Some people skimp and save during their working life to save funds for retirement. Saving and being careful with money becomes their way of life. What are the chances that these people are going to turn into party animals once they flip the switch to retirement?
In my experience, some retirees have trouble spending the money that they have saved. I have been forced to point out repeatedly that this is what they saved the money for! You have retirement money and you are retired, let’s use the money.
Throughout years of retirement the quality of life will generally deteriorate. A person who is 55 will almost always have more energy and enthusiasm than they will have at 95.