I'm 72 and have $1.5M in savings — but I'm still terrified of running out of money. How will I know when I have enough?

Core Insights - The article discusses the financial concerns of a couple, Raymond and his wife, as they approach retirement despite having substantial savings and income sources [1][2]. Financial Situation - Raymond, aged 72, has $1.5 million in savings, a fully paid-off home, and no debt, alongside a $110,000 salary and Social Security benefits [1][2]. - The couple receives approximately $55,000 annually from Social Security, which is expected to increase due to cost-of-living adjustments [3]. Retirement Planning - The couple is advised to assess their desired lifestyle in retirement and compare it with their current financial situation to determine readiness [2]. - A common guideline for retirement withdrawals is the 4% rule, allowing for an initial withdrawal of $60,000 from their savings, which could sustain them for 30 years if managed properly [4]. Budgeting for Retirement - To evaluate if their income is sufficient, the couple should create a new budget based on projected retirement spending, considering potential decreases in some expenses and increases in others, such as travel [6].