The phrase "wealthy retirees" refers to people who have a lot of money and are no longer working because they have reached retirement age. Full definition
In fact, the average financial assets of wealthy retirees increased during this period. (newretirement.com)
If this were only wealthy retirees, it wouldn't be so bad. (traditionalira.com)
In the case of wealthy retirees, researchers calculated that were spending less than half the annual amount they could actually afford to spend. (realdealretirement.com)