Besides the no mortgage, no kids to feed and clothe etc., you spend less on clothes, you forget trying to keep up with the Joneses, you start to slow down and start to smell the roses. There are ways to scale down your expenses by selling your house, which is probably too big for you and your wife anyway. You can then move to a small town where the cost of living is much less. You can can also increase your income by working part time.
Keeping busy is usually not a problem. It's utterly amazing how you can find things to occupy your time. In fact most retirees I've spoken with say they often wonder where they ever had the time to work. Things like spending time with the grandkids, volunteering, socializing with friends, pursuing various hobbies like carpentering, fishing, hunting, watching movies and various sports, travelling, etc. I think the idea of travelling the world is grossly over-rated. There are tons of places I want to see in Canada before I go traipsing around the globe. Besides, it's much safer, you speak the same language and share the same culture, and you're also contributing to the tax base.
How much money you have in retirement is going to relate to things like your education, income, how well you manage your money, the degree of risk you take, luck, etc. It's also very important to start an RRSP or TFSA as young as possible. Having said that I believe it's important to strike a balance between enjoying your self today vs saving for retirement. You never know what the future will bring.
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