Young New Jersey residents in the throes of their careers and the midst of raising their children may not be able to see far enough into the future to a time when their lives are relaxed. The frenetic pace of everyday life can absorb individuals and cause them to lose focus of the fact that someday they may not want to or be able to work. Retirement is achieved by many individuals throughout the nation, but not all retirees find that they have saved enough money to cover all their long-term costs.
Recent estimates on the costs of long-term care suggest that individuals may need hundreds of thousands of dollars just to provide for themselves for a few years. For example, a private room in a nursing home may cost in excess of $100,000 per year, and many older adults need supportive care for two to five years.
Additionally, in-home long-term care is not always an affordable alternative. While it may cost less than resident programs in care and nursing homes, annual costs for in-home support may exceed $50,000 per year. It is important that readers recognize that an individual’s specific needs and desires will also influence how much their long-term care will cost.
Retirement may seem a lifetime away for individuals who are just starting out and who want to accomplish other life goals before they even consider planning for their long-term needs. It is wise for them to keep in mind that the costs of providing for one’s own basic needs may be much more than they assumed and may push the limits of their savings if they require long-term support. An elder law attorney can help those who wish to plan for the future.