The Lonely Truth: How Isolation Impacts our Health and Finances

The warning signs of loneliness are finally being recognized as a serious threat to our physical and mental health. But could it also be a ticking time bomb for our finances? What if I have no one to rely on as I age? The Surgeon General's 2020 report highlighted the alarming rates of loneliness and social disconnection in America. So, what's the financial impact? For one, it's a question of who can we trust to make financial decisions for us if we're no longer able to do so ourselves? If we have no family or trusted friends, this becomes a daunting task. Enter the fee-only fiduciary financial advisor. Many have relationships with independent trust companies who can handle the tasks of distributing our estate, dealing with tax forms, and paying named beneficiaries. An advisor and trust company combined approach can bring benefits over naming a local bank as trustee. Who do we call at 3 a. m. when we need medical attention or assistance? Who will be our advocate if we're unable to speak for ourselves? It's time to build relationships with younger friends, nieces, and nephews, and adult children of our friends. While we're still able and competent, we must create these connections. Aging is tough, but it's better than the alternative. Can we afford to ignore this growing threat to our health and finances?