Many of us have experienced our own “senior moments.” Where are the car keys? Why did I come into this room? What’s the name of that person? Most of these memory lapses are a normal part of life and are very manageable. On the other hand, cognitive impairment can progress to a point where it’s difficult to live independently. It’s been reported that more than 16 million people in the United States are living with cognitive impairment and age is the greatest risk factor. As the Baby Boomer generation passes age 65, the number of people living with cognitive impairment is expected to jump dramatically. An estimated 5.1 million Americans aged 65 years or older may currently have Alzheimer’s disease, the most well-known form of cognitive impairment; this number may rise to 13.2 million by 2050.
What is cognitive impairment? Cognitive impairment is when a person has trouble remembering, learning new things, concentrating, or making decisions that affect their everyday life. Cognitive impairment ranges from mild to severe. With mild impairment, people may begin to notice changes in cognitive functions, but still be able to do their everyday activities. Severe levels of impairment can lead to losing the ability to understand the meaning or importance of something and the ability to talk or write, resulting in the inability to live independently
How to Recognize Cognitive Impairment. Cognitive impairment is not caused by any one disease or condition, nor is it limited to a specific age group. Alzheimer’s disease and other dementias in addition to conditions such as stroke, traumatic brain injury, and developmental disabilities, can cause cognitive impairment. A few commons signs of cognitive impairment include the following:
- Memory loss.
- Frequently asking the same question or repeating the same story over and over.
- Not recognizing familiar people and places.
- Having trouble exercising judgment, such as knowing what to do in an emergency.
- Changes in mood or behavior.
- Vision problems.
- Difficulty planning and carrying out tasks, such as following a recipe or keeping track of monthly bills.
How to Address Cognitive Impairment. Dealing with cognitive impairment can be extremely tricky since none of us want to give up our decision-making independence. Family members can be very helpful in recognizing a problem and arranging resources to assess your health. Other people who you interact with regularly may be able to see cognitive changes over time.
As with many things in life, the best way to prepare for cognitive impairment is to act while you’re still healthy. Normal estate planning documents are the core of this preparation. In particular, healthcare power of attorney and financial power of attorney documents help others help you when you’re not able to make good decisions for yourself. A financial power of attorney authorizes some trusted person (such as a spouse, family member, etc.) to conduct your financial affairs while you’re unable to do so. Additionally, it makes good financial sense to prepare for long-term healthcare costs – which can be very significant. (See my previous article on this.) Finally, having a team of professionals who are familiar with you and your financial situation can really help. This might include your CPA, your attorney and your investment advisor.
If you’d like to sit down and talk about cognitive impairment, or any other financial matter, we can discuss this in a no-charge, no-obligation initial meeting. Please visit our website or give us a call at 970.419.8212 to set up an in-person or virtual meeting.
This article is for informational purposes only. This website does not provide tax or investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Please consult your tax or investment advisor for specific advice.