The length of your life is going to be a big factor to consider when you are planning ahead with your elder years in mind. While no one has a clear view into the future you can examine longevity statistics to get some general ideas about the averages and go from there.
According to the 2010 United States Census Bureau’s compiled statistics the segment of the population that geriatric experts refer to as the “oldest old” (people who are 85 years of age and older) is growing more rapidly than any other.
Clearly when you reach your mid-to late 80s there is a good chance that you will either be residing in a nursing home or need nursing home care at some point in the future.
10% of the people who reside in nursing homes stay in the facilities for at least five years. Given the fact that the average charge for a year in a nursing home in New Jersey last year was over $100,000 (and it should be noted that costs are rising) this is something to take seriously from a financial planning perspective.
You can find out how long your life expectancy is given your present age by using this valuable tool that can be found on the Social Security administration website: Longevity Calculator
If you are concerned about the possibility of incurring significant long-term care expenses late in your life in light of the longevity statistics we are seeing we have prepared a report that you really must read. To gain access to your free elder law report click here: Paying for Long-Term Care
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.