Everyone structures their budget differently and budgets can also change at different points of our lives. Wealthy retirees may focus more on experiences like entertainment and giving, prioritizing rewarding activities with the retirement savings that they’ve worked so hard to build.
According to the Federal Reserve’s 2022 Survey of Consumer Finances’ most recent data, the mean net worth for individuals age 75 and older was $1,624,100 in 2022. Using that as a starting point, we’ll define a wealthy retiree as an individual with a net worth of $5 million or more. Let’s explore what a wealthy 77-year-old retiree’s monthly budget looks like.
