Either you are having an exciting time playing golf, taking a cruise and drinking champagne - or someone is feeding you in the memory care unit. [...] its financial value may be more important than any single investment decision you make. [...] when work disappears, people become more "productive" in their homes. The Employee Benefit Research Institute found that household spending declined as people aged. To have $9,526 of after-tax income, that household would need a whopping $280,176 more in retirement savings, using the 4 percent withdrawal rate convention. If we aim toward retirement spending, more people may be able to retire at their true personal comfort level. Since he wrote about it, other studies have confirmed a consistent pattern of spending decline as we age. The institute's research shows the same pattern for consumer spending studies from 2003, 2005, 2007, 2009 and 2011. [...] most retirees aren't filling their time with big-time excitement.