Finances and Work

Tax season is only a couple months away for both Americans and Canadians, and for many, this is the time to be thinking about retirement

One of the biggest myths of retirement is that, having stopped working, most people spend less money than they did before. According to many experts, this is false.

As recently as five years ago, it appeared the McArthurs had a comfortable retirement waiting for them. John and Patsy, now both 63, are a North Carolina-based married couple who co-ran a construction company which, at the height of the housing boom, had total revenues of about $14 million and a staff of 60 people.

According to a recent article in The Atlantic, they planned to use that income to save for retirement, but then the housing bubble hit, and they had to sell the company.