Thinking of Retiring? Here’s the Average Retirement Age In Your State

By Prattiba JaiSri On Sep 16, 2021

If you are financially ok to retire, which means you have a solid grasp of your budget, a carefully considered investment and spending plan for your life savings, debt that’s under control, and a plan you’re excited about for how you’ll spend your days, maybe you should actually consider it.

Here’s a list of the average retirement age in every state, plus the retirement savings needed to help you make your decisions.

Alabama

Average retirement age: 62
Annual cost of a comfortable retirement: $49,099
Retirement savings needed: $883,790

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

Overall, your financial situation should be stable before you decide to retire: A detailed projection of your retirement income and expenses is key. You should also be able to understand how taxes, inflation, and healthcare will affect your nest egg.

Lastly, if you’re still happily working, don’t let an arbitrary age determine when to retire.