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.

Find: 10 Reasons You Should Claim Social Security Early
Check Out: 20 Best Places To Live on Only a Social Security Check

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.

Check out when you can expect to retire, based on your state of residence.

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

Arizona

Average retirement age: 63
Annual cost of a comfortable retirement: $58,327
Retirement savings needed: $991,560

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

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Connecticut

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

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

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

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Louisiana

Average retirement age: 62
Annual cost of a comfortable retirement: $52,695
Retirement savings needed: $948,503

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

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

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

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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

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

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

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Texas

Average retirement age: 65
Annual cost of a comfortable retirement: $52,341
Retirement savings needed: $785,109

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

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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

West Virginia

Average retirement age: 61
Annual cost of a comfortable retirement: $49,439
Retirement savings needed: $939,341

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

More From GOBankingRates

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.