While this old rule of thumb makes sense on the surface, the reality for most retirees is that total spending drops only slightly. And for those eager to celebrate their new-found freedom, entertainment and travel spending often skyrockets. Another retirement myth: More than half of Americans over age 45 believe, incorrectly, that Medicare covers nursing home expenses. Learn more about “The 5 Biggest Retirement Myths” from the current issue of SmartMoney Magazine.