Retirement planning is frustrating when there is so much information through the media and internet, allowing for feelings to simply put planning aside for future planning. One may choose to take a financial course to insure enough money is there for retirement years. Due to the overwhelming information available through the media and internet, it is easily frustrating to understand the complexity of retirement assurance (Haejeong & Jinhee, 2010). However, the media and internet are still the best sources in acquiring information and price comparison (Haejeong & Jinhee, 2010. P.1. Para. 4).
Consumer debt programs are essential in lowering stress and to help with financial well-being (Haejeong, 2010. et. al.). Many people are confused about the many options available in retirement planning. A study involved asking people through a mail survey (Haejeong & Jinhee, 2010) three questions in order to gain an understanding of what individuals thought or felt about their retirement planning and financial security, resulting in approximately twelve-percent satisfied with financial situations (Haejeong, 2010. et. al.). This should be alarming to the majority of people in middle age. Something to think about when planning for retirement when securing financial stability is the realization than assisted living is costly, and having to enter into a nursing facility for palliative care can bankrupt a family.
Assisted living average cost $34,000 annually in 2009 (Stevenson & Grabowski, 2010, Para. 4). Who needs assisted living are those needing help with activities of daily life such as bathing, eating, toiletry, and dressing (Stevenson, 2010. et. al.). More sophisticated needs in elder years, in which individuals are bedridden and suffer from Alzheimer’s disease need more skilled nursing care than a simple assisted living facility, costing twice as much as assisted living (Stevenson, 2010. et. al.). One can buy long-term care insurance, but the older one is, the more expensive are the policies. According to the American Association for Long-Term Care Insurance, a fifty-year-old individual can buy a policy to cover one year in a long-term care facility for approximately $1,500 a year, while a person age sixty will pay $5,000 for a year of coverage (AALTCI, n.d.). The cost of premiums are insignificant when considering the total cost of being in a facility for a year. One can be denied coverage as well due to chronic illness (AALTCI, n.d.).
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