Intelligent retirement planning is going to include anticipating the expenses that you may incur during your twilight years. It is not uncommon for people to require living assistance late in their lives, and this can be quite expensive.
So you think that you will be eligible for Medicare when the time comes and you’re not worried about it? The fact is that Medicare won’t pay for long-term care.
A very good source of information on long-term care costs is the annual survey that is put out by the MetLife Mature Market Institute. The 2012 survey found that in the state of New York the average daily charge for a private room in a nursing home was $368.
If you multiply this figure by the number of days in a year you’re looking at an annual expense of over $134,000. The reality is that most people spend multiple years in nursing homes.
Long-term care communities are quite expensive as well. In New York in 2012 the average monthly charge for an assisted living facility was $4011, which is over $48,000 per year.
When you are budgeting for the future it is important to take these potential expenses into account. According to the United States Department of Health and Human Services the majority of people who are fortunate enough to reach the age of 65 will need living assistance eventually.
If you are interested in exploring your options with regard to how you may be able to address these costs, you should discuss your personal situation with a licensed elder law attorney.