As we age, we tend to lose some of our cognitive abilities, which can cause us to make financial decisions that aren’t in our best interests.

People commonly experience a degradation of financial decision-making abilities and “mental sharpness” beginning in their 60s or 70s. Considering that some 10,000 Americans are turning 65 every day and all the baby boomers will hit that age by 2030, the issue of cognitive decline—and its potential impact on wealth—is profound.

Don’t panic. There are steps you can take right now that can potentially set you up for success even if you begin to experience some form of cognitive impairment that might otherwise threaten your financial future.