Why Spending Falls and Financial Satisfaction Rises in Old Age

September 13, 2022 by Dinah Wisenberg Brin

People tend to spend less money in advanced old age but report feeling more satisfied financially than younger counterparts near retirement, according to recent research, which suggests that older adults incur fewer expenses as their interest in favorite pastimes wanes.

Individuals’ enjoyment of various activities may decline “with worsening health, widowing and increasing age, leading to a lessening desire to spend on them,” according to a working paper from the University of Michigan’s Michigan Retirement and Disability Research Center.

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Originally Posted at ThinkAdvisor on September 8, 2022 by Dinah Wisenberg Brin.