Life after retirement is something that most Americans worry about, especially with the current state of our healthcare system. Many people are struggling to make ends meet. When things are tight, it’s easy to look at those with more resources and feel a little envious. It’s common to wonder what it’s like to live the affluent lifestyle of the 1%. However, you may be surprised to learn some wealthy families’ elder care secrets.
Shocking Revelations About American Healthcare
Recent stories in Newsweek and other national publications have left many people furious. With a quick search, you will find several headlines claiming the rich are utilizing funds for long-term care that are intended for low-income seniors.
You can even read an insider’s view of long-term care facilities and how wealthy people manipulate the system to their advantage. In these articles, medical professionals discuss the ways people make themselves eligible for Medicare and Medicaid benefits even when they can afford to pay for their services. Sadly, this monopolizes resources and leaves others who desperately need assistance out in the cold.
While it’s true that many people do take advantage of Medicare loopholes, it isn’t the whole story. The simple truth is that wealthy Americans have more access and opportunities. Here are a few more realities of elder care for those who live an affluent lifestyle.
7 Secrets of Elder Care and the Affluent Lifestyle
1. The affluent have access to more resources.
This seems pretty obvious, but growing up with more resources affords you more opportunities. For example, access to better education leads to jobs with higher salaries. Not only does this lead to more money for young professionals, but it also allows them to save more throughout their lifetime. These factors result in more monetary resources to fund their post-retirement lifestyle as well.
2. Wealthy individuals start investing sooner.
When you aren’t living paycheck to paycheck, you can start investing earlier in life. As any investor will tell you, the sooner you start investing, the more time your money has to accrue compound interest. The longer your money is working for you, the larger your nest egg will be.
Additionally, it will also present you with more opportunities to generate passive income streams. If you have more independent sources of income post-retirement, it will reduce your need to immediately access retirement accounts. This will create more discretionary income and a more comfortable lifestyle in your golden years.
3. They have personal financial advisors.
One of the most important distinctions of the super-wealthy is the ability to hire personal advisors to handle their affairs. Although most people have a financial advisor, the wealthy can afford to hire one exclusively for their family. This will likely be someone with a top-rated education who can focus solely on a single client’s needs. This personalized attention ensures that they maximize every opportunity and seize every financial advantage available to them.
4. They can afford to keep legal counsel on the payroll as well.
Another benefit of the affluent lifestyle is that they can also afford to bankroll legal counsel at all times. This will guarantee that everything is done with the parameters of the law. Additionally, their attorneys will ensure that they fully understand the processes and laws that apply to them. Even if some operate in gray areas of the law, this will keep them on the right side of legal.
5. The wealthy have access to better healthcare.
The truth is that when you have unlimited funding, you can afford the best healthcare that money can offer. Unfortunately, those on Medicare are limited to providers that accept their insurance. However, wealth grants others access to hospitals and specialists who can address their health issues without worrying about all the red tape, insurance claims, and expenses.
6. They have more in-home care options.
Those with serious medical conditions may have medical practitioners who visit them at home. However, wealthy families can afford to hire full-time caretakers for their loved ones. This means that they can pay someone who can stay with them round the clock. Not only will they make sure they attend all their appointments, take medications on time, and complete required physical therapy, but it also allows someone to be there in the event of an emergency.
7. The affluent can afford alternative retirement options.
After retirement, most Americans choose to stay in the same place they have lived their whole lives. But if you are wealthy, you will have more options in where you choose to retire.
Many choose to maintain a second home in warmer locales. Other rich retirees become expats and move to foreign countries. You can also find several stories about couples who choose to spend their retirement years living on cruise ships. When you aren’t limited by funding, the world is full of possibilities.
Read More
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- 9 Retirement Plans So Strange They Just Might Work – Or Not!
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