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
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
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
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
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
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.
This article originally appeared on GOBankingRates.com: The Average Retirement Age in Every State
