No. of Recommendations: 3
Taken from AAII article:

The two categories of intelligence are fluid intelligence, which in essence is our ability to solve a novel problem, and crystallized
 intelligence, which is our ability, through life course experience, to accumulate knowledge and ultimately solve familiar problems.

 fluid intelligence, which is our ability to confront a new problem and figure it out—say, to look at a new financial product and understand whether 
it’s good for us or bad for us, a product that we’ve never seen before or an investment that we’ve never thought about before or a company we’ve never
 analyzed before—that ability is declining, and it’s declining from age 20.

 as we progress through the life course, we gain more and more experience and wisdom.
As you get older, you have more experience, you have a greater knowledge of the world, and that makes you a better investor.

 we have these two countervailing trends. As we gain more experience, we become better investors. But our ability to solve novel problems is declining.
 And that makes us worse investors.

Now, you might say: Well, which trend dominates? Mostly, we’re getting better as we age, until about the 50s. And then, after the 50s,
 on average, we’re getting worse. After the 50s, the decline in fluid intelligence becomes the dominant force and our ability to make sophisticated
 decisions, for most people, declines. This does not mean that we fall off the cliff at age 55, but rather that we’re peaking around 50–55,
 and then we’re gently declining thereafter

The decline tends to become steeper as we age, and by the time we’re in our 80s, for many of us, the ability to make good decisions is
 significantly compromised, particularly decisions that involve complicated new problems.

Prevalence of dementia
70-74  3.3%
75-79  6.5%
80-84 12.8%
85+   30.1%

Cognitive impairment w/o dementia
71-79 16%
80-89 29.2%
90+   38.8% 

Hm unless one has investment savvy offspring that are honest it appears that long life retirees may be in the market for annuities at age 80.
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