Most retirees who are not wealthy and not poor face the problem and question of how much to spend per year(maximum safe redrawl) which many say is about 4%. Most do not have long term care because too expensive and too many unknowns, i have read about. The question and problem is that if you can prepare for needing assisted and nursing care which will take all of your money if you live long enough before going on medicaid.

My wife and I are 70 years old and have no kids and no plans to leave the money to anyone. Our choices are to spend more money now, or have more years in paid assisted "better" assisted and nursing care if we live blowing everything in several years at about $100,000 per year, or live better now and go onto medicare sooner when sick later.

In a nutshell, the problem is spend less and prepare to spend a awful lot of your savings for assisted and nursing care, or go into mecdicaid sooner when you need assisted and nursing care.