A lot of people seem to have a hard time transitioning from savers to spending that hard earned cash. They can become so protective that they are the money hoarders.
If you're simply sitting in CDs withdrawing what you need and watching that balance go down, down, down, I'd imagine that would be terrifying.
What I'm describing is creating a portfolio where serious dividends, interest, and growth can be withdrawn to greatly mitigate that downward slope. Done right, one's "income" generated can exceed the need so that the original balance grows (or at least stays steady) despite withdrawals.
I'd guess that most folks here are in the realm where their portfolio performs in this way. My observation was simply on how it can be hard for some to make the transition. Creating a strategy where you're not withdrawing your principal, but merely the income derived can help in making that mental shift.
I'm dealing right now with two retired school teacher friends who, at age 64 have all their money in a savings bank account earning 1.5%. A fairly large amount. Mentioning even very safe, more aggressive alternatives and their eyes glaze over, yet they're awake at night wondering how they're going to go forward. They had no idea what Fidelity does.