Although there are reams of literature and generally accepted guidelines stating that people typically spend 75 percent to 80 percent of their pre-retirement income during retirement, some advisors have found that's not necessarily the case.In fact, some say the spending levels are about the same.

"We're not sure that people are spending anything less in retirement," said David Morganstern, CFP and co-president of CMC Advisers in Portland, Ore. "The line items have changed. They're not buying business suits any more, and they're not parking downtown to go to work. But they're joining health clubs, they're traveling, they're eating out a lot more and they're joining a country club."

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