How Much To Save in Every State If You Want To Retire Early

Retirement is a concept that can be hard to truly conceptualize for many Americans, even those who are close to retirement age. Thus, many people don’t know how much they actually need for retirement, much less an early retirement, if you should be lucky enough to do so.

Added to that, the average American only has between $65,000 and $255,200 in retirement savings. But knowing the amount of money you need to live in comfort after you part ways with your 9-to-5 is vital. After all, you don’t want to discover one day that your retirement nest egg isn’t going to stretch as far as you expected.

To find how much you need to save in every state for early retirement, GOBankingRates conducted a study that found the annual expenses for people retiring at ages 35, 45 and 55, adjusted for each state’s cost of living. However, keep in mind that these figures don’t reflect the adjustments for inflation that will likely take place by the time people of these ages retire.

Keep reading to find out how much a year of retirement will cost you in your state.

• Amount Needed to Retire by 35: $3,111,685
• Amount Needed to Retire by 45: $2,201,157 
• Amount Needed to Retire by 55: $1,307,608

Annual expenditures in Alabama range from $46,301, at age 65, to $70,784 for those at age 35, with a cost of living index of 88.8.

• Amount Needed to Retire by 35:  $4,273,543
• Amount Needed to Retire by 45: $3,083,602 
• Amount Needed to Retire by 55: $1,831,830

Annual expenditures in Alaska range from $64,863 at age 65, to $99,162 for those at age 35, with a cost of living index of 124.4.

• Amount Needed to Retire by 35: $3,682,667
• Amount Needed to Retire by 45: $2,657,252 
• Amount Needed to Retire by 55: $1,578,554

Annual expenditures in Arizona range from $55,895 at age 65, to $85,451 for those at age 35, with a cost of living index of 107.2.

• Amount Needed to Retire by 35: $3,102,098 
• Amount Needed to Retire by 45: $2,238,338
• Amount Needed to Retire by 55: $1,329,696

Annual expenditures in Arkansas range from $47,083 at age 65, to $71,980 for those at age 35, with a cost of living index of 90.3.

• Amount Needed to Retire by 35: $4,620,511 
• Amount Needed to Retire by 45: $3,333,959 
• Amount Needed to Retire by 55: $1,980,556 

Annual expenditures in California range from $70,130 at age 65, to $107,213 for those at age 35, with an exceptionally high cost of living index of 134.5.

• Amount Needed to Retire by 35: $3,624,267 
• Amount Needed to Retire by 45: $2,615,113  
• Amount Needed to Retire by 55: $1,553,521 

Annual expenditures in Colorado range from $55,009 at age 65, to $84,096 for those at age 35, with a cost of living index of 105.5.

• Amount Needed to Retire by 35: $3,885,351 
• Amount Needed to Retire by 45: $2,803,500  
• Amount Needed to Retire by 55: $1,665,434

Annual expenditures in Connecticut range from $58,971 at age 65, to $90,154 for those at age 35, with a cost of living index of 113.1.

• Amount Needed to Retire by 35: $3,524,642 
• Amount Needed to Retire by 45: $2,543,228 
• Amount Needed to Retire by 55: $1,510,818 

Annual expenditures in Delaware range from $53,497 at age 65, to $81,785 for those at age 35, with a cost of living index of 102.6.

• Amount Needed to Retire by 35: $3,514,336 
• Amount Needed to Retire by 45: $2,535,792 
• Amount Needed to Retire by 55: $6,169,242 

Annual expenditures in Florida range from $53,340 at age 65, to $81,545 for those at age 35, with a cost of living index of 102.3.

• Amount Needed to Retire by 35: $3,126,145 
• Amount Needed to Retire by 45: $2,255,690 
• Amount Needed to Retire by 55: $1,340,004 

Annual expenditures in Georgia range from $47,448 at age 65, to $72,538 for those at age 35, with a cost of living index of 91.

• Amount Needed to Retire by 35: $6,149,230 
• Amount Needed to Retire by 45: $4,437,016 
• Amount Needed to Retire by 55: $2,635,832 

Annual expenditures in Hawaii are the most expensive on this list, and range from $93,332 at age 65, to $142,684 for those at age 35, with a cost of living index at an astonishing 179.

