Core Insights - The ultra-rich, particularly billionaires, have unique retirement strategies that differ significantly from the average person [1][2] - Warren Buffett's retirement strategy is highlighted for its simplicity and effectiveness, focusing on low-cost index funds and minimal trading [3][4] Investment Strategy - Buffett recommends allocating 90% of wealth into a low-cost index fund tracking the S&P 500 and 10% into short-term government bonds, providing broad exposure to the American economy [3][4] - This strategy avoids high fees associated with fund managers and excessive trading, emphasizing a buy-and-hold approach that benefits from compound interest [5][6] Cost Management - Buffett warns about the impact of fees, noting that even a 1% difference in annual fees can lead to significant losses over time, potentially costing hundreds of thousands by retirement [6] Legacy Considerations - Beyond financial returns, Buffett's retirement planning includes structuring his estate to benefit charitable causes, indicating a focus on legacy and purpose rather than mere wealth accumulation [7] Limitations of the Strategy - The strategy may not be suitable for individuals with smaller investment portfolios, as their growth needs and risk tolerance may differ significantly from those of billionaires [8]