{"id":5029,"date":"2022-03-15T12:06:53","date_gmt":"2022-03-15T12:06:53","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=5029"},"modified":"2022-03-15T12:07:00","modified_gmt":"2022-03-15T12:07:00","slug":"preserving-your-retirement-from-the-risk-of-mental-decline","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/03\/15\/preserving-your-retirement-from-the-risk-of-mental-decline\/","title":{"rendered":"Preserving your retirement from the risk of mental decline"},"content":{"rendered":"
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Many of us can\nnow look forward to a longer retirement, due to increased life expectancy,\nhowever this unfortunately comes at a cost. The prevalence of age-related\ncognitive decline is on the rise, which could leave us vulnerable to costly\nfinancial errors.<\/strong><\/p>\n<\/div>\n\n

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There are nearly 885,000 people living\nwith dementia in the UK1<\/sup>, with estimates suggesting that between 5%\nand 20% of over-65s suffer from mild cognitive impairment (MCI). This is a\ncondition in which someone has minor problems with cognition, such as thought\nprocess and memory.<\/p>\n<\/div>\n\n

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Planning for\nevery eventuality<\/strong><\/p>\n<\/div>\n\n

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An essential element of preparing for\nyour retirement should involve planning for the possibility of cognitive\ndecline. Despite many people still having the capacity to make decisions and\nlive independently, MCI has been linked in studies to poorer financial capacity\nand a greater susceptibility to scams.<\/p>\n<\/div>\n\n

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It\u2019s all about\ntiming<\/strong><\/p>\n<\/div>\n\n

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In a recent survey2<\/sup>, over 80%\nof investors felt the ideal time to transfer financial control would be\n\u2018sometime after they had begun to experience some cognitive decline but before\nthey became completely incapable.\u2019 Respondents thought there was a higher than\none-in-three chance of a mistimed transfer, partly attributable to a reluctance\nto relinquish control, which highlights the need to plan sooner rather than\nlater, so that any future transfer takes place on your terms.<\/p>\n<\/div>\n\n

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Make time to talk<\/strong><\/p>\n<\/div>\n\n

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Preparing for the possibility of\ncognitive decline requires careful planning, not only having legal documents in\nplace but also starting conversations with your family and those you trust\nabout your finances and objectives, in advance of its possible onset. This fosters\ntransparency and, with everything out in the open, close connections are more\nlikely to notice if you begin making decisions about your money that don\u2019t\nalign with your objectives.<\/p>\n<\/div>\n\n

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We can assist you with planning and in\nstarting these conversations well in advance, enabling you to better plan for\nthe future, giving you a greater sense of control and ownership of your plans.<\/p>\n<\/div>\n\n

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1<\/sup>Alzheimers Society,\n2019<\/p>\n<\/div>\n\n

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2<\/sup>Vanguard, 2021<\/p>\n<\/div>\n\n

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The value of investments and income from them may\ngo down. You may not get back the original amount invested. A pension is a\nlong-term investment. The fund value may fluctuate and can go down. Your\neventual income may depend on the size of the fund at retirement, future\ninterest rates and tax legislation.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Many of us can now look forward to a longer retirement, due to increased life expectancy, however this unfortunately comes at a cost. The prevalence of age-related cognitive decline is on the rise, which could leave us vulnerable to costly financial errors. There are nearly 885,000 people living with dementia in the UK1, with estimates […]<\/p>\n","protected":false},"author":12,"featured_media":5030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5029"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=5029"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5029\/revisions"}],"predecessor-version":[{"id":5033,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/5029\/revisions\/5033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/5030"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=5029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=5029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=5029"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=5029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}