What’s the most significant financial difference between wealthy retirees and everyone else? It’s not hitting the stock market jackpot or owning beachfront property. The real game-changer is far more practical: a solid, customized financial plan.
According to certified financial planner Patrick Marcinko, “A good financial plan should provide peace of mind that you are on track for a successful retirement.” That plan isn’t just a spreadsheet — it’s a roadmap that aligns your money with your life goals, whether that means traveling the world or downsizing and simplifying.
A brilliant plan goes beyond budgeting. It helps you maximize every dollar through tax-advantaged accounts, such as 401(k)s, IRAs, and HSAs. It ensures you’re not missing employer matches or other hidden opportunities. And with medical costs projected to rise sharply — Fidelity estimates $165,000 in healthcare expenses for the average retiree, with a 10.2% increase expected in 2025 — planning ahead could be the difference between comfort and crisis.
Diversification is another key to building long-term wealth. Instead of relying solely on the S&P 500, many retirees spread their risk with investments like commodities, real estate, and even fine art. Platforms like Goldco make it easy to invest in physical gold through an IRA. At the same time, firms like Homeshares and FNRP offer accredited investors access to real estate without the hassle of managing tenants.
Even art is no longer off-limits — with Masterworks, you can invest in shares of works by Picasso or Banksy and earn when the paintings are sold.
Bottom line: wealthy retirees didn’t just save more — they planned smarter, diversified better, and aligned their money with their purpose. Whether you’re five or fifteen years from retirement, the best time to start that plan is now.
