Want To Retire Early? These Are the 10 Fastest and Slowest States for Retirement

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Research from Mass Mutual found that the typical American retires at age 62, which means most people spend about 40 years working before they finally retire.

But a lot depends on how much you have saved for retirement — and your location. You can reach retirement much quicker in some states than in others, according to a recent study from John Stevenson, a Nevada-based financial and retirement advisor.

One thing the study found is that if you want to retire comfortably, without having to stress over money in your golden years, you might need to build a nest egg of $800,000 or more. If you live where expenses are especially high, you should aim to save more than $1 million.

Unfortunately, most people don’t get anywhere near that goal. According to Federal Reserve data, the average retirement savings for Americans ages 65 to 74 was $200,000 as of 2022, the most recent year data are available.

For their study, John Stevenson’s researchers looked at average incomes and expenses for each state to determine how many years it would take to reach the ideal retirement savings goal.

The number of years ranged from less than 30 to more than 70. This basically means that if you earn an average salary in some states, you’ll either need to retire very late in life, move elsewhere, or depend on more than just your savings to retire comfortably. In the case of Hawaii, expenses are so high that it’s not possible to reach the ideal retirement goal on an average salary, according to the study.

Here’s a look at the 10 fastest and slowest states for retirement.

Also find out how much a comfortable retirement costs in each state in 2025.

Fastest States for Retirement

Illinois

• Years to retire: 26
• Retirement goal: $873,646
• Average wages: $69,020 per year
• Average annual living expenses: $34,893

Minnesota 

• Years to retire: 26
• Retirement goal: $870,642
• Average wages: $68,880
• Average annual expenses: $35,911

Georgia 

• Years to retire: 27
• Retirement goal: $813,559
• Average wages: $64,210
• Average annual expenses: $34,180

Michigan 

• Years to retire: 29
• Retirement goal: $825,577
• Average wages: $63,120
• Average annual expenses: $34,540

Virginia 

• Years to retire: 29
• Retirement goal: $948,755
• Average wages: $72,060
• Average annual expenses: $39,406

Texas  

• Years to retire: 29
• Retirement goal: $830,083
• Average wages: $63,660
• Average annual expenses: $35,094

Kansas 

• Years to retire: 29
• Retirement goal: $741,455
• Average wages: $58,230
• Average annual expenses: $33,031

Missouri 

• Years to retire: 30
• Retirement goal: $776,005
• Average wages: $59,630
• Average annual expenses: $33,594

Maryland 

• Years to retire: 31
• Retirement goal: $924,720
• Average wages: $76,130
• Average annual expenses: $45,944

Colorado 

• Years to retire: 31
• Retirement goal: $981,803
• Average wages: $71,960
• Average annual expenses: $40,652

Slowest States for Retirement

Hawaii

• Years to retire: N/A (not able to retire solely on average wages)
• Retirement goal: $2,212,084
• Average wages: $68,280
• Average annual expenses: $76,828

California

• Years to retire: 71
• Retirement goal: $1,612,716
• Average wages: $79,900
• Average annual expenses: $57,195

Massachusetts

• Years to retire: 71
• Retirement goal: $1,645,764
• Average wages: $83,050
• Average annual expenses: $59,797

Alaska

• Years to retire: 56
• Retirement goal: $1,292,753
• Average wages: $72,810
• Average annual expenses: $49,887

Vermont

• Years to retire: 55
• Retirement goal: $1,153,051
• Average wages: $66,330
• Average annual expenses: $45,500

Maine

• Years to retire: 54
• Retirement goal: $1,144,038
• Average wages: $63,760
• Average annual expenses: $42,393

Arizona

• Years to retire: 48
• Retirement goal: $1,133,522
• Average wages: $65,740
• Average annual expenses: $42,083

Nevada

• Years to retire: 47
• Retirement goal: $942,746
• Average wages: $60,310
• Average annual expenses: $40,354

Idaho

• Years to retire: 47
• Retirement goal: $971,288
• Average wages: $58,440
• Average annual expenses: $37,706

Montana

• Years to retire: 46
• Retirement goal: $851,114
• Average wages: $58,160
• Average annual expenses: $39,468

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