“Vanguard.com / Cognitive Skills and Financial Choices”
COMMENT: Financial decisions typically become much more complex around the sixth decade of life and include some of the most important choices a person makes. Beyond the decisions an individual makes for themselves there often times is a degree of financial involvement concerning parents and children.
Peak wage earning occurs between 45 and 54 according to the United States Bureau of Labor Statistics. Whether an individual has had a sound financial plan up to this point in time determines the plan going forward but planning for retirement involves a set of complex decisions. If, as the research behind the article states, as people age they are less capable of assessing and solving multifaceted issues, then it can be argued that this is the point in time that an individual could benefit most from a financial planner who takes a look at their entire financial situation.