We all know that things change as we age. However, do you know the science behind those brain changes and how it can affect your financial stability? Harvard University researched cognitive aging and Raymond James followed up with their expertise to help us understand financial challenges that may arise as one gets older.
“Have you ever gone grocery shopping and left with everything except the one item that made you go in the first place? Did you ever frantically search for your reading glasses, only to find them atop your head? We might lightheartedly call these “senior moments,” but in a more serious light, age-related lapses could affect your financial decision-making.
Changes in how your brain manages memory, thinking and other mental processes has a scientific-sounding name: cognitive aging. Many folks continue to handle their finances well into their later years, but even those with perfectly healthy brains experience cognitive aging. It doesn’t happen overnight, but rather over time. And like other age-related changes, it tends to happen differently for each person.”
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