Today’s seniors, including the retiring baby boomers, are expected to be the longest-lived in Canadian history. The average additional life expectancy for a Canadian turning 65 today is 22 and 19 years for women and men, respectively.1 Longevity is good news, but living longer as a senior carries with it many risks as well, including those related to cognitive decline. While there is no sure-fire cure to cognitive decline, there are steps you can take to recognize it and help manage its impact on your loved ones and yourself.
Recognizing cognitive decline
As with all health issues, your primary source of information should be a health care practitioner, such as your family physician. Our understanding of cognitive decline is continually evolving, and the term can be used in either a very narrow sense or as an umbrella term encompassing many conditions. For the purposes of this discussion, we define cognitive decline as a decrease in the ability of the brain to work quickly and efficiently, impacting memory, judgement and day-to-day activities. This can include age-related cognitive decline, more advanced forms such as mild cognitive impairment and can touch on the early stages of dementia.2 Some signs include: 2,3
- Increasing forgetfulness, such as forgetting important events or social occasions
- Losing one’s train of thought, having trouble following the thread of conversations, books or films
- Feeling overwhelmed by decision making or planning
- Depression and anxiety
Dealing with cognitive decline
It bears repeating that there is currently no cure for cognitive decline or dementia, and that any major health concerns should be discussed with a health care provider. However, there are some factors identified by medical professionals that can manage or slow the effects of cognitive decline:4
- Regular exercise – In addition to the overall health benefits, exercise has been shown to improve cognitive function in people who have already experienced memory problems
- Diet – Advice on nutrition can vary considerably depending on the source, but some studies have shown a Mediterranean diet (fruits, vegetables, whole grain, legumes, nuts, olive oil, with moderate amounts of fish/poultry and limited red meat) has slowed the progression of dementia
- Sleep – Consistent and quality sleep, at a recommended seven to eight hours per night, has been known to improve brain functions
- Mental and social stimulation – Seniors that engage in activities that stimulate the brain (reading, writing, art, puzzles and games) and socialization with a network of other people are less likely to experience significant cognitive decline
Preventing financial exploitation
Sometimes seniors experiencing cognitive decline can be vulnerable to financial exploitation. Taking advantage of a senior’s financial resources (e.g., through manipulation, fraud or theft) is cited as the most common form of elder abuse in Canada, affecting an estimated 62.5% of seniors.5 One way of detecting financial exploitation of a loved one, and preventing it from one day happening to you, is to leverage existing relationships with trusted financial advisors. If anything unusual is happening to a senior’s assets, a Financial Advisor is often in a position to detect it early. For a close loved one, make sure you have a working relationship with his or her financial advisor in case there are questions in the future about decisions your loved one has made.
And finally, make sure the same system of support, checks and balances is in place for you as well. It could be critical for me as your financial advisor to be aware of your whole financial and family picture. An important part of that is having a frank discussion on what would happen if your ability to make sound financial decisions should ever become compromised. Do we know who I would contact? Do you have a loved one whom you trust to act in your best interests in financial matters? Are the contact details of you and your most trusted loved ones comprehensive, up to date and well defined? These are essential questions that must be addressed to help ensure you enjoy a long, fruitful and well-earned retirement.
1. Life expectancy at 65, OECD Health Statistics, Health status, 2017.
2. Mild cognitive impairment (MCI) – Symptoms and causes, The Mayo Clinic, 2019.
3. Subjective Cognitive Impairment (SCI), Cedars-Sinai, 2019.