftfWsg

👩👦Fertility rates have been declining in high-income countries for decades. This trend, along with increasing human longevity, poses a challenge for advanced economies. ⭐This column argues that a holistic set of policies can be implemented to address the economic risks. 👉These policies should stimulate human capital accumulation and #education, which are more important than population size for economic prosperity. 👵Furthermore, polices should promote healthy aging and more choice over #retirement decisions, and family-friendly policies to slow the fall in fertility should be enacted. Vox column by: David Bloom (Harvard University), Michael Kuhn (Wittgenstein Centre for Demography and Global Human Capital, International Institute for Applied Systems Analysis (IIASA)), Klaus Prettner (WU (Wirtschaftsuniversität Wien), Wittgenstein Centre for Demography and Global Human Capital) Read more here: https://ow.ly/mefF50SVIvz

Clinical relevance: Cognitive decline in older Americans can impair financial decision-making, increasing their financial vulnerability. Older adults face significant financial challenges due to fixed incomes, rising healthcare costs, and cognitive disorders like Alzheimer’s, which are expected to double by 2050. Early-stage cognitive impairment leads to financial decision-making deficits, increasing susceptibility to financial exploitation and credit issues. A comprehensive study found that financial risks, such as credit card and mortgage delinquency, significantly increase before an Alzheimer’s diagnosis, with Black adults and women facing heightened risks.

A behavioural gap in survival beliefs My joint work with Giovanna Apicella is forthcoming in the Journal of Risk and Insurance A theoretical model predicts that sentiment generates a gap between subjective and actuarial survival probabilities. An empirical test based on data from an European survey supports this prediction. Subjective perception of survival is expected to play an important role in relation to the demand for life insurance and pension planning. #sentiment #behavioraleconomics #lifeinsurance #financialplanning University of St. Gallen - HSG School of Economics and Political Science (SEPS-HSG) - Universität St.Gallen SFI Swiss Finance Institute

Happy to report—Solo Aging gains recognition as a viable segment of the older adult population. More work is needed (stay tuned) and hopefully, useful strategies will gain buy-in at the national and state levels. In the meantime.. Supporting Uncoupled Clients: A Holistic Approach in Planning In the business of retirement planning and aging care, widows, divorced, and single adults represent a significant and often underserved demographic. As service providers, including insurance agents, reverse mortgage advisors, financial advisors, care managers, home care agencies, and patient advocates, it's imperative to adopt a holistic approach to effectively support them in preparing for the future. What's needed is a comprehensive strategy, one that goes beyond financial aspects to include emotional, social, and physical well-being, ensuring a secure, healthy, and fulfilling journey. Understanding Unique Needs Widows, divorced, and single adults face unique challenges that require specialized attention. The absence of a partner can significantly impact their financial planning, social networks, and useful support systems. Service providers must recognize these unique needs and tailor their services accordingly, offering solutions that go beyond traditional financial advice or care management. Read the full article, link in the comment below.

Mental health among seniors varies significantly between the northern and southern regions of the United States, with some notable trends and disparities: Regional Differences Southern States The southern U.S. generally faces more challenges with senior mental health: Several southern states rank among the worst for senior mental health, including West Virginia, Missouri, Oklahoma, Tennessee, Louisiana, Georgia, and South Carolina These states tend to have higher rates of depression, anxiety, and substance use disorders among older adults. Northern States Northern states typically fare better in terms of senior mental health outcomes, though challenges still exist: Northern states are not prominently featured in the list of worst states for senior mental health They generally have better access to mental health services and resources for older adults. Key Factors Affecting Senior Mental Health Several factors contribute to the mental health landscape for older adults across regions: Access to CareIn many southern states, especially rural areas, there is limited access to mental health specialists and geriatric psychiatrists Northern states often have better healthcare infrastructure and more mental health professionals per capita. Stigma and AttitudesOlder adults in southern states may be less likely to seek help for mental health issues due to cultural stigma A survey found that 68% of adults aged 65 and over know little or almost nothing about depression, indicating a need for education across all regions Socioeconomic FactorsSouthern states generally have higher poverty rates among seniors, which can exacerbate mental health issues Economic disparities can limit access to care and contribute to stress and depression. Prevalence and Impact Regardless of region, mental health issues among seniors are significant:Approximately 20% of adults aged 60 and over suffer from a mental or neurological disorder Depression and dementia are the most common neuropsychiatric disorders in this age group Older adults with symptoms of depression have roughly 50% higher healthcare costs than non-depressed seniors Suicide Risk Suicide rates among older adults are a particular concern: White males aged 85 and older have a suicide rate nearly six times the national average This trend is seen across regions but may be more pronounced in southern states with higher overall suicide rates. Addressing the Challenge To improve senior mental health across all regions: Integrate mental health care into primary care settings, as older adults are more likely to seek help from their regular doctors Increase awareness and education about mental health issues in older adults3. Motherhealth bay area in home care with caring caregivers 4088541883 www.clubalthea.com

Almost everyone I talk to wants to age in place - but how do you plan for it? It starts with thinking about all the resources you have, what you might need, and making a plan. This article from the National Council on Aging has some things you can think about to prepare to age in place.