How to Guard Your Finances in Case Cognitive Decline Sets In

Many of us are at risk of cognitive decline, but there are things we can do to protect our finances from its effects.

An adult daughter hugs her mom on the beach.
(Image credit: Getty Images)

The greatest threat to the financial security of many older adults isn’t a recession, market correction or inflation. It’s the risks posed by health-related events.

Roughly 78% of adults over the age of 55 in the U.S. have been diagnosed with at least one chronic illness, such as diabetes, asthma or arthritis, according to the CDC. And 1.9 million people were diagnosed with cancer last year, according to the American Cancer Society. But the greatest health-related threat to financial wellness and retirement security is cognitive decline.

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Chris Heye, PhD
CEO, Whealthcare Solutions

Chris Heye, PhD, is the CEO and Founder of Whealthcare Solutions, Inc. and Whealthcare Planning LLC. Dr. Heye is a technology entrepreneur who writes, researches and speaks on subjects that reside at the intersection of health, personal finance and longevity. He helped design and manage a clinical study conducted at the Massachusetts General Hospital that investigated the behavioral and cognitive underpinnings of sound financial decision-making. The results of that study serve as the foundation for Whealthcare’s innovative applications that enable adults and their families to more effectively plan for health- and longevity-related financial risks.