I think the spending people are describing here is realistic: Once you're "really old", you won't spend on travel and clothes much anymore ... and I suspect all of us are most concerned about that biggest expense in old age: Medical care.
Thinking of my grandmother, I can make these comments about her spending:
- She cooked breakfast for herself every morning. She'd buy the frozen sausage patties that cook quickly, and she'd cook an egg and/or a packet of instant grits to go with it.
- Towards the end, she could only manage simple meals: A can of soup, frozen pot pies, a baked potato. She didn't like cold food like sandwiches or yogurt, but she could make plenty of simple things ... and I constantly visited /brought her big containers of her favorites, which could just be warmed up.
- She had Meals on Wheels for lunch 5 days a week, and the meals were large enough that she often saved half for her dinner.
- Between all her children and grandchildren, she frequently went out to lunch or dinner with someone. Again, since she ate little, she often took home enough food for 1-2 more meals. She learned to order carefully; for example, she'd order a couple slider burgers instead of one big one ... easier to take home.
- Something no one else has mentioned: She lived alone for years (her choice), and heating/ cooling a whole house just for herself was less efficient.
My thoughts about our own elderly years:
- My husband has it made. He's older than I am and in worse health, so he has me as his built-in caretaker. The likelihood is that I'll be able to provide the care he needs in his old age /take care of the house.
- People don't tend to go from able-to-manage-it-all to needing nursing home care. I want to stay in my own house ... and I'm planning to hire cleaning help, yard help, couple-hours-a-day-personal-care help for myself.
- We're building a retirement house for ourselves, and we're building in items to make our lives easier in our later years; for example, a no-barrier entry shower, laundry room adjacent to the master closet, covered entrance, walker-friendly hallways. We're also building two masters: One up, one downstairs ... the downstairs is for us, and with the upstairs master available, hopefully I could have one of my children, future grandchildren, or even a paid caregiver "live in".