The Average Retirement Age in Every State

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. To determine just how much it takes, GOBankingRates analyzed consumption expenditures of Americans ages 65 and older, based on data sourced from the Bureau of Labor Statistics’ Consumer Expenditure Survey. Expenses in a variety of basic necessity categories were included, from annual spending on groceries to the cost of housing, utilities, transportation and healthcare. These were then adjusted to every state’s itemized cost of living index and an additional savings buffer of 20% was added. Based on this data, the average savings needed to retire across America as a whole is $1,311,794.45.

If nothing else, the 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.

Last updated: March 17, 2020

West Virginia

• Average retirement age: 61
• Annual cost of a comfortable retirement: $58,645.34
  
• Retirement savings needed: $1,172,906.85

Alaska

• Average retirement age: 61
• Annual cost of a comfortable retirement: $80,877.32
  
• Retirement savings needed: $1,617,546.30

Oklahoma

• Average retirement age: 62
• Annual cost of a comfortable retirement: $54,558.13
  
• Retirement savings needed: $1,091,162.55

Arkansas

• Average retirement age: 62
• Annual cost of a comfortable retirement: $54,743.91
  
• Retirement savings needed: $1,094,878.20

Michigan

• Average retirement age: 62
• Annual cost of a comfortable retirement: $55,301.26
  
• Retirement savings needed: $1,106,025.15

Read More: Here’s How To Retire Early and Quit the Daily Grind

Alabama

• Average retirement age: 62
• Annual cost of a comfortable retirement: $55,425.11
  
• Retirement savings needed: $1,108,502.25

Kentucky

• Average retirement age: 62
• Annual cost of a comfortable retirement: $56,849.45
  
• Retirement savings needed: $1,136,988.90

New Mexico

• Average retirement age: 62
• Annual cost of a comfortable retirement: $57,468.72
  
• Retirement savings needed: $1,149,374.40

Louisiana

• Average retirement age: 62
• Annual cost of a comfortable retirement: $57,964.14
  
• Retirement savings needed: $1,159,282.80

Mississippi

• Average retirement age: 63
• Annual cost of a comfortable retirement: $53,071.87
  
• Retirement savings needed: $1,061,437.35

Missouri

• Average retirement age: 63
• Annual cost of a comfortable retirement: $54,991.62
  
• Retirement savings needed: $1,099,832.40

Indiana

• Average retirement age: 63
• Annual cost of a comfortable retirement: $55,796.68
  
• Retirement savings needed: $1,115,933.55

Georgia

• Average retirement age: 63
• Annual cost of a comfortable retirement: $56,477.88
  
• Retirement savings needed: $1,129,557.60

Ohio

• Average retirement age: 63
• Annual cost of a comfortable retirement: $57,468.72
  
• Retirement savings needed: $1,149,374.40

North Carolina

• Average retirement age: 63
• Annual cost of a comfortable retirement: $58,211.85
  
• Retirement savings needed: $1,164,237.00

Arizona

• Average retirement age: 63
• Annual cost of a comfortable retirement: $60,503.17
  
• Retirement savings needed: $1,210,063.35

Related: 10 Best Retirement Plans

South Carolina

• Average retirement age: 63
• Annual cost of a comfortable retirement: $60,874.73
  
• Retirement savings needed: $1,217,494.65

Delaware

• Average retirement age: 63
• Annual cost of a comfortable retirement: $65,643.15
  
• Retirement savings needed: $1,312,863.00

Nevada

• Average retirement age: 63
• Annual cost of a comfortable retirement: $67,067.48
  
• Retirement savings needed: $1,341,349.65

Maine

• Average retirement age: 63
• Annual cost of a comfortable retirement: $72,579.03
  
• Retirement savings needed: $1,451,580.60

Oregon

• Average retirement age: 63
• Annual cost of a comfortable retirement: $81,248.88
  
• Retirement savings needed: $1,624,977.60

Tennessee

• Average retirement age: 64
• Annual cost of a comfortable retirement: $55,425.11
  
• Retirement savings needed: $1,108,502.25

Wyoming

• Average retirement age: 64
• Annual cost of a comfortable retirement: $56,044.39
  
• Retirement savings needed: $1,120,887.75

Idaho

• Average retirement age: 64
• Annual cost of a comfortable retirement: $58,335.71
  
• Retirement savings needed: $1,166,714.10

Illinois

• Average retirement age: 64
• Annual cost of a comfortable retirement: $59,264.62
  
• Retirement savings needed: $1,185,292.35

Wisconsin

• Average retirement age: 64
• Annual cost of a comfortable retirement: $59,326.55
  
• Retirement savings needed: $1,186,530.90

Pennsylvania

• Average retirement age: 64
• Annual cost of a comfortable retirement: $61,060.52
  
