The Average Retirement Age in Every State

John Csiszar

Updated Fri, Sep 4, 2020, 5:00 AM9 min read

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.

Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash. To determine just how much it takes, GOBankingRates analyzed consumption expenditures of Americans ages 65 and older, based on data sourced from the Bureau of Labor Statistics’ Consumer Expenditure Survey. Expenses in a variety of basic necessity categories were included, from annual spending on groceries to the cost of housing, utilities, transportation and healthcare. These were then adjusted to every state’s itemized cost of living index and an additional savings buffer of 20% was added. Based on this data, the average savings needed to retire across America as a whole is $1,311,794.45.

If nothing else, the 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.

Last updated: Sept. 4, 2020

West Virginia

Average retirement age: 61
Annual cost of a comfortable retirement: $58,645.34
Retirement savings needed: $1,172,906.85

Alaska

Average retirement age: 61
Annual cost of a comfortable retirement: $80,877.32
Retirement savings needed: $1,617,546.30

Oklahoma

Average retirement age: 62
Annual cost of a comfortable retirement: $54,558.13
Retirement savings needed: $1,091,162.55

Arkansas

Average retirement age: 62
Annual cost of a comfortable retirement: $54,743.91
Retirement savings needed: $1,094,878.20

Michigan

Average retirement age: 62
Annual cost of a comfortable retirement: $55,301.26
Retirement savings needed: $1,106,025.15

Alabama

Average retirement age: 62
Annual cost of a comfortable retirement: $55,425.11
Retirement savings needed: $1,108,502.25

Kentucky

Average retirement age: 62
Annual cost of a comfortable retirement: $56,849.45
Retirement savings needed: $1,136,988.90

New Mexico

Average retirement age: 62
Annual cost of a comfortable retirement: $57,468.72
Retirement savings needed: $1,149,374.40

Louisiana

Average retirement age: 62
Annual cost of a comfortable retirement: $57,964.14
Retirement savings needed: $1,159,282.80

Mississippi

Average retirement age: 63
Annual cost of a comfortable retirement: $53,071.87
Retirement savings needed: $1,061,437.35

Missouri

Average retirement age: 63
Annual cost of a comfortable retirement: $54,991.62
Retirement savings needed: $1,099,832.40

Indiana

Average retirement age: 63
Annual cost of a comfortable retirement: $55,796.68
Retirement savings needed: $1,115,933.55

Georgia

Average retirement age: 63
Annual cost of a comfortable retirement: $56,477.88
Retirement savings needed: $1,129,557.60

Ohio

Average retirement age: 63
Annual cost of a comfortable retirement: $57,468.72
Retirement savings needed: $1,149,374.40

North Carolina

Average retirement age: 63
Annual cost of a comfortable retirement: $58,211.85
Retirement savings needed: $1,164,237.00

Arizona

Average retirement age: 63
Annual cost of a comfortable retirement: $60,503.17
Retirement savings needed: $1,210,063.35

Related: 10 Best Retirement Plans

South Carolina

Average retirement age: 63
Annual cost of a comfortable retirement: $60,874.73
Retirement savings needed: $1,217,494.65

Delaware

Average retirement age: 63
Annual cost of a comfortable retirement: $65,643.15
Retirement savings needed: $1,312,863.00

Nevada

Average retirement age: 63
Annual cost of a comfortable retirement: $67,067.48
Retirement savings needed: $1,341,349.65

Maine

Average retirement age: 63
Annual cost of a comfortable retirement: $72,579.03
Retirement savings needed: $1,451,580.60

Oregon

Average retirement age: 63
Annual cost of a comfortable retirement: $81,248.88
Retirement savings needed: $1,624,977.60

Tennessee

Average retirement age: 64
Annual cost of a comfortable retirement: $55,425.11
Retirement savings needed: $1,108,502.25

Wyoming

Average retirement age: 64
Annual cost of a comfortable retirement: $56,044.39
Retirement savings needed: $1,120,887.75

Idaho

Average retirement age: 64
Annual cost of a comfortable retirement: $58,335.71
Retirement savings needed: $1,166,714.10

Illinois

Average retirement age: 64
Annual cost of a comfortable retirement: $59,264.62
Retirement savings needed: $1,185,292.35

Wisconsin

Average retirement age: 64
Annual cost of a comfortable retirement: $59,326.55
Retirement savings needed: $1,186,530.90

