What If I Start to Forget? Future-Proofing Your Retirement Plan

It’s not exactly cocktail party conversation, but somewhere between talking about travel plans and the grandkids, most retirees eventually start to wonder: What happens if my memory starts to slip?

It’s a tough thought, and for many, it’s easier to ignore. But planning for cognitive decline isn’t about being pessimistic. It’s about protecting your future, your family, and the life you’ve worked so hard to build. And it’s something you can prepare for long before you ever need to lean on those plans.

No one wakes up one day and suddenly can’t manage their finances anymore. Cognitive decline is often slow and subtle. It might start with small things: forgetting a password, missing a bill payment, feeling less confident making financial decisions you once handled with ease. The problem is, by the time you notice something’s wrong, you may not be in the best position to do anything about it. That’s why thinking through the “what ifs” while you’re sharp, healthy, and independent can be an empowering exercise. You’re the one calling the shots, setting the plan, and choosing who steps in if you ever need help.

A strong plan doesn’t need to be complicated. It just needs to cover the basics in a clear, thoughtful way. That starts with identifying someone you trust to act on your behalf if necessary. Be sure to identify someone who understands your values, your finances, and your preferences. This usually involves legal documents like powers of attorney (both financial and healthcare) and a living will. These tools give your chosen person the authority to step in without a legal mess and give your family peace of mind during what might be a difficult time.

• Durable Power of Attorney- Identifies who can handle finances like paying bills or managing your accounts if you're unable to.
• Healthcare Power of Attorney - Identifies who can make medical decisions on your behalf.
• A Living Will - Outlines what kind of medical care you want (or don’t want) in certain situations.

Setting these up now means you choose who speaks for you while sparing your loved ones from having to guess or go to court later. But documents alone aren’t enough. You’ll also want to make your financial life easier to manage for yourself and for anyone who may help you in the future. That could mean consolidating accounts, automating bill payments, or making sure your financial plan is easy to understand without a decoder ring. The less complexity, the better.

And while the legal and financial pieces are important, don’t underestimate the value of a good conversation. Sitting down with your loved ones to explain what you’ve planned, including who you’ve chosen to make decisions, where key documents are, and how you’d like care handled, can make all the difference when it matters most. You're not asking them to take over tomorrow; you’re giving them a roadmap for if that time ever comes.

Planning for cognitive decline may feel uncomfortable, but it’s also one of the most responsible things you can do for yourself and for the people who care about you. It keeps you in control, protects your finances, and ensures that if help is ever needed, it comes from a place of clarity, not chaos.