Cognitive decline doesn’t just affect the individual—it reshapes the lives of entire families.
In our work as financial advisors, we walk alongside many clients navigating this difficult journey. It’s personal, emotional, and complex. That’s why we wanted to share this article—along with a few of our own thoughts—to help you better prepare, respond, and care through each stage.
Of those aged 60 and older, 12 to 18 percent have mild cognitive impairment. People living with mild cognitive impairment are more likely to develop Alzheimer's, and almost two-thirds of people currently living with Alzheimer's are women.1
There are three basic forms of cognitive decline associated with aging:2
- Age-related changes in memory, which are a natural consequence of aging.
- Mild Cognitive Impairment, which involves mild memory loss such as forgetting important events or appointments, or an inability or difficulty with finding the right word in a conversation.
- Dementia, which includes Alzheimer's disease, is a chronic, progressive, irreversible and comprehensive cognitive impairment that may affect daily functioning.
There are a range of risk factors that can lead to cognitive decline, including:2
- Increased age
- Genetic predisposition
- Smoking
- Excessive use of alcohol
- Physical and mental inactivity
- Chronic stress
- Medical conditions, such as diabetes, depression, high blood pressure, and high cholesterol
- Low social involvement
Strategies to Help Manage Cognitive Decline:
- Intellectual Stimulation: Reading, learning a musical instrument, and playing cards or board games are all activities that stimulate the brain and may reduce cognitive decline.
- Exercise: Staying physically active can improve your mood, reduce stress, and help eliminate some of the medical conditions that are risk factors.
- Nutritious Diet: A nutritious diet, low in fat, may help reduce contributory risks such as high blood pressure, diabetes, and high cholesterol.2
- A Sound Night's Sleep: It's normal for sleeping difficulties to emerge with age, but insufficient sleep can impair memory and learning. Going to bed and waking up at the same time can help. However, if you have a sleep disorder, consider seeking qualified assistance.
- Stay Social: Staying engaged with friends and family stimulates the brain. If you live alone or have limited social ties, look to build up contact with neighbors and social groups.
Talk to Your Doctor
It's best not to self-diagnose or treat yourself if you think you are suffering from cognitive impairment. Visit your doctor to explain your symptoms and let him or her assess your condition and recommend the necessary treatment and counseling.
Talk to Your Financial Advisor (or that of your loved one)
The cost of memory care can be substantial, and should be discussed with your advisor. There are often tax deductions available for medical expenses. It's critical to ensure proper documents, like powers of attorney, are in place. Estate planning documents should be updated to reflect your current location and desires. Those suffering from memory challenges may need help managing appointments, electronic passwords, and paper financial documents.
Caring for a loved one facing cognitive decline is never easy—but you don’t have to face it alone. From updating legal documents to adjusting financial plans and ensuring day-to-day support, thoughtful preparation can bring clarity and peace of mind in uncertain times. If you or someone you care about is navigating this path, we're here to listen, guide, and walk with you every step of the way. There are also caregiver support groups and local organizations that provide helpful guidance.
Contact Ready Wealth Advisors today if you need help.
1. Alz.org, 2023
2. ClevelandClinic.org, 2023
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2025 FMG Suite.