What exactly will happen when we start living on our savings to support that eccentric personal lifestyle to which we all look forward?
When that day comes, we will typically have two types of money. First will be retirement plan money in IRA or 401(k) accounts. The rest will be so-called "after-tax" money that could have come from home equity available after downsizing. We might have inherited some money or sold a business.
A few of us may even have a conventional savings and investment account resulting from the practice of self-discipline and living like a monk.