Transferring control of finances

Ameriks, John, Andrew Caplin, Minjoon Lee, Matthew D. Shapiro, and Christopher Tonetti. “Transferring control of finances”. Issue in Brief 23-13, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, June 2023. http://hdl.handle.net/2345/bc-ir:109768.
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Abstract

The brief's key findings are: (1) As retirees grow older, many have to make major financial decisions while facing the risk of cognitive decline. (2) One way to guard against missteps is to transfer control to a trusted agent, often a family member. (3) A recent survey of investors ages 55+ found that: (a) most have a dependable agent in mind; (b) but they worry that they may delay transferring control; and (c) that a delayed transfer could significantly hurt their finances. (4) Thus, any measure to help the timely detection of cognitive decline could protect against costly mistakes.

Title
Transferring control of finances: Timing poses a risk
Author
Ameriks, John
Caplin, Andrew
Lee, Minjoon
Shapiro, Matthew D.
Tonetti, Christopher
Center
Center for Retirement Research
Genre
report
Date Issued
June 2023
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
23-13
Persistent Link
http://hdl.handle.net/2345/bc-ir:109768
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Financing Retirement

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