I made a deal with DW. When we took our SS, we that we would spend it (All but 3 months to cover additional Taxes). We are having trouble spending it. We use it as disposable income. Our other income covers all our expenses and then some.
What do you do?
I'm glad that I don't feel the need to spend every last cent of income that I get, such as SS.
I save any extra and invest it. My old age expenses have to be self-funded, because I have only one child and have zero intention of sponging off her (or taking even one cent from her) when I get old. She has had enough problems of her own already in life without a dependent mom to support.
Frank is retired on a shoestring. We are not married and I would never ask or expect any financial assistance from him as I become aged and helpless. He does not need me as a financial dependent either, at this time in his life. Besides, I pride myself on my independence, always have.
If I need assisted living or nursing home care, or other services or facilities to help me deal with aging, I want to have enough money to pay for it. And this all needs to be self-funded. People say that the very aged spend less than they did when younger, but I am skeptical of that as a general rule (except when it comes to travel).
On the other hand, if I am wrong and I somehow miraculously go through very old age without spending a single thing on care or facilities, well, that's OK; I am one of the lucky ones with heirs who fully and completely deserve anything they might get when I die. Which hopefully will be many, many years from now! Right now I'm only a spritely young thing, just 75 years old and diabetic with a walker.