A Plan for Financial Management As You Age

Greetings! I trust that this will find you well and enjoying life. 

A recent study from Marketwatch.com revealed that 80 percent of spouses in the early stages of dementia were still managing the couples’ money. Unfortunately, this means the person who manages the family finances unknowingly may be making serious financial mistakes and is more susceptible to financial scams. Interestingly, those most at risk are ones who derive income from an actively managed retirement income account rather than a fixed income comprised of pension and Social Security benefits.

One preventive measure to address this situation is have both spouses involved in money management decisions to create a form of checks and balances system. It’s also important to have a back-up plan, such as an adult child or financial professional available to speak with. In the case of an external resource, you may wish to draw up a power or attorney or proxy agreement in order to transfer the ability to make financial decisions for both spouses should it become necessary.

Here at Armor Financial we work to help you to examine and prepare for the unexpected in retirement. If you have questions about this information or suspect that we can help you in any respect regarding retirement living, don’t hesitate to call.

Best regards,

Jeff Christian CFP, CRPC 

The society which scorns excellence in plumbing as a humble activity and tolerates shoddiness in philosophy because it is an exalted activity will have neither good plumbing nor good philosophy: neither its pipes nor its theories will hold water.

John W. Gardner

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