Money Guy Show How Much Do You Need to Retire (By State)?
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Jul 30, 2025 Discover how retirement needs fluctuate dramatically by state, from the cheap living in West Virginia to the high costs of Hawaii. Learn to prioritize Roth IRA contributions for better tax advantages and investment control. The hosts humorously tackle financial myths, like misconceptions about homeownership's role in success. Get insights on managing medical debt, funding education, and navigating retirement accounts. Plus, enjoy nostalgic reflections on childhood movies and their ties to personal finance!
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Retirement Costs Vary by State
- Retirement costs vary hugely by state, with expenses in West Virginia at $58K and Hawaii at $129K annually.
- Using the 4% withdrawal rule, national average retirement savings needed is nearly $1.8 million, but it varies by location.
Personalize Retirement Savings Needs
- Assess your personal retirement income sources like Social Security and pensions to offset savings needs.
- Taking inventory of all income and expenses personalizes your retirement plan and avoids panic.
Save 25% for Retirement
- Younger adults should aim for a savings rate around 25% of gross income to stay on track for retirement.
- Use tools like moneyguy.com/resources to individualize savings rate based on your age and start date.
