Originally Posted by MichaelB
...and the >75 age group spends all their income. From that table it appears pretty clear that decline in income is an important factor in lower spending as people age.
This has been my thinking (as for DW/me) of what will happen to us as we age. That's why we don't plan for any reduction in spending as we age, but rather the method/area of spending will change.
What we can't do, due to age or infirmity will be replaced by somebody who will do it for us (at a price, of course).
We travel a lot, and have met many folks in their mid/late-80's (and one early 90 woman, who had more "spark" to her than many decades younger) who continued to travel. However the expense of travel was a bit more since they had their "personal assistants" attend to their needs.
Kind of reminded me of the old English household (think "Upstairs/Downstairs") where those that could not, or desired not to do a task employed others to do so.
If you chose to cut back on whatever "life experiences" you want to due to age, than fine. That is your option, and you will probably spend less (unless you pay for home care/assistance, such as Senior Home Care, Elder Care, Senior Care, In HomeCare & Assisted Living by Visiting Angels | Visiting Angels Living Assistance Services
Also, since we are self-funding our future possible nursing home needs, we have funds set aside for that possibility. Is it enough? Who knows? However, we have no expectations in spending less as we age, but simply continuing our current lifestyle.
Plan for the worst - hope for the best.