CHICAGO — With age comes wisdom about money — up to a point. Years of handling your own finances and investments sharpen the ability to make sound decisions. But failing to prepare for the day when growing older hampers your judgment can be costly at an age when more is at stake. Seniors older than 65 hold about $18 trillion in assets, according to government data, or about a third of all U.S. net worth.
That’s not to say that those in their 70s and 80s can’t stay on top of their finances. But they should take precautions.
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