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 decisions..how 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.