Retiring early seems to be on everyone’s minds these days. The growing popularity of the so-called FIRE movement — short for financial independence, retire early — is a testament to how much everyone seems to be craving a slice of “the easy life.” The good news is that in many U.S. states, what most people would call an “early” retirement is within reach. Although “full retirement age” for Social Security purposes isn’t until age 67, the average retirement age in every single state — with the exception of the District of Columbia — is below 67. On average, retirees in the U.S. hang up their work boots at age 64, according to Money Talks News.
Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash.
If nothing else, this study proves two things. First, the state in which you live can play a big role in how early you can retire, as evidenced by the low average retirement ages across wide swaths of the South and Midwest. Next, it takes more than $1 million to have a comfortable retirement in any state in America — or over $2 million in the case of Hawaii and the District of Columbia — so it’s important to work with a retirement advisor or the best 401(k) providers to help boost your savings as much as possible.
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
North Carolina
Average retirement age:63
Annual cost of a comfortable retirement: $54,687
Retirement savings needed: $929,686
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Ohio
Average retirement age:63
Annual cost of a comfortable retirement: $51,817
Retirement savings needed: $880,889
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Georgia
Average retirement age:63
Annual cost of a comfortable retirement: $50,066
Retirement savings needed: $851,122
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Indiana
Average retirement age:63
Annual cost of a comfortable retirement: $50,697
Retirement savings needed: $861,848
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Missouri
Average retirement age:63
Annual cost of a comfortable retirement: $50,247
Retirement savings needed: $854,197
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Mississippi
Average retirement age:63
Annual cost of a comfortable retirement: $46,993
Retirement savings needed: $798,874
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
California
Average retirement age:64
Annual cost of a comfortable retirement: $83,279
Retirement savings needed: $1,332,457
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
New York
Average retirement age:64
Annual cost of a comfortable retirement: $77,911
Retirement savings needed: $1,246,578
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Washington
Average retirement age:64
Annual cost of a comfortable retirement: $64,636
Retirement savings needed: $1,034,174
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Montana
Average retirement age:64
Annual cost of a comfortable retirement: $55,711
Retirement savings needed: $891,368
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Florida
Average retirement age:64
Annual cost of a comfortable retirement: $56,382
Retirement savings needed: $902,116
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Pennsylvania
Average retirement age:64
Annual cost of a comfortable retirement: $57,941
Retirement savings needed: $927,056
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Wisconsin
Average retirement age:64
Annual cost of a comfortable retirement: $56,434
Retirement savings needed: $902,942
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Illinois
Average retirement age:64
Annual cost of a comfortable retirement: $54,657
Retirement savings needed: $874,507
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Idaho
Average retirement age:64
Annual cost of a comfortable retirement: $52,962
Retirement savings needed: $847,388
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Wyoming
Average retirement age:64
Annual cost of a comfortable retirement: $52,330
Retirement savings needed: $837,287
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Tennessee
Average retirement age:64
Annual cost of a comfortable retirement: $50,186
Retirement savings needed: $802,977
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Maryland
Average retirement age:65
Annual cost of a comfortable retirement: $73,111
Retirement savings needed: $1,096,666
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Connecticut
Average retirement age:65
Annual cost of a comfortable retirement: $70,817
Retirement savings needed: $1,062,257
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
New Jersey
Average retirement age:65
Annual cost of a comfortable retirement: $67,764
Retirement savings needed: $1,016,461
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Rhode Island
Average retirement age:65
Annual cost of a comfortable retirement: $67,594
Retirement savings needed: $1,013,904
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Vermont
Average retirement age:65
Annual cost of a comfortable retirement: $67,651
Retirement savings needed: $1,014,762
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
New Hampshire
Average retirement age:65
Annual cost of a comfortable retirement: $62,011
Retirement savings needed: $930,159
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Colorado
Average retirement age:65
Annual cost of a comfortable retirement: $60,357
Retirement savings needed: $905,350
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Virginia
Average retirement age:65
Annual cost of a comfortable retirement: $58,120
Retirement savings needed: $871,793
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Minnesota
Average retirement age:65
Annual cost of a comfortable retirement: $56,869
Retirement savings needed: $853,040
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
North Dakota
Average retirement age:65
Annual cost of a comfortable retirement: $57,060
Retirement savings needed: $855,904
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Utah
Average retirement age:65
Annual cost of a comfortable retirement: $54,363
Retirement savings needed: $815,449
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Nebraska
Average retirement age:65
Annual cost of a comfortable retirement: $52,439
Retirement savings needed: $786,583
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Iowa
Average retirement age:65
Annual cost of a comfortable retirement: $52,399
Retirement savings needed: $785,982
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Kansas
Average retirement age:65
Annual cost of a comfortable retirement: $50,223
Retirement savings needed: $753,339
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Hawaii
Average retirement age:66
Annual cost of a comfortable retirement: $120,909
Retirement savings needed: $1,692,722
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Massachusetts
Average retirement age:66
Annual cost of a comfortable retirement: $77,122
Retirement savings needed: $1,079,710
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
South Dakota
Average retirement age:66
Annual cost of a comfortable retirement: $56,178
Retirement savings needed: $786,497
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
District of Columbia
Average retirement age:67
Annual cost of a comfortable retirement: $94,248
Retirement savings needed: $1,225,222
More From GOBankingRates
Methodology: GOBankingRates looked at the average retirement age in every state, as reported by Money Talk News on Sep. 29, 2019, using data from the U.S. Census Bureau’s latest American Community Survey and compared it with the cost to retire in each state. To find the cost of a comfortable retirement in each of the respective states, GOBankingRates analyzed consumption expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey 2019: (1) annual spending on groceries, defined as “food at home” by the BLS; (2) annual spending on housing, defined as “shelter” by the BLS; (3) annual spending on transportation, defined as “”Gasoline, other fuels, and motor oil” + “other vehicle expenses” by the BLS; (4) annual spending on healthcare; (5) annual spending on utilities, defined as “uilities, uels and other services” by BLS. These were then adjusted to every state’s itemized cost-of-living index, sourced from the Missouri Economic Research and Information Center’s 2020 Quarter 3 average annual cost-of-living index. After calculating total necessities expenditures, an additional savings buffer was calculated by assuming that total expenditures covers 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. All of GOBankingRates original data and analyses was conducted on Dec. 14, 2020.
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Getting a aggressive benefits bundle is important to attracting prime workforce. Though some advantages, like well being insurance and paid out time off, provide speedy aid to your staff members, other individuals offer extra peace of mind for the upcoming. Team everyday living insurance coverage is 1 of people gains. […]