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. Read More: Social Security Cost-of-Living Adjustments Aren’t Enough to Pay Higher Costs for Seniors 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.

Last updated: June 15, 2021

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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

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California

Average retirement age: 64
Annual cost of a comfortable retirement: $83,279
Retirement savings needed: $1,332,457

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Colorado

Average retirement age: 65
Annual cost of a comfortable retirement: $60,357
Retirement savings needed: $905,350

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Connecticut

Average retirement age: 65
Annual cost of a comfortable retirement: $70,817
Retirement savings needed: $1,062,257

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Delaware

Average retirement age: 63
Annual cost of a comfortable retirement: $58,418
Retirement savings needed: $993,101

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District of Columbia

Average retirement age: 67
Annual cost of a comfortable retirement: $94,248
Retirement savings needed: $1,225,222

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Florida

Average retirement age: 64
Annual cost of a comfortable retirement: $56,382
Retirement savings needed: $902,116

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Georgia

Average retirement age: 63
Annual cost of a comfortable retirement: $50,066
Retirement savings needed: $851,122

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Hawaii

Average retirement age: 66
Annual cost of a comfortable retirement: $120,909
Retirement savings needed: $1,692,722

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Idaho

Average retirement age: 64
Annual cost of a comfortable retirement: $52,962
Retirement savings needed: $847,388

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Illinois

Average retirement age: 64
Annual cost of a comfortable retirement: $54,657
Retirement savings needed: $874,507

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Indiana

Average retirement age: 63
Annual cost of a comfortable retirement: $50,697
Retirement savings needed: $861,848

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Iowa

Average retirement age: 65
Annual cost of a comfortable retirement: $52,399
Retirement savings needed: $785,982

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Kansas

Average retirement age: 65
Annual cost of a comfortable retirement: $50,223
Retirement savings needed: $753,339

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Kentucky

Average retirement age: 62
Annual cost of a comfortable retirement: $51,082
Retirement savings needed: $919,469

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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

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Maryland

Average retirement age: 65
Annual cost of a comfortable retirement: $73,111
Retirement savings needed: $1,096,666

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Massachusetts

Average retirement age: 66
Annual cost of a comfortable retirement: $77,122
Retirement savings needed: $1,079,710

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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

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Mississippi

Average retirement age: 63
Annual cost of a comfortable retirement: $46,993
Retirement savings needed: $798,874

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Missouri

Average retirement age: 63
Annual cost of a comfortable retirement: $50,247
Retirement savings needed: $854,197

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Montana

Average retirement age: 64
Annual cost of a comfortable retirement: $55,711
Retirement savings needed: $891,368

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Nebraska

Average retirement age: 65
Annual cost of a comfortable retirement: $52,439
Retirement savings needed: $786,583

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Nevada

Average retirement age: 63
Annual cost of a comfortable retirement: $63,300
Retirement savings needed: $1,076,107

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New Hampshire

Average retirement age: 65
Annual cost of a comfortable retirement: $62,011
Retirement savings needed: $930,159

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New Jersey

Average retirement age: 65
Annual cost of a comfortable retirement: $67,764
Retirement savings needed: $1,016,461

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New Mexico

Average retirement age: 62
Annual cost of a comfortable retirement: $51,556
Retirement savings needed: $928,181

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New York

Average retirement age: 64
Annual cost of a comfortable retirement: $77,911
Retirement savings needed: $1,246,578

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North Carolina

Average retirement age: 63
Annual cost of a comfortable retirement: $54,687
Retirement savings needed: $929,686

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North Dakota

Average retirement age: 65
Annual cost of a comfortable retirement: $57,060
Retirement savings needed: $855,904

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Ohio

Average retirement age: 63
Annual cost of a comfortable retirement: $51,817
Retirement savings needed: $880,889

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Oklahoma

Average retirement age: 62
Annual cost of a comfortable retirement: $48,716
Retirement savings needed: $876,879

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Oregon

Average retirement age: 63
Annual cost of a comfortable retirement: $78,439
Retirement savings needed: $1,333,467

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Pennsylvania

Average retirement age: 64
Annual cost of a comfortable retirement: $57,941
Retirement savings needed: $927,056

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Rhode Island

Average retirement age: 65
Annual cost of a comfortable retirement: $67,594
Retirement savings needed: $1,013,904

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South Carolina

Average retirement age: 63
Annual cost of a comfortable retirement: $53,207
Retirement savings needed: $904,527

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South Dakota

Average retirement age: 66
Annual cost of a comfortable retirement: $56,178
Retirement savings needed: $786,497

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Tennessee

Average retirement age: 64
Annual cost of a comfortable retirement: $50,186
Retirement savings needed: $802,977

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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

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Vermont

Average retirement age: 65
Annual cost of a comfortable retirement: $67,651
Retirement savings needed: $1,014,762

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Virginia

Average retirement age: 65
Annual cost of a comfortable retirement: $58,120
Retirement savings needed: $871,793

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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

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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.