How many retirees with mild cognitive impairment or dementia have someone to help them with their finances? That's the question posed by a Center for Retirement Research study. The question is critical, the researchers say, because studies show that 18 percent of people with mild cognitive impairment and 80 percent of those with dementia need help with their finances.
Analyzing data from the Health and Retirement Study, the researchers determined first the percentage of retirees aged 70 or older with mild cognitive impairment or dementia, then examined how many had potential helpers. Mild cognitive impairment is more common than dementia, affecting 33 percent of 70-to-74-year-olds and rising with age to 45 percent of people aged 85 or older. Dementia affects 2.7 percent of 70-to-74-year-olds and rises with age to 26.5 percent of those aged 85 or older.
"Fortunately, most individuals do have some help," the researchers find. Among those with mild cognitive impairment, 85 percent have available assistance. Among those with dementia, the figure is an even higher 95 percent. The types of helpers range from a non-impaired spouse or caregiving child to nursing home care. Those least likely to have help are what the researchers call "isolated"—defined as not having a non-impaired spouse and not having children within 10 miles. Others who are less likely to have help are high school dropouts and non-whites.
Source: Center for Retirement Research, Are Many Retirees with Dementia Lacking Help?
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