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Broaching the subject of finances with elderly friends and family members is never easy. Part of the concern is that the discussion itself might come across as intrusive or insulting, suggesting that the senior is unable to care for themselves. Considering that elderly community members have spent a lifetime managing their own affairs, it is understandable that they might balk at being told by another that they are suddently unable to do so now. Everyone strives to remain as active, alert, and engaged as possible no matter what age.

However, one issue that might help at least smooth some of the difficult edges in these conversations stems from science. An NBC News report sheds some light on actual structural brain changes that affect everyone in old age which have bearing on these issues. The story shares the work of a psychological researcher who found that fear centers in the brain are the key reason why many seniors are more susceptible to financial scams that others. Importantly, this research suggests that senior vulnerability might not be tied to diminished brain capacity–a suggestion that would obviously irk many elders. Instead, the issue may be the way that seniors process visual cues.

Seniors & Financial Scammers

The National Association of Personal Financial Advisors was recently polled to get an idea of common surprises encountered by their clients–those planning for retirement. A a Chicago Tribune article highlighted one of the most common responses from those advisors: a failure to appreciate the need to set aside significant income for a surviving spouse.

Our New York estate planning lawyers understand the inherent complexity of this issue. It is one thing to examine how long an individual is expected to live, subtract that from their current age, and determine how much is needed each of those years. By no means is this an exact science, but it is somewhat intuitive to roughly understand how much a single individual needs to retire. Things quickly get confusing, however, when spouses get thrown into the mix. Tackling this dilemma for locals is a key part of New York estate planning.

As one planner interviewed for the story noted, “One thing people don’t plan for is the reduction of income if a spouse or partner dies.”