Quote:
Originally Posted by Hot_Flatus
One of the big points he hit on that I never thought of either was that your retirement needs dwindle massively once you enter your 70's and activity levels drop. Budgeting for a reduction in activity and expense which will undoubtedly come at that time also needs to be taken into account i.e. your first ten years of retirement will look vastly different that the next ten years.
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Yes, I recently heard that as well. The financial planning industry sells a retirement lifestyle of golfing every day, international travel, dinners out, and basically doing all the wonderful (and costly) thing you wanted to do while you were working.
But that's not the reality for most people. Sure, you're probably gonna have a couple nice vacations and maybe play a lot of golf when you're 63-72. But after that, most seniors gear down to really cheap lifestyles. They don't need to replace a car that sits in the garage most of the time. They're not going to Cancun or Spain every winter, they're doing sudukos, babysitting grandkids, and watching curling.