Immediate Annuity Protects Against Dementia Decision Making

Almost one-third of Americans 85 and older suffer from dementia and many more than that suffer a milder form of cognitive development at an even younger age.  While annuities aren’t usually thought of as protection against dementia or other memory loss in older age, they are a perfect tool to ensure your finances are well covered should you suffer from dementia.  According to Smart Money, you can use “Annuities as Dementia Insurance.”

As you age and lose some of your cognitive abilities, you are more likely to make financial decisions that could risk the money you worked so hard to accrue over your lifetime.  Sadly, scammers prey on the elderly to invest in accounts that could take away all of their money.  By purchasing an immediate annuity with some of your savings while your cognitive ability is still tops, you will ensure two things.  With a lifetime guarantee, you’ll never run out of money as long as you live.  You’ll also ensure that you won’t make confused decisions with your money or spend it all on something frivolous should you suffer from some form of dementia.

An economics professor at Harvard presented dementia data at a recent annuity discussion, showing that the rates of dementia double every five years.  So while only .8% of Americans aged 60-64 suffer from dementia, by the time you are 85, 30.1% suffer from this cognitive problem.  Even if someone is not classified as suffering from true dementia, there are other cognitive shortcomings that can affect your financial decision making.  Sixteen percent of Americans in their 70’s suffer some type of cognitive impairment, a number that jumps to 40% by the time you hit age 90.  Compare immediate annuities when financial planning at a younger age and you won’t have to worry about making poor financial decisions when you aren’t at your sharpest.

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