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Finances change as we age and you need to prepare for it (access required)

One recent morning, I heard a news story about people who are worried about their finances. Multiple studies — National Institutes of Health (NIH), National Endowment for Financial Education (NEFE) and others — demonstrate the fact that our ability to process financial information declines by 1 percent a year after age 60. Our confidence in our own financial decision-making abilities does not, however, decline with age. This dichotomy sometimes creates major problems for older adults and their families. Lack of planning for this decline in financial decision-making occurs too often. In my ...
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