This report is part of the broader issue of financial preparation for retirement, which involves balancing economic resources at retirement against spending needs after retirement. Frequently, recommendations are based on rules of thumb: For example, households need to replace a certain percentage of preretirement income, such as 70 or 90 percent, depending on the type of household. This recommendation fails to recognize that spending needs are not constant over the course of retirement. Furthermore, there is heterogeneity across households with respect to the evolution of spending with age. Many households may be able to anticipate the cost of their desired standard of living near retirement but may find it difficult to know how their spending is likely to evolve after that, often several decades into the future. This research clarifies how household-level spending has evolved after age 65 and, therefore, provides for households approaching retirement a guide to probable spending trajectories.