Of course it is best to remain positive and think optimistically. But at the same time, if you want to be prudent when you are engaged in the process of financial planning it is a good idea to prepare yourself for any and all contingencies that you may face as the years pass.
Some individuals assume that they will never need long-term care because they live healthy lifestyles. As a result they are rather cavalier about the matter and they make no preparations for the possibility of incurring assisted living costs late in life.
A stay in a nursing home or an assisted living facility is very expensive around the country. It is even more expensive here in the state of New Jersey with the average annual expense for a private room in a nursing home being over $122,000 in 2012.
When you do the right things in terms of exercise and diet you are going to improve your day-to-day quality of life. But you invariably expect to prolong your life as well.
The older you get the more likely it is that you will eventually need long-term care. And you have to understand the fact that many people who are receiving care are in need of it because of mental incapacitation rather than physical incapacitation.
By all means, do everything possible to take care of yourself physically. But at the same time, don’t be lulled into a false sense of security because potential future long-term care expenses are something that everyone should take seriously.
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