You hear over and over again that your money has to outlive you, even for an hour. When I talk to friends and family about various financial planning aspects, the most feared one is exactly that...outliving money.There is this woman, age 91, that I know. She is a widow, in relatively good health, has a house that is fully paid (no mortgage), has a Social Security check that comes in each month for some $1,800 and a small pension amount from a prior job of about $110 a month. She buys very little food because she goes to a senior center almost every day and they load her up on free food.

As to expenses, she pays around $1,000 a month in taxes and insurance for her house. She has health insurance that costs her some $200 additional each month besides the Medicare and Medicaid coverage. She has no car. So, by and large, her living expenses are rather minimal. It’s practically a wash with her income.

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