The Average Retirement Age in Every State
See how your state stacks up in the retirement race.View Gallery
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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.
Get on Track: 4 Best 401(k) Companies
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.
Check out when you can expect to retire, based on your state of residence.
Alaska
- Average retirement age: 61
- Annual cost of a comfortable retirement: $79,249
- Retirement savings needed: $1,505,740
Watch Out: 14 Key Signs You Will Run Out of Money in Retirement
West Virginia
- Average retirement age: 61
- Annual cost of a comfortable retirement: $49,439
- Retirement savings needed: $939,341
Looking To Move? Key Signs You Should Sell Your Home When You Retire
Louisiana
- Average retirement age: 62
- Annual cost of a comfortable retirement: $52,695
- Retirement savings needed: $948,503
See: How To Protect Your Retirement Savings During the Coronavirus Pandemic
New Mexico
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,556
- Retirement savings needed: $928,181
Kentucky
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,082
- Retirement savings needed: $919,469
Alabama
- Average retirement age: 62
- Annual cost of a comfortable retirement: $49,099
- Retirement savings needed: $883,790
Michigan
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,356
- Retirement savings needed: $924,415
Read More: Here’s How To Retire Early and Quit the Daily Grind
Arkansas
- Average retirement age: 62
- Annual cost of a comfortable retirement: $47,836
- Retirement savings needed: $861,053
Oklahoma
- Average retirement age: 62
- Annual cost of a comfortable retirement: $48,716
- Retirement savings needed: $876,879
Oregon
- Average retirement age: 63
- Annual cost of a comfortable retirement: $78,439
- Retirement savings needed: $1,333,467
Maine
- Average retirement age: 63
- Annual cost of a comfortable retirement: $66,752
- Retirement savings needed: $1,134,778
Nevada
- Average retirement age: 63
- Annual cost of a comfortable retirement: $63,300
- Retirement savings needed: $1,076,107
Delaware
- Average retirement age: 63
- Annual cost of a comfortable retirement: $58,418
- Retirement savings needed: $993,101
South Carolina
- Average retirement age: 63
- Annual cost of a comfortable retirement: $53,207
- Retirement savings needed: $904,527
Arizona
- Average retirement age: 63
- Annual cost of a comfortable retirement: $58,327
- Retirement savings needed: $991,560
Related: 10 Best Retirement Plans
North Carolina
- Average retirement age: 63
- Annual cost of a comfortable retirement: $54,687
- Retirement savings needed: $929,686
Ohio
- Average retirement age: 63
- Annual cost of a comfortable retirement: $51,817
- Retirement savings needed: $880,889
Georgia
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,066
- Retirement savings needed: $851,122
Indiana
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,697
- Retirement savings needed: $861,848
Missouri
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,247
- Retirement savings needed: $854,197
Mississippi
- Average retirement age: 63
- Annual cost of a comfortable retirement: $46,993
- Retirement savings needed: $798,874
California
- Average retirement age: 64
- Annual cost of a comfortable retirement: $83,279
- Retirement savings needed: $1,332,457
New York
- Average retirement age: 64
- Annual cost of a comfortable retirement: $77,911
- Retirement savings needed: $1,246,578
Washington
- Average retirement age: 64
- Annual cost of a comfortable retirement: $64,636
- Retirement savings needed: $1,034,174
Montana
- Average retirement age: 64
- Annual cost of a comfortable retirement: $55,711
- Retirement savings needed: $891,368
Florida
- Average retirement age: 64
- Annual cost of a comfortable retirement: $56,382
- Retirement savings needed: $902,116
Pennsylvania
- Average retirement age: 64
- Annual cost of a comfortable retirement: $57,941
- Retirement savings needed: $927,056
Wisconsin
- Average retirement age: 64
- Annual cost of a comfortable retirement: $56,434
- Retirement savings needed: $902,942
Illinois
- Average retirement age: 64
- Annual cost of a comfortable retirement: $54,657
- Retirement savings needed: $874,507
Idaho
- Average retirement age: 64
- Annual cost of a comfortable retirement: $52,962
- Retirement savings needed: $847,388
Wyoming
- Average retirement age: 64
- Annual cost of a comfortable retirement: $52,330
- Retirement savings needed: $837,287
Tennessee
- Average retirement age: 64
- Annual cost of a comfortable retirement: $50,186
- Retirement savings needed: $802,977
Maryland
- Average retirement age: 65
- Annual cost of a comfortable retirement: $73,111
- Retirement savings needed: $1,096,666
Connecticut
- Average retirement age: 65
- Annual cost of a comfortable retirement: $70,817
