Two things from retirement news and studies.
First studies have shown that spending declines as retirees age. From one study:
Expenditures at age 45-54 = $48,748
Expenditures at age 55-64 = $44,330
Expenditures at age 65-74 = $32,243
Expenditures at age 75+ = $23,759
all this with some increases in medical costs.
for more about this go to
www.fpanet.org/journal/articles/2005_issues/jfp0605-art7.cfm
So this might enable you to model your retirement spending a little differently.
And from the book: Live Long and Prosper by Steve Vernon
He quotes from another book, Authentic Happiness by Martin Seligman that distinguishes between the pleasurable life, the good life and the meaningful life.
Pleasurable life means great vacations, nice clothes, interesting hobbies, good entertainment. His point about this lifestyle is that while these things are not bad, they don't necessarily contribute to happiness and any happiness derived is temporary, often stunningly short compared to amount spent.
Good life consists of identifying and applying our signature strengths to the main realms of our lives: work, love, children, etc. Highest success in living and deepest emotional satisfaction comes from bujilding and using your signature strengths. So, for example, you derive deep satisfaction from raising a family or working in your church.
Meaningful life is beyond the good life, involves an attachment to something larger than your own life, more meaningful. Think about simple living folks, for example.
The pleasurable life dominates current advertising and popular ideas about retirement - golf, hobbies, travel, beach house, etc. Why? Because it involves spending money. While the good life and meaningful life do not involve spending as much or very little. Also it's harder to portray the good life and meaningful life in 30 second screen shots.
so depending on what you truly believe is important to you now and in retirement, you may spend more than now for the pleasurable life, about the same or less for the good life and possibly significantly less for the meaningful life.
I hope I didn't mangle his intent too much. Food for thought, anyway.