4.6 • 2.8K Ratings
🗓️ 30 July 2025
⏱️ 67 minutes
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0:00.0 | Hey, we got some interesting information to share. |
0:08.4 | How about how much your retirement's going to cost you by where you live? |
0:12.4 | Brian, I am so excited to talk about this because it's one of the questions that a lot of people have. |
0:16.4 | Okay, what do I actually need to retire? |
0:19.6 | What do I actually need to experience financial independence? |
0:22.4 | And this won't come as a surprise, but where you live will actually likely have a huge |
0:28.5 | impact on what the answer to that question is. And it's not, you know, one of the big things, |
0:32.0 | when we do content shows, one of the hardest things for us is we have to use some number |
0:37.3 | for people who are not retiring |
0:39.1 | for 20, 30 years. Sometimes we use a percentage of income to assume expenses. But that gets to the |
0:45.1 | point that what's really the most important, it's not really what you make, it's what you actually |
0:50.4 | are going to spend in retirement. So visual capital, visual capitalists came out with this really interesting chart that shows the entire United States, |
1:00.1 | and it shows the annual retirement costs by state. |
1:03.7 | And this is, again, is across food, shelter, transportation, health care, utilities, |
1:09.4 | and then like a little bit extra to kind of show you, |
1:11.2 | okay, well, what would be the annual retirement spend, the annual living retirement need by |
1:17.0 | states? And unsurprisingly, there are some that are relatively low and reasonable. And there's some |
1:22.9 | that are pretty high and a hard level hard level to get to. |
1:27.6 | Well, let's compare and contrast here. |
1:29.2 | If you want to know on the low side, where would you have to live? |
1:31.9 | It's West Virginia with $58,000 in average annual retirement spending. |
1:37.8 | If you want to know the highest, we've got Hawaii coming in in $129,000, and the national average is $71,640. So then we said, |
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