Core Insights - Many American seniors experience a significant increase in net worth after retirement, contrary to common fears of running out of money [1][2] - The increase in net worth is attributed to careful financial planning, reduced spending, and financial safety nets such as Social Security and pensions [3] Spending Patterns - Retirement leads to a dramatic shift in household spending, with retirees cutting expenses related to work, such as commuting and professional attire [4] - Focus shifts towards essential expenses like housing, food, and healthcare, while discretionary spending on luxuries decreases [5] Healthcare Costs - Healthcare costs often decrease after age 65 due to Medicare, despite increased healthcare usage, allowing retirees to allocate more budget to other priorities [6]