Pennsylvania

Average retirement age: 64
Annual cost of a comfortable retirement: $61,060.52
Retirement savings needed: $1,221,210.30

Florida

Average retirement age: 64
Annual cost of a comfortable retirement: $61,246.30
Retirement savings needed: $1,224,925.95

Montana

Average retirement age: 64
Annual cost of a comfortable retirement: $64,404.60
Retirement savings needed: $1,288,092.00

Washington

Average retirement age: 64
Annual cost of a comfortable retirement: $67,810.61
Retirement savings needed: $1,356,212.25

New York

Average retirement age: 64
Annual cost of a comfortable retirement: $84,035.62
Retirement savings needed: $1,680,712.35

California

Average retirement age: 64
Annual cost of a comfortable retirement: $85,893.44
Retirement savings needed: $1,717,868.85

Kansas

Average retirement age: 65
Annual cost of a comfortable retirement: $55,548.97
Retirement savings needed: $1,110,979.35

Texas

Average retirement age: 65
Annual cost of a comfortable retirement: $56,539.81
Retirement savings needed: $1,130,796.15

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Iowa

Average retirement age: 65
Annual cost of a comfortable retirement: $56,849.45
Retirement savings needed: $1,136,988.90

Nebraska

Average retirement age: 65
Annual cost of a comfortable retirement: $57,778.36
Retirement savings needed: $1,155,567.15

Utah

Average retirement age: 65
Annual cost of a comfortable retirement: $60,812.81
Retirement savings needed: $1,216,256.10

North Dakota

Average retirement age: 65
Annual cost of a comfortable retirement: $61,122.44
Retirement savings needed: $1,222,448.85

Minnesota

Average retirement age: 65
Annual cost of a comfortable retirement: $62,856.41
Retirement savings needed: $1,257,128.25

Virginia

Average retirement age: 65
Annual cost of a comfortable retirement: $63,166.05
Retirement savings needed: $1,263,321.00

Colorado

Average retirement age: 65
Annual cost of a comfortable retirement: $65,333.51
Retirement savings needed: $1,306,670.25

New Hampshire

Average retirement age: 65
Annual cost of a comfortable retirement: $67,686.76
Retirement savings needed: $1,353,735.15

Vermont

Average retirement age: 65
Annual cost of a comfortable retirement: $73,507.94
Retirement savings needed: $1,470,158.85

New Jersey

Average retirement age: 65
Annual cost of a comfortable retirement: $75,861.19
Retirement savings needed: $1,517,223.75

Rhode Island

Average retirement age: 65
Annual cost of a comfortable retirement: $75,861.19
Retirement savings needed: $1,517,223.75

Connecticut

Average retirement age: 65
Annual cost of a comfortable retirement: $79,762.62
Retirement savings needed: $1,595,252.40

Maryland

Average retirement age: 65
Annual cost of a comfortable retirement: $81,310.81
Retirement savings needed: $1,626,216.15

South Dakota

Average retirement age: 66
Annual cost of a comfortable retirement: $60,998.59
Retirement savings needed: $1,219,971.75

Massachusetts

Average retirement age: 66
Annual cost of a comfortable retirement: $82,859.00
Retirement savings needed: $1,657,179.90

Hawaii

Average retirement age: 66
Annual cost of a comfortable retirement: $117,724.18
Retirement savings needed: $2,354,483.55

District of Columbia

Average retirement age: 67
Annual cost of a comfortable retirement: $100,879.90
Retirement savings needed: $2,017,597.95

More From GOBankingRates

Methodology: GOBankingRates looked at the average retirement age in every state, as reported by Money Talks News on Sept. 29, 2019, which used data from the most recent U.S. Census Bureau American Community Survey and compared it with the cost to retire in each state. To find the cost of a comfortable retirement in each state, GOBankingRates analyzed consumption expenditures of Americans ages 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey 2017. The consumption expenditures included the following: (1) annual spending on groceries, defined as “food at home” by the BLS; (2) annual spending on housing, utilities and housekeeping, defined as “housing” by the BLS; (3) annual spending on transportation; (4) annual spending on healthcare; and (5) overall average annual expenditures. These were then adjusted to every state’s itemized cost of living index, sourced from the Missouri Economic Research and Information Center’s 2018 average annual cost of living index. After calculating total consumption expenditures, an additional savings buffer was calculated by assuming that total expenditures cover 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% leftover for savings. All of GOBankingRates’ original research was conducted on May 17, 2019.

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

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