There are 3 basic groups of retirees and they have different ways of managing their finances during retirement. The 1st group comprises those who have little savings and have difficulties making ends meet, especially with the rising cost of basic goods services. I am glad that Budget 2012 has taken their needs into consideration.
The 2nd group comprises middle class retirees who have some savings, investments or pensions to rely on. However, they have to be mindful of high inflation. The 3rd group of retirees is the super rich who do not have financial worries.
I feel blessed to be in the 2nd group. We cannot look into the future, so we are unable to see when our life on this beautiful earth will end and how much money we will need in the meantime to meet out daily expenses. All we can do is have a best estimate, based on our current needs.