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.
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Find Out: Here’s Exactly How Much Savings You Need To Retire In Your State
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.
Retire Comfortably
Alabama
- Average retirement age: 62
- Annual cost of a comfortable retirement: $49,099
- Retirement savings needed: $883,790
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Alaska
- Average retirement age: 61
- Annual cost of a comfortable retirement: $79,249
- Retirement savings needed: $1,505,740
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Arizona
- Average retirement age: 63
- Annual cost of a comfortable retirement: $58,327
- Retirement savings needed: $991,560
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Arkansas
- Average retirement age: 62
- Annual cost of a comfortable retirement: $47,836
- Retirement savings needed: $861,053
California
- Average retirement age: 64
- Annual cost of a comfortable retirement: $83,279
- Retirement savings needed: $1,332,457
Colorado
- Average retirement age: 65
- Annual cost of a comfortable retirement: $60,357
- Retirement savings needed: $905,350
Connecticut
- Average retirement age: 65
- Annual cost of a comfortable retirement: $70,817
- Retirement savings needed: $1,062,257
Retire Comfortably
Delaware
- Average retirement age: 63
- Annual cost of a comfortable retirement: $58,418
- Retirement savings needed: $993,101
District of Columbia
- Average retirement age: 67
- Annual cost of a comfortable retirement: $94,248
- Retirement savings needed: $1,225,222
Florida
- Average retirement age: 64
- Annual cost of a comfortable retirement: $56,382
- Retirement savings needed: $902,116
Georgia
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,066
- Retirement savings needed: $851,122
Hawaii
- Average retirement age: 66
- Annual cost of a comfortable retirement: $120,909
- Retirement savings needed: $1,692,722
Idaho
- Average retirement age: 64
- Annual cost of a comfortable retirement: $52,962
- Retirement savings needed: $847,388
Illinois
- Average retirement age: 64
- Annual cost of a comfortable retirement: $54,657
- Retirement savings needed: $874,507
Retire Comfortably
Indiana
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,697
- Retirement savings needed: $861,848
Iowa
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,399
- Retirement savings needed: $785,982
Kansas
- Average retirement age: 65
- Annual cost of a comfortable retirement: $50,223
- Retirement savings needed: $753,339
Kentucky
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,082
- Retirement savings needed: $919,469
Louisiana
- Average retirement age: 62
- Annual cost of a comfortable retirement: $52,695
- Retirement savings needed: $948,503
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Maine
- Average retirement age: 63
- Annual cost of a comfortable retirement: $66,752
- Retirement savings needed: $1,134,778
Maryland
- Average retirement age: 65
- Annual cost of a comfortable retirement: $73,111
- Retirement savings needed: $1,096,666
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Retire Comfortably
Massachusetts
- Average retirement age: 66
- Annual cost of a comfortable retirement: $77,122
- Retirement savings needed: $1,079,710
Michigan
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,356
- Retirement savings needed: $924,415
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Minnesota
- Average retirement age: 65
- Annual cost of a comfortable retirement: $56,869
- Retirement savings needed: $853,040
Mississippi
- Average retirement age: 63
- Annual cost of a comfortable retirement: $46,993
- Retirement savings needed: $798,874
Missouri
- Average retirement age: 63
- Annual cost of a comfortable retirement: $50,247
- Retirement savings needed: $854,197
Montana
- Average retirement age: 64
- Annual cost of a comfortable retirement: $55,711
- Retirement savings needed: $891,368
Nebraska
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,439
- Retirement savings needed: $786,583
Retire Comfortably
Nevada
- Average retirement age: 63
- Annual cost of a comfortable retirement: $63,300
- Retirement savings needed: $1,076,107
New Hampshire
- Average retirement age: 65
- Annual cost of a comfortable retirement: $62,011
- Retirement savings needed: $930,159
New Jersey
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,764
- Retirement savings needed: $1,016,461
New Mexico
- Average retirement age: 62
- Annual cost of a comfortable retirement: $51,556
- Retirement savings needed: $928,181
New York
- Average retirement age: 64
- Annual cost of a comfortable retirement: $77,911
- Retirement savings needed: $1,246,578
North Carolina
- Average retirement age: 63
- Annual cost of a comfortable retirement: $54,687
- Retirement savings needed: $929,686
Retire Comfortably
North Dakota
- Average retirement age: 65
- Annual cost of a comfortable retirement: $57,060
- Retirement savings needed: $855,904
Ohio
- Average retirement age: 63
- Annual cost of a comfortable retirement: $51,817
- Retirement savings needed: $880,889
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
Pennsylvania
- Average retirement age: 64
- Annual cost of a comfortable retirement: $57,941
- Retirement savings needed: $927,056
Rhode Island
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,594
- Retirement savings needed: $1,013,904
South Carolina
- Average retirement age: 63
- Annual cost of a comfortable retirement: $53,207
- Retirement savings needed: $904,527
South Dakota
- Average retirement age: 66
- Annual cost of a comfortable retirement: $56,178
- Retirement savings needed: $786,497
Tennessee
- Average retirement age: 64
- Annual cost of a comfortable retirement: $50,186
- Retirement savings needed: $802,977
Texas
- Average retirement age: 65
- Annual cost of a comfortable retirement: $52,341
- Retirement savings needed: $785,109
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Utah
- Average retirement age: 65
- Annual cost of a comfortable retirement: $54,363
- Retirement savings needed: $815,449
Vermont
- Average retirement age: 65
- Annual cost of a comfortable retirement: $67,651
- Retirement savings needed: $1,014,762
Virginia
- Average retirement age: 65
- Annual cost of a comfortable retirement: $58,120
- Retirement savings needed: $871,793
Washington
- Average retirement age: 64
- Annual cost of a comfortable retirement: $64,636
- Retirement savings needed: $1,034,174
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West Virginia
- Average retirement age: 61
- Annual cost of a comfortable retirement: $49,439
- Retirement savings needed: $939,341
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Wisconsin
- Average retirement age: 64
- Annual cost of a comfortable retirement: $56,434
- Retirement savings needed: $902,942
Wyoming
- Average retirement age: 64
- Annual cost of a comfortable retirement: $52,330
- Retirement savings needed: $837,287
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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.