Managing FinancesDifficulty managing one’s own finances is one of the most common struggles encountered during the aging process. Whether it’s falling behind on bills, getting caught up in a questionable marketing scheme, or picking up a gambling habit, these new risky fiscal decisions can be alarming.

Researchers at Weill Cornell Medical College have published a report explaining this financial instability in new terms. They refer to the tendency for older adults to be put at risk of loss of resources as, “age-associated financial vulnerability.”

Factors such as medical side effects, an aging brain, and even social isolation can contribute to age-associated financial vulnerability. Someone who is lonely may have a desire to connect with others, even if that means talking to someone dishonest or a salesperson on the phone. They may also lack the guidance of friends or family members who would otherwise step in to help.

Read more about identifying and preventing age-associated financial vulnerability by clicking this link.

Check out our Elder Care Whiteboard Videos for more information on financial matters such as how to pay for long-term care costs and protecting your home and savings from the nursing home. For Estate Planning, Special Needs Planning, Elder Law, Veterans Benefits, Real Estate, and Business Planning needs contact Glenn R. Matecun by calling 517-548-7400 in Livingston County and 586-751-0779 in Macomb County.

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