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15 October 2026
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John sent this fascinating question to our mailbox last week. We'd love to provide him with some answers. Please comment if you can.
"Everybody seems to ponder the question, do i have enough $$ to see us through.
I am 68, my wife 69 and we have no liabilities, no children to leave anything to ... so we spend, not over the top but I often wonder would I spend the same amount of $$ in 10 years time when (and if) I make it to 78. Would we go out as much as we do now, would we travel as much (tiring a bit now of the long haul to Europe and the US).
It would be interesting to hear from some of your readers who are now in their late 70s or early 80s … what is their experience in the matters i have raised?"
John, a very good question. Please Google the following article. “FDA Journal – Reality Retirement Planning” . An American article from 2005 by Ty Bernicke. This addresses exactly your point. It makes a lot of sense to me but is not reflected in any advice i have seen on “how much do you need?”.
I'm in my late fifties now and intend to be travelling, dining out, going to theatre, etc just as much in 10, 20, 30 years from now. My wife and I did a hiking tour in Italy a couple of years ago. We were among the youngest there! There were several in their late 70's/early 80's including a couple from South Africa who do a hiking tour every year. The lady was one of the quickest walkers in the group. Everyone will be different. It depends on health, interests, etc. But if you plan on slowing down, you probably will. You reap what you sow.
Warren, all power to you. My reading of the article I refer to is that you are in the majority for late 50's and their future life style plans (I am late 50's too), but that the "reality" (based on surveying those 60's, 70's year old etc) does not really match it. The survey data shows average expenditure reduces with age brackets, rather than increases (ie the standard 70% of your working income plus 3-4% inflation every year for the rest of your life), and this has significance for those pondering "how much do I need". The survey is saying on average those knees of yours will not agree with your current ambitions down the track. I would simply ask the question (which is John's original one). If we are all to base our retirement planning based around essentialy one big assumption, which is more accurate? Your life style costs on average increase with age or in fact decrease? The modelling on "how much do you need" changes significantly.
I am 77 with a 66 year old wife, since retirement 4 years ago we have travelled overseas on an annual basis, yes the costs are fairly significant; however we do not plan to continue these treks forever. We are in good health and enjoy a great lifestyle, manage our own retirement pensions and have a good mix of over the counter indexed bonds, plus cash and equities. We figure that our zest for travel overseas is waning and the A$ does not have as much purchasing power as the past few years, so accordingly we will see more of Australia before we get to the age where we can,t be bothered! So, I go back to Alex,s reply to John and say to all retirees, every person has different objectives and needs in retirement, so there is no one answer. However, if you have the money, travel whilst you are in good health, then you will have no regrets in your "real" old age.
My wife and I are 66 and typically we travel overseas twice a year. We travel on a fairly tight budget but travel is the single biggest item in our annual budget. Looking forwards I don't see any major change in our non travel expenditure. With regards to travel I think we may want to only go overseas once a year as we get older but when we do it will be a higher standard of travel and accommodation. So basically I do not envisage any great change in our after inflation expenditures. This is a personal viewpoint and of course health concerns may result in us not going overseas at all. In the end I think planning for old age needs to be at a personal level. I don't find surveys of how other people's incomes on average varied with age to be useful. These are averages often taken in the past in other countries taking no account of the health of the individuals involved.
I am in my early eighties and my wife and I have a SMSF comprising a portfolio of Australian and US stocks which has both growth and income parameters. Our aim was to have a steady income and slowly increase the capital in the SMSF over time to counteract inflation. To this date, the aims have been achieved using the assistance of a reputable stock broker and an accountant. The amount we spend annually has not diminished, but the items we spend it on have changed. You tend to spend more time in hospitals and less on cruise liners as you age.
Thank you for your responses to my question and i had a chuckle at John (sholl) wistful remark on hospitals and cruise liners ...but after hearing today of the death of Nicole Kidmans Dad who seem to very fit i am inclined to press on spending and worry about it all down the track.
John I have been advising clients for many years and there are two things that are apparent. First the generation that is now 70+ is perhaps more thrifty and as they get older seem to focus on saving even more. I do not understand it but it is a very common theme. Second as activity reduces so does spending. This activity reduction is simply due to age, energy level and health, which I have seen happen to all my clients ( +40 clients) as they move through their 70's and 80's. The problem is each has their own time for this to occur. However, a critical extra cost that is now arising is what age care do you want if it becomes necessary, as the cost varies by level and to some extent quality of the care and accommodation. I am always suggesting to my clients to enjoy themselves along the journey as I have seen ill health or unexpected events stop future plans. So as long as you know what life you what later then enjoy it now as well.
Having spent many years as an administrator of SMSF's the trend I have observed over 25 years of doing this, is, that people for the first 5 years after retirement spend 20% more money than the year before their retirement (holidays, new clothes, new car more dinners out etc) then it reduces back to about the same as the pre retirement year and progressively increases with CPI. What its spent on changes over time but generally not the quantum. I know this is a generalisation and as such it is an "averages" result to a question for a specific individual.
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