We’ve all heard the horror stories about elderly people being fleeced of their life savings , falling prey to con artists or losing their homes because they never got a bill for their real estate taxes.

We all think it could never happen to us. But you may want to think again. Research shows that even people who never succumb to dementia lose some of their financial prowess as they age. Unfortunately, they don’t always lose confidence in their ability to manage their own finances .

That can lead to financial losses.

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People of any age, but especially older people, should take steps when they are young to protect themselves from financial errors later in life. They can include steps such as automating bill pay or discussing financial decisions with a trusted friend or relative before taking any action.

Financial scams often target older people, partly because they have more money but also because they are often seen as more trusting. Even people savvy enough to avoid scams can make financial mistakes because they’re disorganized or forgetful. But they may be too proud to ask for help .

“If you’re in that position, you may be in a state of denial. And you don’t want to [ask for help], and you’re embarrassed,” says Joseph Lucey, president of Secured Retirement Advisors in St. Louis Park, Minnesota. “You want to plan for the worst but hope for the best.”

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Among the most vulnerable are widows and widowers whose partners previously handled all the finances. Not only are they dealing with unfamiliar transactions, they’ve lost a trusted partner with whom they could discuss decisions. “Spouses keep an eye on each other. They have somebody else to keep tabs on them,” says Scott Tucker, a fiduciary investment advisor in Chicago.

A 2009 study by the Center for Retirement Research at Boston College found that people made the fewest financial missteps between ages 43 and 63, with 53 being the peak financial age.

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There are things people of all ages can do to avoid becoming the victim of bad financial decisions, but getting systems in place can be particularly important as you age.

Here are eight steps to take to safeguard your financial life:

Automate transactions. Anyone of any age can forget to pay the mortgage or real estate taxes. Automate as much as you can, from utility payments to mortgage payments to required distributions from retirement accounts. And have anything you can deposited directly into your bank account. Then make a list of what you have automated and let your heirs know where it is. Don’t automate and ignore, however. “You still need to look at your statements, just like you look at your bills,” says Gerri Walsh, senior vice president for investor education at the Financial Industry Regulatory Authority, which maintains a securities helpline for seniors as well as a BrokerCheck service, which allows consumers to check the employment history, certifications and license of brokers as well as any serious complaints. “It’s still important to know what you’re being charged.”

Set up banking alerts . Most banks will alert you if your balance drops below a certain level. You can also set up alerts for large credit card purchases, due dates for bills and reminders to check your statements. Alerts can come via text or email, whichever you’re more likely to see. You can also create calendar alerts on your phone or computer or write reminders on a paper calendar.

Keep your estate planning documents updated. Depending on your situation, you might need a will, a living trust , health care directives, a power of attorney or other documents to let someone else manage your affairs while you’re still alive and to handle your business once you’ve passed on.

Organize your important papers and let someone know where they are. Make a list of assets, gather important documents and passwords and put them in a secure place, perhaps a home safe or waterproof box. Then make sure one of your children or trusted confidante knows where they are in case you’re incapacitated.

Simplify your accounts. Consolidate brokerage and bank accounts. Close accounts that have only small amounts of money. That gives you less to manage. If you have multiple credit cards, use just one so you’ll have only one bill to pay.

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Don’t make quick decisions. Sales people, both good and nefarious, push for a quick response because they know people are more likely to buy in the heat of emotion. Make a pact with yourself that you won’t make any significant financial move, such as moving your investments to another brokerage firm or buying a new car , without first discussing it with a trusted friend or relative. “Emotion ties into fraud susceptibility,” Walsh says. “When older individuals were invited into a heightened emotion state … they were more likely to be receptive to a fraudulent pitch.”

Consider sharing information. If you want someone else to help monitor your finances, have copies of your statements sent to a trusted friend or relative. Authorize your financial advisor to discuss your finances and concerns with a third party, and request an annual meeting to which you’ll bring other family members or friends. You can also give account passwords to those you trust so they can keep tabs on your financial affairs. But be careful with whom you share your information. “There’s pros and cons,” Walsh says. “Sometimes the issue is stranger danger, and sometimes the danger is family fraud.”

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Sign up for the Do Not Call registry. That won’t end all nuisance, fraud and solicitor phone calls, but it will reduce the number of them. Refuse to answer other calls from people you don’t know or immediately hang up, and decline offers from strangers who call trying to sell you something, “fix” your computer or otherwise try to separate you from your money.

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