[LWJ]

You hit the nail on the head. It isn't how much you have, but how fast you spend what you have.

Me? 59. I technically have a job but really don't work. I hired a co-worker to do everything and after a certain time goes by, I will leave and she gets my business.

We have assets but what we really have is a frugal spending habit. My wife, daughter and I spent last night perusing a local thrift store. Yay, Value Village! I picked up a lovely Mountain Hardware jacket for $10. Considering I will use it to hike and get dirty, it's a score.

We have lots of equity in our home and a stupid low mortgage rate. I can't see very many situations where we outspend our money.

So yes, OP is asking the correct question. How to live within one's means when the income plummets. I expect everyone has a different answer.