Older Americans Offer Financial Advice

For those over 80, there is a lot of life to live after the traditional retirement age that many wish they had prepared for

- VERONICA DAGHER AND OYIN ADEDOYIN

Sue Jones thought she had more than enough money to live on when she was in her 50s. She wasn't counting on living to her 90s.

The 91-year-old resident of Lewisburg, Tenn., and her late husband, Ewell Jones, saved about $50,000 in a retirement account in addition to his roughly $2,900-amonth pension and Social Security. Her income no longer covers her rising bills. She was in and out of the hospital several times this year, racking up medical bills and prescription-drug copays. Her children are helping with expenses.

"I planned to die at a more normal age, but that's not what God had in store," she said.

These days, there is a lot of life to live after the traditional retirement age. The average American life expectancy at birth is nearing 80 years, according to the World Bank. That is almost a decade longer than it was when people approaching 65 were born. Some make it a lot longer.

It is scrambling the calculations around how to budget-and how to splurge. What people plan for at 50 years old often isn't how life plays out over the following decades.

Among roughly 15 octogenarians and nonagenarians interviewed by The Wall Street Journal, some say they regret not saving more. Some say they regret not spending enough on themselves. Some wish they had planned for a business closure, how to spend newfound free time or how to handle a late-inlife divorce.