With an increasing number of people scheduled to begin retirement in the next few years, it is important to begin thinking about the average cost of nursing home and your retirement home costs in general.Even if you're not near the age of retirement yet, it's a good idea to begin thinking about how you plan to fund your retirement as soon as possible. The sooner you begin to plan for retirement the more you can be sure money issues won't plague your retirement.

So, what is the average cost of the nursing home? A lot to answer this question, of course, depends on what plans you have for retirement. If you plan to travel, want to purchase an RV, or you have similar specific plans, you will naturally need more money to fund your retirement. Above and beyond those expenses; however, it is important to think about your day to day essential needs.

For example, consider whether you will still owe any debt payments when you choose to retire. Of course, many of us would like to think that we'll be out of debt by then but in reality, you may still owe on a vehicle or credit card or even a house. Be sure to calculate those retirement home costs into the amount you need for retirement.

For an average cost of nursing home, you’ll need enough money to cover such costs as utilities, auto and home insurance, groceries and other miscellaneous expenses we all must pay on a month to month basis. Besides, don't forget various nursing homes costs which may pop up that we tend to forget. These costs include home repair costs, such as replacing a roof, purchasing another vehicle, etc.

Finally, don't forget to give serious thought to how long you may need to fund your retirement. Quite surprisingly, many people tend to underestimate how long they'll live and as a result run out of money. Don't let that happen to you. The best rule of thumb is to assume you'll live to at least age 90 and calculate for that.