The Decline of Cognitive Abilities

Tom was on the leadership team of a company I called on during my sales career. I participated in going on a joint market tour between our two companies, checking out their stores and how my company could better serve their needs. Tom was insightful and focused. He was a true professional and made it a point to give his full attention to all the participants.

Therefore, it came as such a surprise to hear that less than 10 years later Tom was suffering from an aggressive form of Alzheimer’s. His reality totally changed and hit the point where he did not recognize friends and family.

We all know of instances like Tom. I have examples of cognitive decline in my own family. There are a lot of studies diving deep into the challenges of mental impairment as we age. It appears that about one-third of those over the age of 65 are suffering from some impact of mild to moderate cognitive decline. Additionally, approximately two out of three Americans experience some level of cognitive impairment at an average age of approximately 70 years.

So how should you factor in intellectual capabilities into your own post-career planning?

Financial Order

Financial mismanagement is one of the most pressing risks associated with cognitive decline. As cognitive abilities diminish, individuals may struggle with tasks such as managing bank accounts, paying bills, or understanding complex financial products. This vulnerability can leave someone susceptible to financial exploitation, poor investment decisions, or mishandling of assets, potentially jeopardizing their financial security and legacy. Talk to your financial professional about what you can do to address your financial needs if you are impacted.

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Legal Order

Legal matters are equally vulnerable to the effects of cognitive decline. Executing legal documents, such as wills, trusts, or powers of attorney, requires a clear understanding of the implications and consequences. Individuals with diminished cognitive abilities may inadvertently make decisions that contradict their true intentions or fail to safeguard their rights and interests adequately. Again, talk with your financial advisor to help point you to suggested trust attorneys to help you.

Lifestyle Order

Many people tend to push off formal structure in their lifestyle strategy. There can be a “I’ll get to it later” attitude. Then, cognitive decline sneaks up on them and they are not able to pursue personal opportunities. This impacts not only them, but also a spouse or partner who is unable to continue with any shared goals. Therefore, lifestyle planning should occur well before retirement begins. Define a vision or bucket lists. Create long-term goals (1 – 3 years), annual goals, and then short-term goals (3 – 6 months).

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Ignoring the potential impact of cognitive decline not only puts individuals at risk but also places a significant burden on loved ones and caregivers. They may find themselves navigating complex financial and legal challenges on behalf of the affected individual, often without the necessary knowledge or authority to make informed decisions.

To mitigate any risks, it is crucial to be proactive and address the potential impact of cognitive decline early on. Have open and honest conversations with loved ones, consult with financial and legal professionals, and explore tools such as powers of attorney, trusts, or advance directives. By taking these steps, individuals can ensure their wishes are respected and their assets and interests are safeguarded, even if cognitive decline occurs.

I never would have pegged Tom to be a person impacted by cognitive issues. In my time working with him, he was healthy and living a healthy lifestyle. He enjoyed his work and had a loving family. When I think of Tom, I feel he could be me at some point in the future. It is comforting to know I am taking the steps to ensure “order” should my mental faculties create lifestyle disorganization.

Free Resource: The Life Purpose Statement

The Life Purpose Statement is a concise, understandable, and definitive description of your hopes and what impact you want to create during this period of your life. It should define the reason for your existence, how you will exist, and what satisfaction you will get for what you plan to do.

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David Buck is the author of the book The Time-Optimized Life, owner of Kairos Management Solutions, LLC, and founder of the Infinity Lifestyle Design program. David helps individuals, teams and businesses “in-career” create more time flexibility in their lives. In addition, assists individuals and couples craft a “post-career” lifestyle strategy to meaning and purpose. To learn more, contact him at dave@kmstime.com or visit Infinity Lifestyle Design.