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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years<\/strong> Trusted by<\/strong> The wealthy often play by a different set of rules. While most retirees<\/a> watch every dollar, high-net-worth individuals are surprisingly intentional about where their money goes.<\/p>\n Many wealthy retirees don\u2019t splurge on everything just because they can; however, some expenses are worth every penny. According to financial planners, here are what their wealthier retiree clients splurge and save on<\/a>.<\/p>\n What Wealthy Retirees Splurge On<\/p>\n \u201cFor many retirees, it\u2019s all about experiences,\u201d Carlos Rodriguez, a financial planner for Edelman Financial Engines<\/a>, wrote in an email. \u201cMulti-month trips that cover multiple countries or family reunions where everyone comes together are popular.\u201d <\/p>\n<\/p>\n Others will splurge on<\/a> their dream purchases, whether it\u2019s a car, boat or second home, they now have more time to enjoy. <\/p>\n \u201cMany also find joy in supporting their loved ones with life-changing purchases like paying for a child\u2019s college, wedding, or first home or even making big charitable gifts,\u201d Rodriguez added.<\/p>\n Srbuhi Avetisyan, digital marketing manager at Owner.One<\/a> and co-author of Penguin Analytics, one of the largest studies on wealth continuity worldwide, also pointed out that spending by wealthy retirees often goes toward heritage-driven assets, such as jewelry collections, multigenerational travel and legacy homes.<\/p>\n \u201cAccording to our case studies, families with annual incomes between $3 and $99 million disproportionately spend their retirement funds<\/a> on items that will have symbolic value for their heirs rather than on everyday necessities,\u201d Avetisyan explained. \u201cThis explains why 31% of assets are kept in safes, real estate or vaults; these are frequently more for legacy display than for investment return.\u201d<\/p>\n What Wealthy Retirees Save On<\/p>\n Rodriguez wrote that retiree clients tend to be most careful about healthcare spending. <\/p>\n \u201cHealthcare tends to be their big concern<\/a>. Future long-term care costs or needing to renovate a home for in-home care can weigh heavily on their savings,\u201d he explained.<\/p>\n Avetisyan has also seen wealthy retirees be cautious about the continuity of healthcare, as well as liquidity.<\/p>\n \u201cMany over-index on medical provisions while underestimating tax or probate timelines,\u201d Avetisyan explained. \u201cOur data shows that 47% of wealthy families concentrate assets in a single jurisdiction, and one motivation is ease of access to local healthcare funding. They also save specifically to cover long-term care and insurance structures that won\u2019t disrupt intergenerational transfer.\u201d<\/p>\n<\/p>\n Some wealthier retirees also save to help support their families. <\/p>\n \u201cSome also hold back on spending for themselves because they worry about supporting family members who overspend or those who have special needs,\u201d Rodriguez wrote. \u201cEven when they have more than enough for themselves, many want to make sure their money lasts for multiple generations<\/a>, not just their own retirement.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Caiaimage\/Tom Merton \/ Getty Images\/iStockphoto Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased…\n","protected":false},"author":3,"featured_media":337699,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,8726,6459,255,67,132,68,258],"class_list":{"0":"post-337698","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-gobankingrates","10":"tag-money","11":"tag-personal-finance","12":"tag-united-states","13":"tag-unitedstates","14":"tag-us","15":"tag-wealth"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115450188410090836","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/337698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=337698"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/337698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/337699"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=337698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=337698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=337698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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