The Washington Post (10/27, Hamilton) reports that dementia, including Alzheimer’s, “can wreak havoc on even the best financial planning for retirement.” Nina Silverberg, program director of the National Institute on Aging’s Alzheimer’s Disease Centers Program, said, “‘I think it’s important for people to have some awareness that financial problems can be some of the most notable symptoms’ of dementia.”
According to the Post, “dementia can manifest itself in unpaid bills, giving away money needed for living expenses to charities or to the phone and Internet scams or other poor financial decisions.” People with dementia may have to leave the “workplace early,” thereby diminishing their future Social Security benefits.
The article advises people to have “a health-care power of attorney or living will naming someone you trust to make health-care decisions if you are incapable, designating someone to take care of your finances and having a regular will to distribute your assets when you die.”
Related Links:
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Facing financial reality when early dementia is diagnosed,” Martha M. Hamilton, Washington Post, October 28, 2016.