The Average Retirement Age in Every State – Yahoo Finance UK

Posted: January 9, 2022 at 5:02 pm

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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.

Read More: Social Security Cost-of-Living Adjustments Aren't Enough To Pay Higher Costs for SeniorsFind Out: Here's Exactly How Much Savings You Need To Retire In Your State

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.

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Average retirement age: 62

Annual cost of a comfortable retirement: $49,099

Retirement savings needed: $883,790

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Average retirement age: 61

Annual cost of a comfortable retirement: $79,249

Retirement savings needed: $1,505,740

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Average retirement age: 63

Annual cost of a comfortable retirement: $58,327

Retirement savings needed: $991,560

Related: What Is a Roth IRA?

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Average retirement age: 62

Annual cost of a comfortable retirement: $47,836

Retirement savings needed: $861,053

Read: 17 Biggest Budgeting Mistakes You're Making

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Average retirement age: 64

Annual cost of a comfortable retirement: $83,279

Retirement savings needed: $1,332,457

Helpful: 19 Effective Ways To Tackle Your Budget

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Average retirement age: 65

Annual cost of a comfortable retirement: $60,357

Retirement savings needed: $905,350

Story continues

Check Out: Best Cities To Retire on a Budget of $1,500 a Month

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Average retirement age: 65

Annual cost of a comfortable retirement: $70,817

Retirement savings needed: $1,062,257

Read: Tips To Keep Your Finances in Order Without Sacrificing What You Want

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Average retirement age: 63

Annual cost of a comfortable retirement: $58,418

Retirement savings needed: $993,101

Related: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

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Average retirement age: 67

Annual cost of a comfortable retirement: $94,248

Retirement savings needed: $1,225,222

Try: 50 Easy Things You Should Do To Save Money

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Average retirement age: 64

Annual cost of a comfortable retirement: $56,382

Retirement savings needed: $902,116

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Average retirement age: 63

Annual cost of a comfortable retirement: $50,066

Retirement savings needed: $851,122

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Average retirement age: 66

Annual cost of a comfortable retirement: $120,909

Retirement savings needed: $1,692,722

Read: 25 Tips for Saving Money With Your Spouse

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Average retirement age: 64

Annual cost of a comfortable retirement: $52,962

Retirement savings needed: $847,388

Helpful: 16 Effective Ways To Trick Yourself Into Saving Money

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Average retirement age: 64

Annual cost of a comfortable retirement: $54,657

Retirement savings needed: $874,507

Good To Know: 16 Splurges That Save You Money in the Long Run

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Average retirement age: 63

Annual cost of a comfortable retirement: $50,697

Retirement savings needed: $861,848

Keep Reading: 25 Ways To Save 20% More of Your Paycheck Without Even Trying

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Average retirement age: 65

Annual cost of a comfortable retirement: $52,399

Retirement savings needed: $785,982

Try: Cutting Out These 25 Expenses Will Save You $16,142.08 a Year

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Average retirement age: 65

Annual cost of a comfortable retirement: $50,223

Retirement savings needed: $753,339

Learn More: Surprising Ways Gen Z and Millennials Are Worlds Apart Financially

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Average retirement age: 62

Annual cost of a comfortable retirement: $51,082

Retirement savings needed: $919,469

Exclusive: Americans' Savings Drop to Lowest Point in Years

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Average retirement age: 62

Annual cost of a comfortable retirement: $52,695

Retirement savings needed: $948,503

Read more:

The Average Retirement Age in Every State - Yahoo Finance UK

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