Nobody wants to embrace a gloom and doom mentality. It is best to remain positive and optimistic without looking through rose colored glasses.
The above having been stated, when you are planning for your active retirement years and the twilight years that will probably follow you may be anxiously awaiting some very good times. Being retired and having all of your time to yourself can certainly provide a lot of opportunities to cross things off of your bucket list.
And, you may well be fortunate enough to be able to handle all of your day-to-day needs on your own until the day that you pass away.
However, to be realistic most people are going to need living assistance as they get older. Some people are cared for in their homes by family members, friends, or caregivers that are relatively inexpensive.
Sometimes this is simply not possible. There is a 40% chance that a given senior citizen will require nursing home care before all is said and done.
The average length of stay according to the American Association for Long-Term Care Insurance is about two years and three months at the current time. In the state of New York the average annual expense for a private room in a nursing home in 2012 was over $134,000.
If you had to come up with this kind of money for a couple of years toward the end of your life it could have a severe impact on your financial legacy. And, it should be noted that 10% of those entering nursing homes will ultimately remain for a minimum of five years.
Given this potential asset erosion you may want to discuss strategies for addressing these potential expenses with a licensed elder law attorney because there are things that you can do to prepare yourself if you plan ahead appropriately.
- Elder Abuse: What Is It and How Do I Spot the Signs? - November 29, 2023
- Estate Planning and Taxes for New York Residents - November 22, 2023
- Does My College Student Need an Estate Plan? - November 15, 2023
See Larger Map
Get Directions