You've undoubtedly seen the yearly parade of reports on "10 States with Lowest Taxes" or "10 Best Places to Retire" and the like. Part of planning and making the best decisions for your Retirement Transition and second half of life also includes thinking about your twilight years and what you'll want and need at that time. Eldercare site Caring.com just came out with their report on 2017's Best and Worst States to Grow Old.
My oldest client turned 100 today! Marjory is a remarkable lady...sharp as a tack and, as I understand it, still periodically trounces her children at Scrabble.
Richard "Dick" Weinman is an Oregonian who had an active lifestyle--OSU professor, writer, biker, and marathoner. But a horrendous collision with a cement truck in 2005 left him broken, burned, and clinically dead. Medical responders resuscitated Dick and he began a long journey of recovery. One year after his accident, Dick entered an Assisted Living Facility (ALF), where he's been ever since. While that's what his body needed, he found that his independent mind and spirit didn't really fit in. He was known as "Room 108."
We all know that our cognitive abilities tend to decline in our elder years (actually, age 60 on). But did you know we also tend to become overconfident in our financial knowledge and ability to make financial decisions at the same time? Does your retirement plan include steps to deal with this? Courtesy of researchers at the University of Missouri and Texas Tech University: Older Adults Have "Toxic Combination" of Lower Financial Literacy, Higher Self-Confidence COLUMBIA, Mo. – Previous studies have shown that as humans age, cognitive declines are inevitable. Now, a recent study by researchers at the University of Missouri and Texas Tech University has confirmed that this cognitive decline extends into financial literacy. The researchers also found that older individuals retain a strong sense of self-confidence, which could add to the problem, leading to significant mistakes when making financial decisions.