• Retirement savings needed: $1,221,210.30

Florida

• Average retirement age: 64
• Annual cost of a comfortable retirement: $61,246.30
  
• Retirement savings needed: $1,224,925.95

Montana

• Average retirement age: 64
• Annual cost of a comfortable retirement: $64,404.60
  
• Retirement savings needed: $1,288,092.00

Washington

• Average retirement age: 64
• Annual cost of a comfortable retirement: $67,810.61
  
• Retirement savings needed: $1,356,212.25

New York

• Average retirement age: 64
• Annual cost of a comfortable retirement: $84,035.62
  
• Retirement savings needed: $1,680,712.35

California

• Average retirement age: 64
• Annual cost of a comfortable retirement: $85,893.44
  
• Retirement savings needed: $1,717,868.85

Kansas

• Average retirement age: 65
• Annual cost of a comfortable retirement: $55,548.97
  
• Retirement savings needed: $1,110,979.35

Texas

• Average retirement age: 65
• Annual cost of a comfortable retirement: $56,539.81
  
• Retirement savings needed: $1,130,796.15

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Iowa

• Average retirement age: 65
• Annual cost of a comfortable retirement: $56,849.45
  
• Retirement savings needed: $1,136,988.90

Nebraska

• Average retirement age: 65
• Annual cost of a comfortable retirement: $57,778.36
  
• Retirement savings needed: $1,155,567.15

Utah

• Average retirement age: 65
• Annual cost of a comfortable retirement: $60,812.81
  
• Retirement savings needed: $1,216,256.10

North Dakota

• Average retirement age: 65
• Annual cost of a comfortable retirement: $61,122.44
  
• Retirement savings needed: $1,222,448.85

Minnesota

• Average retirement age: 65
• Annual cost of a comfortable retirement: $62,856.41
  
• Retirement savings needed: $1,257,128.25

Virginia

• Average retirement age: 65
• Annual cost of a comfortable retirement: $63,166.05
  
• Retirement savings needed: $1,263,321.00

Colorado

• Average retirement age: 65
• Annual cost of a comfortable retirement: $65,333.51
  
• Retirement savings needed: $1,306,670.25

New Hampshire

• Average retirement age: 65
• Annual cost of a comfortable retirement: $67,686.76
  
• Retirement savings needed: $1,353,735.15

Vermont

• Average retirement age: 65
• Annual cost of a comfortable retirement: $73,507.94
  
• Retirement savings needed: $1,470,158.85

New Jersey

• Average retirement age: 65
• Annual cost of a comfortable retirement: $75,861.19
  
• Retirement savings needed: $1,517,223.75

Rhode Island

• Average retirement age: 65
• Annual cost of a comfortable retirement: $75,861.19
  
• Retirement savings needed: $1,517,223.75

Connecticut

• Average retirement age: 65
• Annual cost of a comfortable retirement: $79,762.62
  
• Retirement savings needed: $1,595,252.40

Maryland

• Average retirement age: 65
• Annual cost of a comfortable retirement: $81,310.81
  
• Retirement savings needed: $1,626,216.15

South Dakota

• Average retirement age: 66
• Annual cost of a comfortable retirement: $60,998.59
  
• Retirement savings needed: $1,219,971.75

Massachusetts

• Average retirement age: 66
• Annual cost of a comfortable retirement: $82,859.00
  
• Retirement savings needed: $1,657,179.90

Hawaii

• Average retirement age: 66
• Annual cost of a comfortable retirement: $117,724.18
  
• Retirement savings needed: $2,354,483.55

District of Columbia

• Average retirement age: 67
• Annual cost of a comfortable retirement: $100,879.90
  
• Retirement savings needed: $2,017,597.95

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Methodology: GOBankingRates looked at the average retirement age in every state, as reported by Money Talks News on Sept. 29, 2019, which used data from the most recent U.S. Census Bureau American Community Survey and compared it with the cost to retire in each state. To find the cost of a comfortable retirement in each state, GOBankingRates analyzed consumption expenditures of Americans ages 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey 2017. The consumption expenditures included the following: (1) annual spending on groceries, defined as “food at home” by the BLS; (2) annual spending on housing, utilities and housekeeping, defined as “housing” by the BLS; (3) annual spending on transportation; (4) annual spending on healthcare; and (5) overall average annual expenditures. These were then adjusted to every state’s itemized cost of living index, sourced from the Missouri Economic Research and Information Center’s 2018 average annual cost of living index. After calculating total consumption expenditures, an additional savings buffer was calculated by assuming that total expenditures cover 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% leftover for savings. All of GOBankingRates’ original research was conducted on May 17, 2019.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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