• Amount Needed to Retire by 35: $3,644,879 
• Amount Needed to Retire by 45: ​​$2,629,986 
• Amount Needed to Retire by 55: $1,562,356 

Annual expenditures in Idaho range from $55,322 at age 65, to $84,574 for those at age 35, with a cost of living index of 106.1

• Amount Needed to Retire by 35: $3,119,274 
• Amount Needed to Retire by 45:$2,250,732 
• Amount Needed to Retire by 55: $1,337,059 

Annual expenditures in Illinois range from $47,344 at age 65, to $72,378 for those at age 35, with a cost of living index of 90.8.

• Amount Needed to Retire by 35:  $3,143,321
• Amount Needed to Retire by 45: $2,268,084 
• Amount Needed to Retire by 55: $1,347,367 

Annual expenditures in Illinois range from $47,709 at age 65, to $72,936 for those at age 35, with a cost of living index of 91.5.

• Amount Needed to Retire by 35: $3,081,486 
• Amount Needed to Retire by 45: $2,223,466  
• Amount Needed to Retire by 55: $1,320,861

Annual expenditures in Iowa range from $46,770 at age 65, to $71,502 for those at age 35, with a cost of living index of 89.7.

• Amount Needed to Retire by 35: $3,012,779 
• Amount Needed to Retire by 45: $2,173,890  
• Amount Needed to Retire by 55: $1,291,411

Annual expenditures in Kansas range from $45,728 at age 65, to $69,907for those at age 35, with a cost of living index of 87.7.

• Amount Needed to Retire by 35: $3,222,334 
• Amount Needed to Retire by 45: $2,325,096
• Amount Needed to Retire by 55: $1,381,235

Annual expenditures in Kentucky range from $48,908 at age 65, to $74,770 for those at age 35, with a cost of living index of 93.8.

• Amount Needed to Retire by 35: $3,160,498 
• Amount Needed to Retire by 45: $2,280,478
• Amount Needed to Retire by 55: $1,354,729

Annual expenditures in Louisiana range from $48,908 at age 65, to $73,335 for those at age 35, with a cost of living index of 92.

• Amount Needed to Retire by 35: $3,830,386 
• Amount Needed to Retire by 45: $2,763,840
• Amount Needed to Retire by 55: $1,641,873

Annual expenditures in Maine range from $58,137 at age 65, to $88,879 for those at age 35, with a cost of living index of 111.5.

• Amount Needed to Retire by 35: $4,105,212 
• Amount Needed to Retire by 45: $2,962,142
• Amount Needed to Retire by 55: $1,759,676

Annual expenditures in Kentucky range from $62,308 at age 65, to $95,256 for those at age 35, with a cost of living index of 119.5.

• Amount Needed to Retire by 35: $5,098,021 
• Amount Needed to Retire by 45: $3,678,510
• Amount Needed to Retire by 55: $2,185,237

Annual expenditures in Massachusetts range from $77,377 at age 65, to $118,293 for those at age 35. Massachusetts is the second most expensive state after Hawaii, with a cost of living index of 148.4.

• Amount Needed to Retire by 35: $3,184,545
• Amount Needed to Retire by 45: $2,297,829
• Amount Needed to Retire by 55: $1,365,037

Annual expenditures in Michigan range from $48,335 at age 65, to $73,893 for those at age 35, with a cost of living index of 92.7.

• Amount Needed to Retire by 35: $3,232,640 
• Amount Needed to Retire by 45: $2,332,532
• Amount Needed to Retire by 55: $1,385,653

Annual expenditures in Minnesota range from $49,065 at age 65, to $75,009 for those at age 35, with a cost of living index of 94.1.

• Amount Needed to Retire by 35: $2,930,331 
• Amount Needed to Retire by 45: $2,114,399
• Amount Needed to Retire by 55: $1,256,070

Annual expenditures in Mississippi range from $44,476 at age 65, to $67,994 for those at age 35. Mississippi has a much lower cost of living index, at 85.3.

