Some people may also have retirement benefits coming up.
You can easily estimate what social security will pay you in retirement as well.
Keep in mind that $50,000 or $100,000 is not going to do much for you in retirement: If your lifestyle requires $50,000 a year of income, having $50,000 in the bank is certainly not going to be the answer.
Assuming you do have significant life savings built up in your various accounts, it can be complex in order to figure out how to spend it so that you get the maximum benefit but don't run out of cash while you are still alive.
Many seniors are turning to a financial product called an annuity: You purchase an annuity upfront with a lump sum of cash.
Then the annuity pays you a certain sum each month or year for a set period of time that might be 10 to 15 years.
This way, you turn a bank account into a stream of payments.
You only need to worry about the day that the annuity expires because at this point your stream of annuity based income will grind to a halt.