It’s sure a pain getting older. You feel it every day. You do not go up and down the stairs as easily as you used to. It is more difficult to bend over to pick up things you dropped on the floor. It’s hard putting on your socks.
As you age, your physiological systems slow down. You probably notice the physical indications of this daily. And you compensate for it. You go to the doctor regularly. You use assistive devices such as a cane, hearing aids and bathroom bars. You do not run and jump as you maybe once did.
You can see and feel your physical limitations. You take steps to keep yourself safe. You do not want to do anything that might cause you harm. Although you recognize these physical manifestations of aging, what about the mental manifestations of aging?
Studies have shown that as you age and your physiological systems slow down, the effects are not only to your physical systems, but also to your mental systems. This makes sense. Your brain is part of your body. Why wouldn’t it be affected by aging just like your heart or your bones?
Although you may acknowledge the physical effects of aging, it is very difficult to acknowledge the mental effects of aging. You have to admit that you cannot do things as well as you once did.
It has been shown that your financial abilities decrease by about 3% per year beginning at age 60. You are not a cautious as you once were, even if you think you are.
That is why con artists and scammers target seniors. They know that you are not as sharp as you once were and take advantage of the situation. There’s the home improvement scam in which you are sold a driveway coating or new roof you do not need, pay the money and the job never gets done properly.
You also have to watch out for the door-to-door insurance salesmen, who really are not there to sell insurance; they just want to get your credit card and banking information. There are also many annuity peddlers out there who know that you can be convinced you should buy annuities, when you never would have considered them in your younger years.
When you do get scammed, you don’t want to tell anybody. You recognize that you were scammed, but you are too embarrassed to let anyone know, especially your family. But you shouldn’t be embarrassed. Recognize that your mental systems are slowing down just like your physical systems. It is OK. It’s a part of life.
There is nothing wrong in asking for help writing checks or making major purchases. In fact, it is smart. It means that you recognize your mental limitations just like you recognize your physical limitations.
And don’t you deserve a personal assistant. Donald Trump has one, so does the President. Your personal assistant can do the tasks that you now might find burdensome, like bill paying, balancing your checkbook, or dealing with home improvement contractors. And you can then concentrate on living life.
Discuss such a situation with your loved ones before you need help. Meaningful conversations ahead of time are almost always more productive than a confrontation or intervention when you start making poor financial decisions.
Taking care of your mental health is just as important as taking care of your physical health.
By: Matthew M. Wallace, CPA, JD
Published edited December, 2015 in Savvy magazine as: Taking care of your mental, physical and financial health