How much you need to retire in Phoenix, according to a new study
A new study revealed how much Arizonans need to save for retirement in 2026. With the cost of living on the rise, affordability is on everyone's mind . SmartAsset found that, of the 55 most populous counties, retirees would not be able to afford to live in any of them on Social Security benefits alone. The study looked at the 55 most populous counties and analyzed how much retirees would need to retire in each state. The 4% rule is a rule of thumb that says retirees can safely withdraw 4% from their retirement fund in the first year and adjust thereafter for inflation. However, the latest research suggests 4.7% as the initial withdrawal rate. Using the 4.7% rule, SmartAsset estimated how much homeowners and renters would need to save to live in Maricopa County, providing savings needs for essential spending and discretionary spending. Essential spending covers things like housing, healthcare, transportation, food and other basic living expenses, while discretionary spending allows for entertainment, eating out and optional expenses. Here's what SmartAsset suggested for retirees in Maricopa County. How much do you need to save to retire in Arizona? According to SmartAsset, Maricopa County is the second most affordable county
