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October 13, 2020 at 11:41 AM
It is estimated that by 2040, the number of Americans living with Alzheimer’s, dementia or other cognitive disorders is expected to double to close to 12 million due to the aging population, according to a recent study by RBC Wealth Management and Aon. This can, and will, have a “financially devastating” effect not only on those with the condition but their families, the study states.
And the wealthy aren’t immune. Surveying 1,000 mass affluent and high-net-worth Americans caring for relatives with cognitive decline, RBC found that the lifetime direct and indirect costs of treating those with cognitive disorders can exceed $750,000.
“One of the key reasons we commissioned this research was to identify additional ways financial advisors can support clients and caregivers who are confronting cognitive decline,” Angie O’Leary, head of wealth planning for RBC Wealth Management said in a release.
“We’re all good at planning for things like college and vacations, but most investors aren’t planning for something like dementia diagnosis. Advisors and clients need to understand the total impact,” she said.
Look at the gallery above for four key findings of the study and what advisors need to know in dealing with their clients and their families.
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