The author's assumptions about spending by retired baby boomers are off-base. Just because they know how to spend money doesn't mean they will continue to do so once retired. When retirees in their 60s (like me) are faced with fixed costs like property taxes and condominium fees  that are rising faster than their pension incomes do, naturally they will tend to reduce variable expenses wherever they can. Many others are falling back mainly on their savings (RRSPs and other) to fund their retirements, are searching desperately for better investment yields and don't have indexed pensions apart from CPP and OAS. Carrick should speak with some financial advisers who actually deal with retirees in their 60s - he might learn something from them.