8 services Rich retirees spend money on poor and middle class people

Retirees who have more resources have the opportunity to prioritize the things that maximize their well-being – whether social, emotional or otherwise. This means they can pay for things that people in other classes simply don’t have the budget for.

So, what are the top services that wealthy retirees spend their money on, while those with less financial resources generally don’t? These are the most important things, according to experts.

Concierge healthcare services

“One area where we have seen an increase among wealthier clients is concierge medicine,” said Joseph Favorito, managing partner at Landmark Wealth Management. “About 60% of US medical care is now provided by the US government. So as economic price trends have declined as government has played a greater role, the medical community has consolidated and had to adopt a more volume-based approach, which reduces quality and availability.”

For those who have the means to afford higher quality private healthcare, concierge services are the answer.

“The wealthy are not interested in waiting for an (appointment),” Favorito said. “The solution for many of them is concierge services.”

And for those who want a little more, they can hire home health care services or move to a senior living community with health care workers on site. These options are generally seen as too expensive for the average retiree, but for those with the means, it can benefit their peace of mind and overall quality of life.


Many retirees want to travel, but not everyone can afford it. This isn’t much of a problem for the rich.

“With extra time and freedom in retirement, many people want to explore the world in comfort and style,” says Dustin Wolk, wealth advisor at Crescent Grove Advisors. That’s why wealthy retirees are more likely to pay for customized travel packages, concierge services and other luxury perks to ensure they have a memorable experience.

High-end clubs or memberships

“Retirement means that retirees spend time doing what they enjoy most. By joining exclusive clubs and associations – such as social, golf or tennis clubs – wealthy retirees gain access to luxury amenities and social opportunities,” Wolk said.

Unfortunately, lower and middle class retirees cannot always afford these expensive membership fees, even if they would have liked to become members. This doesn’t mean they can’t still build a sense of community and stay active during retirement. It only limits their options somewhat in comparison.

Professional financial advice and services

“Professional financial advice is a service that wealthier retirees may be able to afford, but that—unfortunately—those with fewer resources may not be able to afford it,” says Chris Urban, CFP, RICP, founder of Discovery Wealth Planning.

And it’s not just financial advice. Because wealthy people tend to have complex financial portfolios, they may also hire wealth advisors, certified financial planners, tax or estate planning professionals, and other individuals to help them manage their wealth.

While not everyone has the means to pay for such services, there are more affordable options available today than ever before.

“Fortunately, more platforms and services are being created today that make coaching and mentoring possible for everyone, regardless of means,” Urban said. “It’s definitely a step in the right direction; however, for many it is simply not affordable and realistic at this time.

Professional home maintenance services

“For many, owning a home requires constant upkeep and upkeep, which is why wealthy retirees invest in home maintenance services,” Wolk said. “They hire professionals to perform tasks such as cleaning, lawn care and repairs and updates. (This) ensures that their homes are maintained without them spending their personal time and effort.”

By outsourcing these tasks, Wolk continued, these individuals can experience all the joys of home ownership without the hassle.

Asset Protection Services

“Wealthy retirees spend differently, prioritizing a high quality of life and preserving their legacy. They invest in healthcare, wealth management and advanced asset protection services to protect their assets from legal threats and ensure their assets are managed the way they want,” said Blake Harris, attorney at Blake Harris Law.

“For them, these investments are about more than just money. They view asset protection as critical to their family’s financial security and legacy,” Harris continued. “This strategic approach to wealth management is not as common among those with fewer resources, as they face different challenges and have fewer options.”

Landscaping and all-inclusive living arrangements

Home maintenance is one thing, but some wealthy retirees also spend their money on all-inclusive living arrangements.

They can move into an independent living apartment or a single-family home where their garden is maintained and they have weekly cleaning services and access to a meal plan,” says Melanie Musson, a financial expert at Clearsurance. “Rich retirees (also) spend money on landscaping services. Instead of working in the heat and sun and taking care of their lawns and gardens, they let a gardener do it.”

Services of quality and time

“The way individuals spend money often reflects, whether intentionally or not, the things they value most in life. In my experience, when it comes to basic needs, people with more income and assets often strive for quality items rather than obsessing over value,” says Rob Moore, financial planner at Everman Prosperity.

“When it comes to discretionary spending, wealthy individuals are more likely to spend money on things that save them valuable time,” he said. “That is, they value their time more than anything.”

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