I think a lot of the low-end wealthy spend almost as much in retirement as they did when working full-time. This is because these folks tend to spend a lot, gift a lot to their kids, take care of family by giving money, and take expensive trips. They also pay huge sums for private health insurance until they are 65/66, then a signficant amount for their full-coverage Medicare. Life ain't cheap, and these are the folks who always tended to live beyond their means throughout their lives. To a lesser extent, the same things apply to upper Middle Class folks and the true wealthy.