Your advice to retirees to get out there and live it up - and not worry about investing money, or putting it into term investments - is probably a good idea.
As you say, why not spend that money, on delicious restaurants, exotic trips abroad, flash cars, etc?
My husband and I were very careful and saved our hard-earned money, only to find that now it is dwindling fast in rest-home care.
We should not have bothered and blown the lot, because you can always call on the Government for help.