Saturday, February 12, 2011

Outliving Resources

   Most people in my age group do not openly discuss finances. I usually do not discuss money, religion, politics, or "sex". I know that in today's world everyone talks about these things, I am "hip", I am on Twitter and Facebook. However, today I am breaking that rule to write about something on many of my generations mind- "Will I outlive my money"
  Please note: There are many opinions on this subject, several articles online everyday, although financial planners write most of them. This article are just my personal thoughts.
  I am the first to admit I did not plan for retirement, I was struggling to live day by day. If I had not have met and married Mr. Bruce...oh, dear I don't even want to think about that. He had always planned, saved, and as a result, we live comfortably by being wise with our saving.
  At the age of 70 and a half, people are required to take out of their IRA's. That has worked well for us, we use it for taxes, bigger purchases, or vacations. The stock market downturn and the bad economy has taken a big bite though. (as did getting scammed in a business opportunity) We all know we should save for a rainy day, which includes medical and housing expenses.
  Retirees have to make some serious decisions, maybe make changes, and hope our resources last. No one knows how long we will live, nor do we really know what is ahead. However, if we only think about the bad "what ifs" we would miss out on the good "I did it" times. My Mother lived through the Great Depression, and she never got over it. She lived in a constant state of worry and was a very negative person. That is sad. 
  I also know life must be enjoyed. A friend who lives on Social Security knows every free event in her area, although she does pay for somethings. She does something every day, gets her out of the house and enriches her life. 
  Mr. Bruce and I are figuring out how to get our house in order to sell. Like most people, we can't get into a smaller place until this one sells. Anyone want a big 4 bedroom ranch? We are planning on "aging in place", just not this place. Again..big much of our savings we should use? 
 Years ago a dear friend told Bruce they had out lived their income. We are so glad they did, they are wonderful friends.


  1. I'm probably more like your friend who lives soley on SS. I've been disabled since I was 17 so government money has always been an option. I haven't had to take this option yet but I know my days are numbered (I'm 56 now). Even now, I enjoy the free events in town. The atmosphere is more relaxed.

  2. This issue keeps me awake at night. I got disabled by MS at 48. Now in asssited living/retirement home and how long can my money last? Where do I go next? No family younger than me to take me in---and I worked 40+ hrs a week for 18 years with city...lived a frugal life...saved saved saved, but everything is so expensive. sigh.

  3. Hi Girls, Thanks for visiting. I've been having computer problems, sorry I've not been visiting blogs lately.

    About money lasting, I think it's a subject all seniors think about. I can also remember how much I worried when my kids were little..could I feed them even. I am trying for a happy medium of being frugal, yet not afraid of enjoying a few extras.


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