I saw that article. It wasn't clear to me whether the drop off in spending of 75-80yr olds was due to an actual change in lifestyle, taste, or the fear that they were running out money.
I don't think that you can ever save too much money, really. But people need to be encouraged to save for retirement, no matter their situation, no matter their income, and no matter how "little" time they have. Don't let the thought that you have to have a million before you can retire deter you from saving what you can.