Consumption is a direct measure of individuals’ economic well-being. It is, therefore, the core argument in economic models. Following a brief overview of life-cycle models of consumption, we present empirical evidence about longitudinal spending patterns at older ages. We show how spending changes at common retirement ages, the evolution of spending over the remainder of the life cycle, shifts in the composition of spending with age and how these patterns vary by demographic characteristics. We use spending data to learn about economic well-being, poverty status, and economic preparation for retirement. We conclude with a discussion of avenues for future research.