Older adults have very different money priorities than younger members of their families. Rather than focusing on accruing wealth, older adults should strive to spend less and to plan their estate. A large concern when it comes to these activities is cognitive decline. Eric Johnson, Columbia Business School, says that while cognitive challenges are present in older age, years of collected wisdom can counteract this decline. Johnson's research team found that older adults can better answer questions regarding health insurane and credit cards due to their background knowledge and experience. It is important to note, however, that cognitive decline cannot be avoided completely. Thus, Johnson advises that you start thinking about financial decisions now, not when you reach your 70s or 80s.