I agree with Lori, and unless you're planning to move to some dessert island and worry that the nearest stores are an expensive 3-day journey away, just concentrate on adjusting to the changes in your budget. In many cases, it may seem like a drastic reduction, but keep in mind that you now have a lot of expenses related to work that you no longer will have, such as the cost of getting there and dressing appropriately and maybe frequent restaurant meals, or just a quick stop for coffee with coworkers several times a week. Those things can really add up. Also, if your income is reduced, you may be in a lower tax bracket. On the other hands, some things, such as cotton fabrics and batting seem to be inflating quite rapidly, so maybe they're a better investment that socking money into the bank where it may earn a few pennies. Only if you've been quilting for many years and are sure you will continue to quilt would it make any sense at all to buy a lot of stuff far in advance. Remember, too, that styles change and you may not be as fond of today's fabrics a few years down the road, and they'd take up room in your house also.
Wishing you a comfortable and enjoyable retirement!