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Let's End Ageism - Ashton Applewhite
It's not the passage of time that makes it so hard to get older. It's ageism, a prejudice that pits us against our future selves -- and each other. Ashton Applewhite urges us to dismantle the dread and mobilize against the last socially acceptable prejudice. "Aging is not a problem to be fixed or a disease to be cured," she says. "It is a natural, powerful, lifelong process that unites us all."
About Ashton
Author and activist Ashton Applewhite is the author of This Chair Rocks: A Manifesto Against Ageism. In 2016, she joined PBS site Next Avenue’s annual list of 50 Influencers in Aging as their Influencer of the Year. Ashton has been recognized by the New York Times, National Public Radio, and the American Society on Aging as an expert on ageism. She blogs at This Chair Rocks, has written for Harper’s, Playboy, and the New York Times, and is the voice of Yo, Is This Ageist? Ashton speaks widely, at venues that have ranged from universities and community centers to the TED mainstage and the United Nations. Ashton is a leading spokesperson for a movement to mobilize against discrimination on the basis of age.
Author and activist Ashton Applewhite is the author of This Chair Rocks: A Manifesto Against Ageism. In 2016, she joined PBS site Next Avenue’s annual list of 50 Influencers in Aging as their Influencer of the Year. Ashton has been recognized by the New York Times, National Public Radio, and the American Society on Aging as an expert on ageism. She blogs at This Chair Rocks, has written for Harper’s, Playboy, and the New York Times, and is the voice of Yo, Is This Ageist? Ashton speaks widely, at venues that have ranged from universities and community centers to the TED mainstage and the United Nations. Ashton is a leading spokesperson for a movement to mobilize against discrimination on the basis of age.
Pioneer Network supports models where elders live in open, diverse, caring communities. In-depth change in systems requires change in governmental policy and regulation; change in the individual’s and society’s attitudes toward aging and elders; change in elders’ attitudes towards themselves and their aging; and change in the attitudes and behavior of caregivers toward those for whom they care. We refer to this work as culture change. Our aim is nothing less than transforming the culture of aging in America. To access blog, click the image or here.
Source: https://www.cnbc.com/advertorial/mind-over-financial-matters/?sr_source=lift_polar&mvt=i&mvn=d9daf925b24c47c899d17ec406929e6d&mvp=NA-CNBC-11239420&mvl=+%5BLegacy+Homepages%5D
Financial professionals will likely have clients who experience cognitive decline. Here’s what you can do to help safeguard their financial health
Helping your clients enjoy a successful retirement is one of the most satisfying aspects of a financial professional’s job. Together, you establish goals and, over the years, you see them to fruition. But what if you notice that a client is having trouble remembering basic account information, or that they have repeatedly neglected to pay bills? What if you notice they have frequently forgotten well-known names or miss appointments because they confused dates and places? These could be signs of cognitive decline. And although memory issues are a normal part of aging, these changes could also be a harbinger of more serious health conditions, such as dementia or Alzheimer’s disease.
The issue is widespread and growing.
Approximately 15-20 percent of people aged 65 and over have some form of cognitive impairment.[1] As we age, the prevalence increases. More than half of people aged 85 and older suffer from cognitive impairment,ranging from slight mental decline to Alzheimer’s disease.[2] The impact of dementia takes its toll physically, emotionally and financially on not only the person with the impairment, but on their families as well. Total payments to care for individuals living with Alzheimer’s or other dementias was $277 billion in the United States in 2018. More than 16 million Americans provided unpaid care for people living with Alzheimer's or other dementias valued at an estimated $232.1 billion.[3]
Today, an estimated 5.7 million Americans live with Alzheimer’s disease, and by 2050, that number is predicted to triple to nearly 16 million.[3] It’s not a matter of if you’ll have a client with this challenge, but how many of your clients will be affected.
Conversation Starters
Are there any family health issues that you know of?
What have you been doing to take care of yourself?
Have you thought about your preferences if cognitive decline becomes an issue for you?
What does your network of close family or friends look like? (In terms of those who become caregivers)
If you are or become a caregiver, do you have a plan in place?
