Learning to Live Without a Paycheck

There’s a lot of evidence that retirees may be worrying too much about preserving their money.

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One retirement truism I can personally vouch for is that once you give up the security of a steady paycheck, you’re exposed to a host of uncertainties: interest rate moves, stock market corrections and tax changes, to name a few. To hedge against things that are out of my control, I’ve elected to wait till age 70 to collect Social Security benefits as well as to take my pension as an annuity rather than a lump sum, both of which will maximize my regular income.

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Janet Bodnar
Contributor

Janet Bodnar is editor-at-large of Kiplinger's Personal Finance, a position she assumed after retiring as editor of the magazine after eight years at the helm. She is a nationally recognized expert on the subjects of women and money, children's and family finances, and financial literacy. She is the author of two books, Money Smart Women and Raising Money Smart Kids. As editor-at-large, she writes two popular columns for Kiplinger, "Money Smart Women" and "Living in Retirement." Bodnar is a graduate of St. Bonaventure University and is a member of its Board of Trustees. She received her master's degree from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.