From an article in the WSJ.Money magazine by Jason Zweig entitled
"The Problem With An Aging Brain". This helps answer a big question
for people who are aging:
""Even sophisticated investors...can end up victims of financial predators, and new findings in psychological and neroscientific research are helping to explain why. As people age they become more focused on maximizing positive emotions and social interactions---and more determined to block out negative experiences. This process which experts call socio-emotional selectivity, leads older people---including the affluent---to pay more attention to those who make them feel content and comfortable. At the same time, they are more likely to neglect warning signs that might have been obvious at a younger age.
Some recent research has shown that highly intelligent retirees---even those with no signs of dementia---find it harder to distinguish safe investments from risky ones."
I don't think Jason Zweig's observations require much comment. We are basically more vulnerable to financial predators as we age.