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No, I don’t think old people spend more money than youth.
At old age they spend but with reduced income and means of income. That is why they are encouraged to save. This is why the book also talked about ways to make money and doing jobs you’d enjoy.

The book pointed out the problem—living longer without concrete financial plans. Looking at who luxury goods are marketed to, it’s obvious that the youth spend more than old people.

I doubt it is because they spend more than the youth. I believe the reason for saving for retirement, is to not be completely dependent on someone else since they work less and earn less, due to the decline in age.

Silvio Omutsiambo wrote: ↑18 Jul 2022, 15:13 The book is about planning for retirement. Given that people are advised to start saving for their old ages at a young age, do you think that at that time is when they will spend more than what they spent now?

No. I think that when we start planning for retirement early, we will reduce the strain on the little income of old age. Young people are energetic and driven, and can accomplish a lot. The elderly, on the other hand, are constrained by health issues. Starting to save for retirement at an early age will reduce stress on retirement.

I will agree that older people do spend more money because they are more likely to spend more on medical expenses and supplements as their health declines with age. Also, these expenses are unavoidable. The best way to pay those bills is to start saving while you're still in the military.

I feel that old people spend as much as young people. They just spend for different reasons.

Yes, old people spend more than youth because of their health. their expenses are unavoidable unlike youth that whose own is investment and taking they're of themselves.

Victoria Ukamaka wrote: ↑19 Jul 2022, 09:56 Also, due to decline in health that usually accompany old age, they are likely to spend more money on hospital bills and supplements. Saving for old age will help take care of those bills.

This is one of the major things that eat up their finances. That's why early planning is necessary.

The health of old people deteriorates with age, because of this, they are likely to spend more money on hospital bills and supplements. If they save for retirement, it will assist in meeting those expenses.

I don't think the author meant it that way. There is a limit to what one can do at old age. At a youthful age, you have enough strength to work as you like so there is at least enough to spend and save.

I think old people spend more because of their inevitable health issues. But young people can control their expenses because they are not compulsory.

To answer this question no. I do not think old people spend more than youthful people. The reason people start saving for their future at a young age is because you are accounting for any issues that may come along the way, like not being able to work because of a pandemic. Another reason is to make sure you live a comfortable life since we have no idea how much money will be worth in the future.

I think it is quite obvious that old people tend to spend more. Most of the times, they spend on their necessities like health care. They tend to spend note on things that are of utmost importance. Unlike some youths that spend on their wants and not their needs

In my opinion, old people will spend less because they have no one to take care of just their feeding, their health insurance, and their mortgage, which could have been taken care of when they were younger. even though they were likely to be jobless.

They are no longer healthy and strong owing to the strength loss they experienced when they were younger, and because they are more prone to experience health issues as they age, it is possible that they will incur higher medical expenses and supplement costs. They will benefit from retirement savings in various ways.