Yes, it is a very big problem that (in general) you don't know there's anything wrong with you after a certain point in cognitive decline, because the abilities needed to recognize the problems are the same abilities that are impaired. We do have a good friend with financial expertise who I'm sure would help out if needed but he's not that much younger than we are. Other than that, I don't know what to do about that problem but it definitely needs a lot more thought.
As to what I can do, the first thing is to finish closing out my tax-deferred accounts this year. They have a relatively small balance so this won't cause a gigantic tax bill. They are profit sharing plan accounts that my wife would have no idea how to manage, so getting rid of them will simplify things significantly.
Our house is paid off so our living expenses are fairly low and can easily be paid for decades with our current savings.
I have a letter to my wife that I update whenever anything significant changes with our finances.
Other than that, I will follow this thread with great interest for more suggestions.
As to what I can do, the first thing is to finish closing out my tax-deferred accounts this year. They have a relatively small balance so this won't cause a gigantic tax bill. They are profit sharing plan accounts that my wife would have no idea how to manage, so getting rid of them will simplify things significantly.
Our house is paid off so our living expenses are fairly low and can easily be paid for decades with our current savings.
I have a letter to my wife that I update whenever anything significant changes with our finances.
Other than that, I will follow this thread with great interest for more suggestions.
Statistics: Posted by technovelist — Mon Apr 01, 2024 12:37 am — Replies 63 — Views 5307