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MARQUETTE -- When it comes to retirement, planning is your safest bet.

According to elder law attorney Susan Wideman, one of the biggest obstacles in long-term care planning is what is called the five year 'look back' rule.

"What that means is if a person divests themselves of assets, if they give things like real estate, cash, or investments within five years of requiring long-term care, there can be penalties for those divestments," said Susan Wideman.

Basically, you will end up footing the bill on the cost of that care for the total amount of assets that was given away.  And because many people don't anticipate going into a nursing home, another bet worth putting your money on is long-term care insurance.

For $2,000 to $3,000 a year, says Wideman, you could have a policy that would help cover your expenses versus the skyrocketing costs of nursing home care--now averaging more than $6,300 a month in Michigan.

"A lot of people do find themselves in a situation where they have more assets that can possibly qualify them for help from Medicaid, and yet their assets will be quickly depleted if they have to spend their own money paying for long-term care," Wideman said.

So, if  you're retired and you're running out of cash, Wideman doesn't see any problems with using your savings, like a 401K or IRA, because that is what the money is there for; however, if you're years away from retirement, she recommends only dipping into these accounts as a last resort.