# The Most Realistic Retirement Age in Every State

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At what age do you hope to retire? If you’re like the majority of workers, you’re probably planning to stop punching the clock by the time you turn 65.

A survey by the Employee Benefit Research Institute (EBRI) found that 54% of respondents said they expect to retire at age 65 or younger. However, a significant percentage of workers expect to keep clocking in until they’re much older. One-third of respondents said they don’t expect to retire until they’re 70 or older. Some don’t plan to retire at all.

It’s one thing to have an idea of when you want to retire. It’s another thing altogether to know whether you’ll actually be able to retire. Several factors can affect your retirement plans — including whether you’ll have enough saved by your ideal retirement age to stop working. The EBRI survey found that less than half of workers — 42% — had tried to figure out how much they would need to have saved by the time they retired to live comfortably.

Using an online retirement calculator is a great way to get an estimate of how much you should save to retire by a certain age. To give you an idea, though, of when you might realistically be able to retire and how much in savings you would need depending on where you live, GOBankingRates crunched the numbers for you.

To determine the most realistic retirement age in every state, GOBankingRates first calculated the median income by age in every state using Census Bureau data to find out how much people could set aside in savings at various ages. Then GOBankingRates used findings from its January 2020 study on how much savings one needs across America to retire comfortably to pinpoint an ideal savings target amount for each state. To find out how long it would take workers in every state to save up to the state’s ideal savings target, GOBankingRates assumed the following:

- Workers started work at age 22.
- Workers followed the 50/30/20 rule — allocating 50% of personal income to necessities, 30% to wants and 20% to savings.
- Of the 20% of income that went into savings, 14% was put in a typical savings account and 6% was put into a 401(k) with a 50% employer match (up to 3%). In addition, the average annual return on investments in the 401(k) was assumed to be 5%.

Using the above assumptions, GOBankingRates found how much a worker in each state earning a median income could have saved at ages 24, 34, 44 and 58 to 77 years of age. Once the ideal savings target — as identified by the earlier GOBankingRates’ study — was met or exceeded, the following year was determined to be the ideal retirement age of each state.

You might be surprised to find that if you start saving 20% of your income starting at age 22, the realistic retirement age in your state might be sooner than you think. Or you might have to work longer than you expected.

