The principal and co-founder of First Financial Tax Group, experienced financial advisor Barry M. Kornfeld helps clients understand fixed income alternatives, such as First Position Commercial Mortgage Notes (FPCMs). Beyond his professional activities, Barry Kornfeld maintains a strong interest in the psychology of aging.
Seniors experience a number of changes as they advance in years, such as the following.
1. Retirement. Entering retirement is a tremendous transition, with many individuals finding that they struggle with adjusting to life without work. Seniors who are able to find activities to occupy their time, such as hobbies or volunteer work, often make the transition more effectively.
2. Memory. According to American Psychological Association, people generally begin to notice memory issues as they reach their 40s, which is when the brain’s cortex begins to shrink. In many cases, this leads to increases in the time required for recall and difficulty in remembering details, such as names.
3. Health. Aging increases the likelihood of the development of chronic health issues. Further, bodily frailty contributes to a potentially increased number of falls, with the World Health Organization noting that between 30 and 50 percent of seniors in long-term care fall each year.
In many cases, these changes are accompanied by changes in behavior. Senior may also experience feelings such as denial, loneliness, and guilt.
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