Falling for this Myth Means Running Out of Cash During Retirement

You've read it countless times -- you'll spend less during retirement. You've nodded your head at this sage advice, imagining all those work lunches you'll be avoiding, the work clothes you won't be buying, the gas you'll be saving. You've got a whole retirement plan based around the fact you'll spend around 70% to 90% of your pre-retirement income once you've left the workforce.

There's just one problem: actual data shows the "fact" of reduced spending after retirement is nothing more than a myth. And, if you've fallen for it, you could end up paying for this mistake when you can least afford to.

Source: Fool.com