Amy Florian, Chief Executive Officer of Corgenius, asked the room of advisors at the recent Barron’s Women’s Conference how many advisors were touched by dementia by way of clients or personally. 100% of the hands were raised. Here’s what we know: 1 in 8 people over the age of 65 in the US has Alzheimer’s disease and someone is diagnosed with Alzheimer’s every 65 seconds! 22% of people over age 71 have Mild Cognitive Impairment (MCI). Up to 5% of early onset Alzheimer’s is familial (corgenius.com).
A family experiencing the aging transition of health changes can find themselves at a loss for information outside of medical diagnosis. The changes are not about memory loss or even the short-term forgetfulness - it is more encompassing. You may notice personality changes, executive function reduction, visual/spatial issues, struggles with language or words, or social withdrawal.
Here are the 10 signs of progression according to Corgenius:
- Memory loss that disrupts daily living
- Repeating without awareness
- Increasing problems with words in speaking or writing
- Becoming lost in familiar places
- Unable to plan, solve problems, or make good judgments
- Difficulty completing familiar tasks
- Disorientation about time, people, places
- Noticeable change in mood and personality
- Neglecting personal hygiene, appearance, nutrition
- Neglecting personal safety; loss of balance
The impact to family and finances is different with each family. The struggle with emotions and money can lead to difficult conversations. From whom will care for mom/dad to who will pay for services. Those caring for family members may grapple with uncomfortable internal financial issues – some feeling compensation is needed and others feeling it is a family commitment. Either way, the care often costs them lost income opportunity elsewhere by having to forfeit their careers. These are valid feelings that should not be ignored. We have learned that many will have these feelings but be too uncomfortable expressing them for fear of being judged. Sometimes self-judgement is just as damaging. I assure you these are all normal thoughts and emotions. We are shaped by relationships and changed circumstances do not always change our feelings. Be easy on yourself and be informed so that you can assist in making the best decisions possible for yourself and family members.
Each family will experience their own combination of challenges. Here are some resources for self-research:
https://order.nia.nih.gov/publication/understanding-memory-loss-easy-to-read-booklet
https://order.nia.nih.gov/publication/caring-for-a-person-with-alzheimers-disease-your-easy-to-use-guide
newlifestyles.com
roadid.com
nasmm.org
homeinstead.com
eldercare.gov
aginglife.org
alz.org
mayoclinic.org/healthy-lifestyle/caregivers/in-depth/alzheimers-caregiver/art-20047577
The 36-Hour Day by Nancy Mace& Peter Rabins is a book recommended by Amy Florian for those wanting to learn more.
The Affinity Wealth Advisory Group team is uniquely trained to help people through transitionary periods, providing advice and guidance relevant to your personal needs. When life changes, money changes and we can help sort through the chaos of change. We invite you to reach out today to schedule your complimentary initial consultation – we can make a difference.
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