Minimum wage is a legal floor set by the government. Living wage is a benchmark that reflects what it actually costs to cover basic needs in a given city or region. In this episode, Ryan explains the difference between the two and why it matters for anyone thinking about retirement savings.
The practical point Ryan makes is straightforward. If your income is below the local living wage, you are likely not in a position to save for retirement yet. If your income is above it, the gap between what you earn and what you need to live on is where savings should come from. Ryan cites Reno as a specific example and ties the benchmark back to budgeting and financial planning decisions.
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And, as always, Stay the Course!
