GOBankingRates

The Average Retirement Age in Every State

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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.

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: Sept. 10, 2021

Retire Comfortably
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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

Watch Out: 14 Key Signs You Will Run Out of Money in Retirement

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Arizona

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

Related: What Is a Roth IRA?

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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

Retire Comfortably
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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

Retire Comfortably
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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

See: How To Protect Your Retirement Savings During the Coronavirus Pandemic

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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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Retire Comfortably
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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

Read More: 27 Best Strategies To Get the Most Out of Your 401(k)

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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

Retire Comfortably
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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

Retire Comfortably
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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
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.