- Retirement savings needed: $1,062,257
New Jersey
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,764
- Retirement savings needed: $1,016,461
Rhode Island
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,594
- Retirement savings needed: $1,013,904
Vermont
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,651
- Retirement savings needed: $1,014,762
New Hampshire
- Average retirement age: 65
- Annual cost of a comfortable retirement: $62,011
- Retirement savings needed: $930,159
Colorado
- Average retirement age: 65
- Annual cost of a comfortable retirement: $60,357
- Retirement savings needed: $905,350
Virginia
- Average retirement age: 65
- Annual cost of a comfortable retirement: $58,120
- Retirement savings needed: $871,793
Minnesota
- Average retirement age: 65
- Annual cost of a comfortable retirement: $56,869
- Retirement savings needed: $853,040
North Dakota
- Average retirement age: 65
- Annual cost of a comfortable retirement: $57,060
- Retirement savings needed: $855,904
Utah
- Average retirement age: 65
- Annual cost of a comfortable retirement: $54,363
- Retirement savings needed: $815,449
Nebraska
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,439
- Retirement savings needed: $786,583
Iowa
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,399
- Retirement savings needed: $785,982
Texas
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,341
- Retirement savings needed: $785,109
Don’t Miss: The Complete Guide to the Best Retirement Age
Kansas
- Average retirement age: 65
- Annual cost of a comfortable retirement: $50,223
- Retirement savings needed: $753,339
Hawaii
- Average retirement age: 66
- Annual cost of a comfortable retirement: $120,909
- Retirement savings needed: $1,692,722
Massachusetts
- Average retirement age: 66
- Annual cost of a comfortable retirement: $77,122
- Retirement savings needed: $1,079,710
South Dakota
- Average retirement age: 66
- Annual cost of a comfortable retirement: $56,178
- Retirement savings needed: $786,497
District of Columbia
- Average retirement age: 67
- Annual cost of a comfortable retirement: $94,248
- Retirement savings needed: $1,225,222
More From GOBankingRates
- 19 Effective Ways To Tackle Your Budget
- Are You Spending More Than the Average American on 25 Everyday Items?
- 30 Important Money Habits for Your Financial Future
- Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
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.
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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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.
Get on Track: 4 Best 401(k) Companies
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.
Check out when you can expect to retire, based on your state of residence.
Alaska
- Average retirement age: 61
- Annual cost of a comfortable retirement: $79,249
- Retirement savings needed: $1,505,740
Watch Out: 14 Key Signs You Will Run Out of Money in Retirement
West Virginia
- Average retirement age: 61
- Annual cost of a comfortable retirement: $49,439
- Retirement savings needed: $939,341
Looking To Move? Key Signs You Should Sell Your Home When You Retire
Louisiana
- Average retirement age: 62
- Annual cost of a comfortable retirement: $52,695
- Retirement savings needed: $948,503
See: How To Protect Your Retirement Savings During the Coronavirus Pandemic
New Mexico
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,556
- Retirement savings needed: $928,181
Kentucky
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,082
- Retirement savings needed: $919,469
Alabama
- Average retirement age: 62
- Annual cost of a comfortable retirement: $49,099
- Retirement savings needed: $883,790
Michigan
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,356
- Retirement savings needed: $924,415
Read More: Here’s How To Retire Early and Quit the Daily Grind
Arkansas
- Average retirement age: 62
- Annual cost of a comfortable retirement: $47,836
- Retirement savings needed: $861,053
Oklahoma
- Average retirement age: 62
- Annual cost of a comfortable retirement: $48,716
- Retirement savings needed: $876,879
Oregon
- Average retirement age: 63
- Annual cost of a comfortable retirement: $78,439
- Retirement savings needed: $1,333,467
Maine
- Average retirement age: 63
- Annual cost of a comfortable retirement: $66,752
- Retirement savings needed: $1,134,778
Nevada
- Average retirement age: 63
- Annual cost of a comfortable retirement: $63,300
- Retirement savings needed: $1,076,107
Delaware
- Average retirement age: 63
- Annual cost of a comfortable retirement: $58,418
- Retirement savings needed: $993,101
South Carolina
- Average retirement age: 63
- Annual cost of a comfortable retirement: $53,207
- Retirement savings needed: $904,527
Arizona
- Average retirement age: 63
- Annual cost of a comfortable retirement: $58,327
- Retirement savings needed: $991,560
