393: How Dementia and Cognitive Decline Increases the Need for a Comprehensive Longevity Plan with Chris Heye, PhD

Retire With Purpose - The Retirement Podcast

Casey Weade

Investing, Business, Self-improvement, Education

4.7 • 564 Ratings

🗓️ 2 October 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today, I'm speaking with Dr. Chris Heye, CEO and Founder of Whealthcare Solutions and Whealthcare Planning. Chris is an entrepreneur, writer, researcher, and speaker working in the unique intersection of physical, behavioral, mental, and financial health.

His specialty is longevity and cognitive decline risks in retirement, and today's conversation is all about the conversations you need to have with your financial advisor, your estate planning attorney, and even with yourself in order to prevent elder financial abuse.

In this episode, Chris and I dig into the experiences with dementia that led him to pursue his career path, how cognitive decline directly impacts one's ability to make sound financial decisions, and when to start making emergency plans to protect yourself, your family, and your legacy.

In this podcast interview, you'll learn:

Why elders suffering from cognitive decline lose millions of dollars every year.
How psychiatrists and other specialists define cognitive decline and the associated conditions–and how this leads to impulsive behavior and overconfidence.
Why we're still so far away from a cure for Alzheimer's and other forms of dementia.
How to put together a team to help take over your financial decision making if and when the time comes–and how to have the important conversations with your family members who don't want to talk about it.
Why it's never been more important to stay active, maintain meaningful relationships, take on new challenges, and surround yourself with people you love late in life.
How Medicare and Medicaid do (and don't) help with long-term care.

Show Notes: Howardbailey.com/393

Rate & Review the Podcast: RetireWithPurpose.com/review

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Transcript

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0:00.0	People used to say, oh, I'll sleep when I'm dead.
0:02.4	And I like to say, if you don't sleep, you will be dead.
0:04.7	We need sleep.
0:05.8	We still don't know why we need sleep, but we need sleep.
0:08.7	And poor sleeping habits, lack of sleep, has also been shown to be a risk factor for dementia.
0:13.6	So you sleep in, don't feel guilty about it.
0:16.6	If you take nap now and then, don't feel guilty about it.
0:19.1	It's probably really good for your brain.
0:31.6	Welcome to the Retire with Purpose Podcast.
0:32.9	My name is Casey Weed.
0:37.9	Where is my mission to deliver clarity and purpose and elevate meaning in your life through personal and practical financial strategies. But we do that in a couple of different ways. Not only
0:42.2	we're having financial conversations, we're also having non-financial conversations. Every
0:47.5	single Friday, my good friend, Marshall and Johnson and I, we get together and we discuss
0:51.9	in-depth one of our weekend reading articles with you,
0:55.6	that weekend reading email that goes out every single Friday for trending topics and a variety
1:00.3	of different areas of your financial and non-financial life. You can sign up to get that email.
1:06.5	And as someone that's signing up for that email, you'll also be invited to co-architect these
1:11.7	interviews that I'm conducting today.
1:14.0	It's very easy to get signed up.
1:15.3	Just shoot us a text.
1:16.5	Texting the key letters, W.R. to 866, 482-9-559.
1:20.7	It's more than just an email.
	...

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