I don't understand people who continue to save money when retired. Underspending a bit in case of a downturn is one thing but systematic long term underspending certainly isn't my style
My grandparents were always pretty frugal, and a lot of that was probably from Depression-era thinking. Granddad grew up in a family of tenant farmers and was dirt-poor even before the Depression. Grandmom came from a fairly well-off family, where they had a city house, a farm, a car and a truck. She can remember them losing the farm and having to give up the car, but her Dad needed the truck to keep working.
Anyway, throughout the years, they always managed to save, spend less than they earn, etc, and that carried over even into retirement. Even though they both had pensions, plus social security, they saved. I think their goal was to make sure that my Mom and uncle, and perhaps me, would be able to get bailed out if we ever got in trouble...financial, medical, or whatever.
Grandmom had about $350K by last August, when she finally got too sick to live at home. We rushed her to the emergency room, and she went from there to a rehabilitation place, then to an assisted living facility, and then back into the emergency room, and finally to a nursing home next to the hospital. By the time she passed away in May, we had spent about $50,000, although about $14K of that was to remodel the bathroom to make it wheelchair accessible, and put in a walk in tub. Initially, we thought she'd get well enough to come back home.
The Medicare supplement had just run out, and that nursing home was going to start costing about $12,000 per month. At that rate, the remainder of Grandmom's nest egg could easily have been burned through in about two years. I think we only made one of those $12K payments, but then she died halfway through the month, so we got about half of it back.
So, I can understand why older people might be more concerned about hoarding money rather than splurging, worrying about that "rainy day". It may never come, but then again, it might. And, I think some people just get more cautious with money as they get older as well.