Related: 10 Best Retirement Plans
North Carolina
- Average retirement age: 63
- Annual cost of a comfortable retirement: $54,687
- Retirement savings needed: $929,686
Ohio
- Average retirement age: 63
- Annual cost of a comfortable retirement: $51,817
- Retirement savings needed: $880,889
Georgia
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,066
- Retirement savings needed: $851,122
Indiana
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,697
- Retirement savings needed: $861,848
Missouri
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,247
- Retirement savings needed: $854,197
Mississippi
- Average retirement age: 63
- Annual cost of a comfortable retirement: $46,993
- Retirement savings needed: $798,874
California
- Average retirement age: 64
- Annual cost of a comfortable retirement: $83,279
- Retirement savings needed: $1,332,457
New York
- Average retirement age: 64
- Annual cost of a comfortable retirement: $77,911
- Retirement savings needed: $1,246,578
Washington
- Average retirement age: 64
- Annual cost of a comfortable retirement: $64,636
- Retirement savings needed: $1,034,174
Montana
- Average retirement age: 64
- Annual cost of a comfortable retirement: $55,711
- Retirement savings needed: $891,368
Florida
- Average retirement age: 64
- Annual cost of a comfortable retirement: $56,382
- Retirement savings needed: $902,116
Pennsylvania
- Average retirement age: 64
- Annual cost of a comfortable retirement: $57,941
- Retirement savings needed: $927,056
Wisconsin
- Average retirement age: 64
- Annual cost of a comfortable retirement: $56,434
- Retirement savings needed: $902,942
Illinois
- Average retirement age: 64
- Annual cost of a comfortable retirement: $54,657
- Retirement savings needed: $874,507
Idaho
- Average retirement age: 64
- Annual cost of a comfortable retirement: $52,962
- Retirement savings needed: $847,388
Wyoming
- Average retirement age: 64
- Annual cost of a comfortable retirement: $52,330
- Retirement savings needed: $837,287
Tennessee
- Average retirement age: 64
- Annual cost of a comfortable retirement: $50,186
- Retirement savings needed: $802,977
Maryland
- Average retirement age: 65
- Annual cost of a comfortable retirement: $73,111
- Retirement savings needed: $1,096,666
Connecticut
- Average retirement age: 65
- Annual cost of a comfortable retirement: $70,817
- Retirement savings needed: $1,062,257
New Jersey
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,764
- Retirement savings needed: $1,016,461
Rhode Island
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,594
- Retirement savings needed: $1,013,904
Vermont
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,651
- Retirement savings needed: $1,014,762
New Hampshire
- Average retirement age: 65
- Annual cost of a comfortable retirement: $62,011
- Retirement savings needed: $930,159
Colorado
- Average retirement age: 65
- Annual cost of a comfortable retirement: $60,357
- Retirement savings needed: $905,350
Virginia
- Average retirement age: 65
- Annual cost of a comfortable retirement: $58,120
- Retirement savings needed: $871,793
Minnesota
- Average retirement age: 65
- Annual cost of a comfortable retirement: $56,869
- Retirement savings needed: $853,040
North Dakota
- Average retirement age: 65
- Annual cost of a comfortable retirement: $57,060
- Retirement savings needed: $855,904
Utah
- Average retirement age: 65
- Annual cost of a comfortable retirement: $54,363
- Retirement savings needed: $815,449
Nebraska
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,439
- Retirement savings needed: $786,583
Iowa
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,399
- Retirement savings needed: $785,982
Texas
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,341
- Retirement savings needed: $785,109
Don’t Miss: The Complete Guide to the Best Retirement Age
Kansas
- Average retirement age: 65
- Annual cost of a comfortable retirement: $50,223
- Retirement savings needed: $753,339
Hawaii
- Average retirement age: 66
- Annual cost of a comfortable retirement: $120,909
- Retirement savings needed: $1,692,722
Massachusetts
- Average retirement age: 66
- Annual cost of a comfortable retirement: $77,122
- Retirement savings needed: $1,079,710
South Dakota
- Average retirement age: 66
- Annual cost of a comfortable retirement: $56,178
- Retirement savings needed: $786,497
District of Columbia
- Average retirement age: 67
- Annual cost of a comfortable retirement: $94,248
- Retirement savings needed: $1,225,222
More From GOBankingRates
- 19 Effective Ways To Tackle Your Budget
- Are You Spending More Than the Average American on 25 Everyday Items?
- 30 Important Money Habits for Your Financial Future
- Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
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.
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.