The older Americans get, the more likely they are to suffer cognitive decline. Roughly 14 per cent of people over 71 have some level of dementia, according to the National Institutes of Health, a part of the U.S. Department of Health and Human Services. For those in their 90s, the rate rises to 37.4 per cent.
Many older folks have spent a lifetime managing their finances and take pride in it. They may hold onto their checkbooks and brokerage statements more tightly than they do their car keys.
Take the parents of John M. Smartt Jr., a Knoxville, Tennessee certified public accountant and investment adviser, who have been married for almost 70 years. Just last week they finally agreed to merge their separate checking accounts and allow Mr. Smartt to write checks for them.