The Average Retirement Age in Every State
See how your state stacks up in the retirement race
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% left over for savings. All of GOBankingRates’ original research was conducted on May 17, 2019.
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