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Living costs in retirement may go down for a bit, but if you get to the point where you need to go in to an assisted living facility or a nursing home, then they are going to rise dramatically.

All of my grandparents saved and lived frugally all their lives, tho' they did enjoy life and helped others too (in other words, they were not misers). When the time came, they were able to choose an assisted living center (for one pair of grandparents) or a nursing home (for one grandfather) based on where they would be comfortable and happy and get excellent care, not based on what they could afford.

My goal is to have the same luxury of choice for my husband & I. I assisted my grandparents with managing their finances near the end of their lives and it was a big eye-opener for me; it taught me that it is better to defer some indulgences now for a safe & comfortable old age.