My first response is to say no need to worry if you live in The Village because you can live like a millionaire on your retirement savings.......NOT
Many of us understood we needed to depend on ourselves for retirement. Because during our working years corporations began dumping defined pension plans and raising contribution for other benefits. We put away as much as we could and focused on need vis a vis want.
We continue to live that way now and continue to bank income as much as we can in order to maintain our estate for personal and family reasons.
Being a prudent spender we believe is essential when you retire
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