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The Average Retirement Age in Every State

GOBankingRates Logo By John Csiszar of GOBankingRates | Slide 1 of 52: 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’ (BLS) 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.

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. 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’ (BLS) 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.

© Hybrid Images / Getty Images/Cultura RF

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