*Last updated: Jan. 23, 2020*

## Alabama

**Realistic retirement age:**59**How much savings you need to retire:**$723,989

**Total savings at 59:**$759,485

## Alaska

**Realistic retirement age:**64**How much savings you need to retire:**$1,213,517**Total savings at 64:**$1,301,392

## Arizona

**Realistic retirement age:**58**How much savings you need to retire:**$862,583**Total savings at 58:**$905,975

## Arkansas

**Realistic retirement age:**59**How much savings you need to retire:**$697,288**Total savings at 59:**$757,128

## California

**Realistic retirement age:**66**How much savings you need to retire:**$1,369,911**Total savings at 66:**$1,442,638

## Colorado

**Realistic retirement age:**56**How much savings you need to retire:**$908,357**Total savings at 56:**$970,746

## Connecticut

**Realistic retirement age:**62**How much savings you need to retire:**$1,184,272**Total savings at 62:**$1,263,773

## Delaware

**Realistic retirement age:**60**How much savings you need to retire:**$960,488**Total savings at 60:**$1,033,545

## Florida

**Realistic retirement age:**61**How much savings you need to retire:**$843,510**Total savings at 61:**$907,809

## Georgia

**Realistic retirement age:**57**How much savings you need to retire:**$737,976**Total savings at 57:**$776,321

## Hawaii

**Realistic retirement age:**74**How much savings you need to retire:**$2,151,884**Total savings at 74:**$2,252,310

## Idaho

**Realistic retirement age:**58**How much savings you need to retire:**$797,736**Total savings at 58:**$854,264

## Illinois

**Realistic retirement age:**54**How much savings you need to retire:**$804,094**Total savings at 54:**$850,543

## Indiana

**Realistic retirement age:**56**How much savings you need to retire:**$745,605**Total savings at 56:**$796,066

## Iowa

**Realistic retirement age:**54**How much savings you need to retire:**$767,220**Total savings at 54:**$833,240

## Kansas

**Realistic retirement age:**54**How much savings you need to retire:**$703,645**Total savings at 54:**$775,280

## Kentucky

**Realistic retirement age:**59**How much savings you need to retire:**$774,849**Total savings at 59:**$829,737

## Louisiana

**Realistic retirement age:**61**How much savings you need to retire:**$773,578**Total savings at 61:**$830,209

## Maine

**Realistic retirement age:**65**How much savings you need to retire:**$1,083,824**Total savings at 65:**$1,154,700

## Maryland

**Realistic retirement age:**59**How much savings you need to retire:**$1,238,947**Total savings at 59:**$1,311,381

## Massachusetts

**Realistic retirement age:**59**How much savings you need to retire:**$1,249,119**Total savings at 59:**$1,313,236

## Michigan

**Realistic retirement age:**55**How much savings you need to retire:**$732,890**Total savings at 55:**$767,587

## Minnesota

**Realistic retirement age:**56**How much savings you need to retire:**$871,483**Total savings at 56:**$954,570

## Mississippi

**Realistic retirement age:**61**How much savings you need to retire:**$666,772**Total savings at 61:**$710,727

## Missouri

**Realistic retirement age:**55**How much savings you need to retire:**$725,261**Total savings at 55:**$783,803

## Montana

**Realistic retirement age:**63**How much savings you need to retire:**$963,031**Total savings at 63:**$1,045,703

## Nebraska

**Realistic retirement age:**54**How much savings you need to retire:**$758,320**Total savings at 54:**$819,381

## Nevada

**Realistic retirement age:**59**How much savings you need to retire:**$899,456**Total savings at 59:**$940,900

## New Hampshire

**Realistic retirement age:**55**How much savings you need to retire:**$956,674**Total savings at 55:**$1,032,939

## New Jersey

**Realistic retirement age:**61**How much savings you need to retire:**$1,174,100**Total savings at 61:**$1,232,297

## New Mexico

**Realistic retirement age:**60**How much savings you need to retire:**$720,175**Total savings at 60:**$767,592

## New York

**Realistic retirement age:**66**How much savings you need to retire:**$1,308,879**Total savings at 66:**$1,376,839

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## North Carolina

**Realistic retirement age:**60**How much savings you need to retire:**$797,736**Total savings at 60:**$848,448

## North Dakota

**Realistic retirement age:**56**How much savings you need to retire:**$820,623**Total savings at 56:**$883,964

## Ohio

**Realistic retirement age:**56**How much savings you need to retire:**$772,306**Total savings at 56:**$819,207

## Oklahoma

**Realistic retirement age:**56**How much savings you need to retire:**$687,116**Total savings at 56:**$723,520

## Oregon

**Realistic retirement age:**66**How much savings you need to retire:**$1,334,309**Total savings at 66:**$1,415,540

## Pennsylvania

**Realistic retirement age:**58**How much savings you need to retire:**$874,026**Total savings at 58:**$938,573

## Rhode Island

**Realistic retirement age:**64**How much savings you need to retire:**$1,099,082**Total savings at 64:**$1,178,929

## South Carolina

**Realistic retirement age:**59**How much savings you need to retire:**$801,551**Total savings at 59:**$873,676

## South Dakota

**Realistic retirement age:**58**How much savings you need to retire:**$819,352**Total savings at 58:**$864,955

## Tennessee

**Realistic retirement age:**56**How much savings you need to retire:**$707,460**Total savings at 56:**$745,133

## Texas

**Realistic retirement age:**57**How much savings you need to retire:**$762,134**Total savings at 57:**$831,450

## Utah

**Realistic retirement age:**53**How much savings you need to retire:**$815,537**Total savings at 53:**$887,851

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## Vermont

**Realistic retirement age:**60**How much savings you need to retire:**$1,060,937**Total savings at 60:**$1,113,893

## Virginia

**Realistic retirement age:**54**How much savings you need to retire:**$885,470**Total savings at 54:**$935,494

## Washington

**Realistic retirement age:**56**How much savings you need to retire:**$1,003,719**Total savings at 56:**$1,059,694

## West Virginia

**Realistic retirement age:**60**How much savings you need to retire:**$754,505**Total savings at 60:**$803,997

## Wisconsin

**Realistic retirement age:**57**How much savings you need to retire:**$811,723**Total savings at 57:**$871,002

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## Wyoming

**Realistic retirement age:**59**How much savings you need to retire:**$889,284**Total savings at 59:**$951,167

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*Methodology: To determine the most realistic retirement age in every state, GOBankingRates first found median income in each state, according to the 2018 current population survey conducted by the U.S. Census Bureau. To calculate income by age bracket (15-24, 25-34, etc.), GOBankingRates first divided the median income of each state by the median income nationally to derive an income index that was use to factor out income by age for each state. Once the median income by age was calculated for each state, GOBankingRates found an ideal savings target for each state, sourced from a January 2020 GOBankingRates study (“Here’s Exactly How Much Savings You Need to Retire in Your State”), which assumes one will draw 4% from their savings each year to pay for living expenses. Finally, GOBankingRates set three constants for the type of savings that would occur: (1) workers start working at age 22; (2) workers are following the 50/30/20 rule (allocating 50% of personal income to necessities, 30% to wants and 20% to savings); and (3) workers are saving 14% in a typical savings account, in addition to putting 6% into a 401(k) with a 50% employer match (up to 3%) and an average annual return of 5%. Using those constants, GOBankingRates found the savings total of each state at 24, 34, 44 and 58-77 years of age. Once the ideal savings goal was met or exceeded, the following year was determined to be the ideal retirement age of each state. All data was collected and is-up-to date as of Jan. 8, 2020. *

*“Here’s Exactly How Much Savings You Need to Retire in Your State” methodology: To find out exactly how much is needed to retire in each state, GOBankingRates found the annual cost of expenditures for a retired person in each state by multiplying expenditures for those over the age of 65 from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey by the cost-of-living index for each state from the Missouri Economic Research and Information Center’s third quarter 2019 cost of living series. To find how much money a retired person would need to save, GOBankingRates divided each state’s annual expenditures, minus the annual Social Security income as sourced from the Social Security Administration’s monthly statistical snapshot, November 2019, by .04, assuming drawing down savings by 4% each year to pay for living expenses. All data was collected and is up-to-date as of Dec. 13, 2019.*

### About the Author

#### Cameron Huddleston

Cameron Huddleston is an award-winning journalist with more than 18 years of experience writing about personal finance. Her work has appeared in Kiplinger’s Personal Finance, Business Insider, Chicago Tribune, Fortune, MSN, USA Today and many more print and online publications. She also is the author of *Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances*.

U.S. News & World Report named her one of the top personal finance experts to follow on Twitter, and AOL Daily Finance named her one of the top 20 personal finance influencers to follow on Twitter. She has appeared on CNBC, CNN, MSNBC and “Fox & Friends” and has been a guest on ABC News Radio, Wall Street Journal Radio, NPR, WTOP in Washington, D.C., KGO in San Francisco and other personal finance radio shows nationwide. She also has been interviewed and quoted as an expert in The New York Times, Chicago Tribune, Forbes, MarketWatch and more.

She has an MA in economic journalism from American University and BA in journalism and Russian studies from Washington & Lee University.

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