Robert Katch, president of Manchester Financial, was quoted in BankRate.com’s 2010 Retirement Guide. 
Also, lump sums can be difficult to manage even among seasoned investors. Older people run the risk of mismanagement due to poor heath, particular if Alzheimer’s disease becomes an issue.
“The wheels start coming off as people age. When you have dementia, you don’t know that you are falling off a cliff,” says Robert Katch, president of Manchester Financial, based in Westlake Village, Calif. “People make mistakes that they don’t know they are making and they end up in a mess.”
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