Whats the most popular misconception about retirement planning?
A. That your spending will drop as you age and you become less active. My father played golf until he was 95. My wife and I are in our seventies and we ski the expert slopes at Park City, Utah. My friends who have reduced their spending didn’t do so because of lack of energy or physical ability. It doesn’t take much effort to get into a taxi and go to the theater. They’re cutting back because they know they’re going to live longer than they thought they would. They spent too much too early and now they’re worried about running out. Q. So what can you do to assure that your money will last? A. If you have enough savings to live on, consider delaying taking Social Security until full retirement age or even later. Holding off can be especially worthwhile if you have a spouse who didn’t work or had a low income, since the higher payment you get by waiting can be passed on to your spouse when you die. I also think retirees should consider putting some, but not all, of their money in an imme
