There are many seniors living only on social security. It’s always a good debate about money—whether to save or spend. Personally, I’d rather enjoy myself during my peak years then have a pool of money to splurge in one’s 70’s and 80’s.
It's a mixed bag dilemma. Many people are not saving to splurge in their 70's and 80's. They're saving so as not be in dire straits when old. That money may be necessary for assisted living in comfort, with caretakers to see to your every need. That includes caring for you if you have dementia or debilitating health conditions.
Spend your money during your peak years, then suffer as a sickly elder without an adequate support system. That's a foolish decision that will haunt you in your later years. Many people fail to realize that their health will greatly decline in later years, and the money they have will determine if they live out their final years in comfort, or in destitute agony.
My wife and I personally chose to have a pool of money for our later years, and that choice has served us well.