• Amount Needed to Retire by 35: $3,036,826 
• Amount Needed to Retire by 45: $2,191,242
• Amount Needed to Retire by 55: $1,301,718

Annual expenditures in Missouri range from $46,093 at age 65, to $70,465 for those at age 35, with a cost of living index of 88.4.

• Amount Needed to Retire by 35: $3,562,431 
• Amount Needed to Retire by 45: $2,570,495
• Amount Needed to Retire by 55: $1,527,016

Annual expenditures in Montana range from $54,070 at age 65, to $82,661 for those at age 35, with a cost of living index of 103.7.

• Amount Needed to Retire by 35: $3,095,227
• Amount Needed to Retire by 45: $2,233,381
• Amount Needed to Retire by 55: $1,326,751

Annual expenditures in Nebraska range from $46,979 at age 65, to $71,821 for those at age 35, with a cost of living index of 90.1.

• Amount Needed to Retire by 35: $3,095,227
• Amount Needed to Retire by 45: $2,233,381
• Amount Needed to Retire by 55: $1,326,751

Annual expenditures in Nevada range from $46,979 at age 65, to $71,821 for those at age 35, with a cost of living index of 90.1.

• Amount Needed to Retire by 35: $3,950,623 
• Amount Needed to Retire by 45: $2,850,597
• Amount Needed to Retire by 55: $1,693,412

Annual expenditures in Nevada range from $59,962 at age 65, to $91,669 for those at age 35, with a cost of living index of 115.

• Amount Needed to Retire by 35: $3,919,705 
• Amount Needed to Retire by 45: $2,828,288
• Amount Needed to Retire by 55: $1,680,159

Annual expenditures in Nevada range from $59,493 at age 65, to $90,951 for those at age 35, with a cost of living index of 114.1.

• Amount Needed to Retire by 35: $3,236,075
• Amount Needed to Retire by 45: $2,335,011
• Amount Needed to Retire by 55: $1,387,125

Annual expenditures in New Mexico range from $49,117 at age 65, to $75,089 for those at age 35, with a cost of living index of 94.2.

• Amount Needed to Retire by 35: $4,297,590
• Amount Needed to Retire by 45: $3,100,954
• Amount Needed to Retire by 55: $1,842,138

Annual expenditures in New York range from $65,228 at age 65, to $99,720 for those at age 35, with a cost of living index of 125.1.

• Amount Needed to Retire by 35: $3,301,346
• Amount Needed to Retire by 45: $2,382,108
• Amount Needed to Retire by 55: $1,415,103

Annual expenditures in North Carolina range from $50,108 at age 65, to $76,603 for those at age 35, with a cost of living index of 96.1.

• Amount Needed to Retire by 35: $3,249,817 
• Amount Needed to Retire by 45: $2,344,926
• Amount Needed to Retire by 55: $1,393,015

Annual expenditures in North Dakota range from $49,325 at age 65, to $75,408 for those at age 35, with a cost of living index of 94.6.

• Amount Needed to Retire by 35: $3,229,205 
• Amount Needed to Retire by 45: $2,330,053
• Amount Needed to Retire by 55: $1,384,180

Annual expenditures in Ohio range from $49,013 at age 65, to $74,929 for those at age 35, with a cost of living index of 94.

• Amount Needed to Retire by 35: $2,954,379
• Amount Needed to Retire by 45: $2,131,751
• Amount Needed to Retire by 55: $1,266,378

Annual expenditures in Oklahoma range from $44,841 at age 65, to $68,552 for those at age 35, with a cost of living index of 86.

• Amount Needed to Retire by 35: $3,954,058
• Amount Needed to Retire by 45: $2,853,076
• Amount Needed to Retire by 55: $1,694,884

Annual expenditures in Nevada range from $60,014 at age 65, to $91,749 for those at age 35, with a cost of living index of 115.1

• Amount Needed to Retire by 35: $3,400,971 
• Amount Needed to Retire by 45: $2,453,992
• Amount Needed to Retire by 55: $1,457,807

Annual expenditures in Pennsylvania range from $51,620 at age 65, to $78,915 for those at age 35, with a cost of living index of 99.