As a financial professional, you may notice some early warning signs
Alzheimer’s and other forms of dementia are progressive. When cognitive decline begins, financial capacity is among the first abilities impaired.[4] These changes typically occur over time and may go unnoticed by friends and family members who aren’t privy to their loved one’s financial records.[5]
For a person with the early stages of dementia, basic monetary skills and exercising financial judgment may become difficult.[2] These subtle cognitive challenges leave these individuals vulnerable to financial exploitation and elder fraud, which is most often perpetrated by friends, caregivers or family members.[6] The National Council on Aging estimates elder financial abuse and fraud costs range from $2.9 billion to $36.5 billion annually. (And many cases go unreported.) This makes safeguarding the financial interests of your elder clients even more important.
The sooner you begin these discussions, the more involved your client can be in the process
Transamerica and researchers at the Massachusetts Institute of Technology (MIT) AgeLab have collaborated to develop suggestions for initiating positive, constructive conversations about dementia and the need to develop a financial strategy for this risk. Recommendations are provided for broaching the subject with two types of clients: those who appear healthy, and those you suspect are showing symptoms of dementia. You can take a proactive approach to helping your clients whether you suspect they may be experiencing cognitive decline or be at risk of dementia in the future.
For clients who appear healthy
Invite them to create a strategy for safeguarding their wealth and retirement plans. Even young clients — especially those with children — will benefit from having these essential financial and legal documents up to date:
1 Update their estate plan, identifying all income sources, insurance policies and bank accounts.
2 Update their will.
3 Ask them to name an agent or designated person to represent their will and durable power of attorney, if they haven’t already. Suggest they provide this agent with a letter of instruction that includes the location of important documents, along with a list of financial accounts and their passwords.
4 Encourage them to designate a medical power of attorney and complete advance directives (these differ from state to state) and create a living will.
5 Have them complete a diminished capacity letter, which provides permission for you to call those people designated in the letter if you perceive a problem in decision-making.
If you discern your client is struggling with cognitive function, your role is essential to help safeguard their health and wealth
Often a person experiencing cognitive decline knows something is wrong and may feel insecure or embarrassed because of their “memory problems.” Approach them with empathy and reassurance that you are there to help and ensure their decisions are carried out. During these early stages of cognitive decline, it may still be possible to guide your client through the process outlined above with the help of a spouse or trusted agent. If they have not provided a designated agent, you might suggest involving your client’s spouse, adult child or other proxy in the financial planning discussions.
Remember to break down information into single-step instructions (“First, read this paragraph.” “Now, initial this box …”) and provide answers to questions in terms that will be easier for your client to comprehend. It may also be time for your client to schedule a check up with a geriatrician, who can perform standard memory tests and other evaluations to determine the extent of the impairment.
As it advances, dementia may render the individual unwilling or unable to acknowledge the problem
You may notice sudden personality changes or irrational behavior. For example, a long-time elder client might request immediate liquidation of assets without explanation, or make a substantial purchase that is uncharacteristic. These could be red flags that signal mental or emotional distress. If you have been working with a client for years, you might detect that something is “off” long before family members do.
What can you do? Be patient and recognize that your client is struggling with what may be a serious, progressive condition. If permissible, contact the client’s spouse or other family member who is designated as proxy, or his attorney to let them know your suspicions.
Talking about cognitive decline due to Alzheimer’s or dementia is never an easy conversation. But when you know the facts and can offer proactive steps to help offset the unknowns, you can help clients stay in control of their financial futures.
Working with caregivers who have loved ones with Alzheimer’s or dementia? Provide them with this helpful guide from Transamerica.
For more resources on helping your clients with their health needs, click here.
[1] “Mild Cognitive Impairment.” Alzheimer’s Association, 2018
[2]“Cognitive Aging and the Capacity to Manage Money.” Center for Retirement Research at Boston College, 2017
[3]“Facts and Figures.” Alzheimer’s Association, 2018
[4] “Financial Capacity in an Aging Society.” American Society on Aging, 2018
[5] “Dementia Risk and Financial Decision Making by Older Households: The Impact of Information.” National Institute of Health, 2013
[6] “Financial Exploitation, Financial Capacity, and Alzheimer’s Disease.” American Psychological Association, 2016.
Neither Transamerica nor its agents or representatives may provide tax, investment or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.
Transamerica is not affiliated with CNBC.
Transamerica is a proud sponsor of the MIT AgeLab
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