In this episode of the Smart Wealth & Retirement Podcast, financial advisors and retirement planners Jim Martin & Casey Bibb of Martin Wealth Solutions tackle one of the most common retirement questions — “Do I really need $1.5 million to retire comfortably?”

Jim and Casey break down where that number comes from, why it’s often misunderstood, and what truly determines how much you need. They discuss the key variables that shape your retirement number — lifestyle, spending habits, healthcare, taxes, and longevity — and explain how income planning can often matter more than your total account balance.

Whether you’re just starting to save or approaching the finish line, this episode helps you replace the guesswork with a plan that fits your real life — not a headline.

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Timestamps:

00:00 Introduction: The $1.5 Million Question

00:48 Meet the Hosts – Jim & Casey

01:35 Where the $1.5M Rule Comes From

03:22 Why “One-Size-Fits-All” Doesn’t Work

05:10 Lifestyle & Spending: The Real Drivers of Your Number

07:00 How Location and Cost of Living Impact Your Plan

08:45 The Importance of Income Planning Over Total Savings

10:58 Understanding Taxes, Inflation, and Longevity Risks

13:42 Real Client Story: Living Well Below $1.5 Million

16:05 How to Calculate Your Personal Retirement Number

18:10 Common Mistakes People Make When Estimating Needs

19:35 Final Thoughts: Confidence Over Comparison

Disclaimer

Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.