When it comes to retirement planning, someone should do their best to “immunize” their spending to make sure that both necessary obligations are continuing to be met month after month, while also ensuring that an appropriate amount of money is spent on maintaining a good quality of life and so that someone can have fun in their post-working lives.

This is a perspective shared by Michael Falk, an investing expert who recently spoke with Jeff Ptak and Christine Benz of Morningstar’s podcast “The Long View.”

When it comes to defining what it means to “immunize” spending, Falk explains that it comes down to a division into two separate, but important “buckets.”


“Many years ago, I

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