The Average Retirement Age in 2024: Florida vs. North Carolina
Written by
Chris Adam
Edited by
Gary Dudak
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Workers in the United States are staying on the job longer and retiring later. But whatever your age in relation to your planned retirement, it’s never too soon to start thinking about your financial options and your desired destination.
According to Forbes, “The average retirement age for men has risen three years over the past three decades, while the average retirement age for women has risen slightly more than that over the same period.” In 2021, the average retirement age for men was 65 and it was 62 for women, according to the Center for Retirement Research at Boston College.
In addition to age, another big factor affecting retirement is location. “Where you live can impact your retirement age due to available employment opportunities, healthcare needs and the cost of living,” per Forbes.
GOBankingRates analyzed each state for their cost of living to determine how much someone would need to live comfortably in their retirement. Here’s a look at how Florida and North Carolina stack up when it comes to average retirement age and cost of living.
Florida
The average age of retirement in the U.S. is 63. For Florida, like many other states, the average age is 64.
When it comes to how much it’ll cost you to retire in Florida, here’s a look at the numbers:
- Annual cost of a comfortable retirement: $67,310
- Retirement savings needed at 60: $1,346,206
- Retirement savings needed at 70: $673,103
North Carolina
North Carolina is right on track with the national average when it comes to the average age of retirement being 63 — one year less than Florida’s.
As for the cost of living, it may be a bit less on average than in Florida, as well:
- Annual cost of a comfortable retirement: $64,049
- Retirement savings needed at 60: $1,280,970
- Retirement savings needed at 70: $640,485
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