• Amount Needed to Retire by 35: $3,796,033
• Amount Needed to Retire by 45: $2,739,052
• Amount Needed to Retire by 55: $1,627,148

Annual expenditures in Pennsylvania range from $51,620 at age 65, to $78,915 for those at age 35, with a cost of living index of 99.

• Amount Needed to Retire by 35: $3,315,088
• Amount Needed to Retire by 45: $2,392,023
• Amount Needed to Retire by 55: $1,420,993

Annual expenditures in South Carolina range from $50,316 at age 65, to $76,922 for those at age 35, with a cost of living index of 96.5.

• Amount Needed to Retire by 35: $3,222,334 
• Amount Needed to Retire by 45: $2,325,096
• Amount Needed to Retire by 55: $1,381,235

Annual expenditures in South Dakota range from $48,908 at age 65, to $74,770 for those at age 35, with a cost of living index of 93.8.

• Amount Needed to Retire by 35: $3,105,533 
• Amount Needed to Retire by 45: $2,240,817
• Amount Needed to Retire by 55: $1,331,169

Annual expenditures in Tennessee range from $47,135 at age 65, to $72,060 for those at age 35, with a cost of living index of 90.4.

• Amount Needed to Retire by 35: $3,194,851
• Amount Needed to Retire by 45: $2,305,265
• Amount Needed to Retire by 55: $1,369,455

Annual expenditures in Texas range from $48,491 at age 65, to $74,132 for those at age 35, with a cost of living index of 93.

• Amount Needed to Retire by 35: $3,486,854
• Amount Needed to Retire by 45: $2,515,962
• Amount Needed to Retire by 55: $1,494,620

Annual expenditures in Utah range from $52,923 at age 65, to $80,908 for those at age 35, with a cost of living index of 101.5.

• Amount Needed to Retire by 35: $3,486,854
• Amount Needed to Retire by 45: $2,515,962
• Amount Needed to Retire by 55: $1,494,620

Annual expenditures in Vermont range from $52,923 at age 65, to $80,908 for those at age 35, with a cost of living index of 99.

• Amount Needed to Retire by 35: $3,947,187
• Amount Needed to Retire by 45: $2,848,118
• Amount Needed to Retire by 55: $1,691,939

Annual expenditures in Virginia range from $53,757 at age 65, to $82,183 for those at age 35, with a cost of living index of 103.1.

• Amount Needed to Retire by 35: $3,954,058 
• Amount Needed to Retire by 45: $2,853,076
• Amount Needed to Retire by 55: $1,694,884

Annual expenditures in Washington range from $60,014 at age 65, to $91,749 for those at age 35, with a cost of living index of 115.1.

• Amount Needed to Retire by 35: $3,102,098
• Amount Needed to Retire by 45: $2,238,338
• Amount Needed to Retire by 55: $1,329,696

Annual expenditures in West Virginia range from $47,083 at age 65, to $71,980 for those at age 35, with a cost of living index of 90.3.

• Amount Needed to Retire by 35: $3,263,558
• Amount Needed to Retire by 45: $2,354,841
• Amount Needed to Retire by 55: $1,398,905

Annual expenditures in Wisconsin range from $49,534 at age 65, to $75,726 for those at age 35, with a cost of living index of 95.

• Amount Needed to Retire by 35: $3,187,981
• Amount Needed to Retire by 45: $2,300,308
• Amount Needed to Retire by 55: $1,366,510

Annual expenditures in Wyoming range from $48,387 at age 65, to $73,973 for those at age 35, with a cost of living index of 92.8.

Cynthia Measom contributed to the reporting for this article.

Methodology: GOBankingRates found the annual cost of expenditures for a person at each early-retirement age level: 35, 45 and 55 years old, which was $79,712; $83,854; and $70,570, respectively. To account for differences in state cost of living, the retiree expenditures from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey were multiplied by the cost of living index for each state, sourced from the Missouri Economic Research and Information Center’s Q1 2023 cost of living index. To find how much money a retired person would need to save, we divided each state’s annual expenditures by .04, assuming drawing down savings by 4 percent each year to pay for living expenses. Information is accurate as of June 2023.