Do you HAVE to be Frugal in Retirement?

A new survey finds more Americans would like their employers to offer a component of guaranteed income in company-sponsored retirement plans.  The study by the Alliance for Lifetime Income indicates more than four in five would like to have the option of substituting annuities in place of bonds.  Hear what John thinks about this - is this a good idea? 

Want to get a lesson on spending?  Then listen to the story of billionaire Warren Buffett.  The sixth richest man in the world ($104 billion net worth) enjoys a simple, frugal life.  Buffett still lives in the same starter home he bought in 1958.  He begins the day with a McDonald’s breakfast and even clips coupons.  And Buffett doesn’t splurge on expensive hobbies.  He told CBS Sunday Morning that he plays bridge about 8 hours weekly. How important is it for retirees to stay frugal as they spend their nest eggs?