Ray Lucia: One of the inescapable realities of getting older is that our problem solving ability declines as we age. Some studies conclude our ability to reason effectively begins to erode just about the time we may be making some of life's most significant financial decisions. The consequences can be life changing as we contemplate issues such as managing investments, distribution of retirement assets, strategies for drawing social security, home-equity decisions and budgeting for healthier.

Each of those issues are complex enough to tax even the sharpest and most detailed oriented minds, let alone for those who may be losing a degree of their aptitude for financial reason. This may have been less of a concern for previous generations who were able to depend on company-sponsored pensions and social security for the bulk of their retirement income.

But most individuals these days will have to invest their money to make it last a lifetime. This may explain the recent popularity of guaranteed lifetime annuities and insurance contract that provides the security of regular payments over the course of one's lifetime guaranteed of course by the claim's paying ability of the insurer subject to their specific terms and conditions and annuity may give retirees the security they need without the day-to-day market volatility.

In essence, people with annuities are creating their own private pension plan. Here is the bottom line. We must accept a simple fact of life that our ability to make prudent investment and financial decisions wanes as we age. It's critical for people age 50 plus to find the right professional and the right products to help them take control of their financial destinies. With Your Money Your Life, I'm Ray Lucia.