Ask an Advisor: We're in Our 70s With $120k Saved and Social Security. How Can We Stretch Our Retirement Income?

Core Insights - The couple has enjoyed a fulfilling life but faces financial challenges in retirement due to past financial decisions [1][2] - They rely solely on Social Security for income, which limits their savings capacity to approximately $1,000 per month [2] - The couple has $120,000 in a regular savings account, indicating a need for better financial planning [2] Financial Planning Considerations - The couple's monthly savings of $1,000 represents about 28% of their gross monthly income if both receive the average Social Security benefit of $1,800 [7][8] - Even if they were to receive the maximum Social Security benefit, their savings would still exceed 10% of their gross income, suggesting a potential overemphasis on saving [8] - The emotional aspect of saving may be influencing their financial decisions, indicating a need to reassess their savings strategy for better financial relief [8]