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.
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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
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Average retirement age: 63
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Annual cost of a comfortable retirement: $58,327
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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
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Average retirement age: 65
-
Annual cost of a comfortable retirement: $60,357
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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
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Average retirement age: 67
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Annual cost of a comfortable retirement: $94,248
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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
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Average retirement age: 66
-
Annual cost of a comfortable retirement: $120,909
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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
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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
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Average retirement age: 62
-
Annual cost of a comfortable retirement: $51,082
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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
-
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
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Average retirement age: 65
-
Annual cost of a comfortable retirement: $56,869
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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
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Average retirement age: 64
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Annual cost of a comfortable retirement: $55,711
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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
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Average retirement age: 65
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Annual cost of a comfortable retirement: $62,011
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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
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Average retirement age: 64
-
Annual cost of a comfortable retirement: $77,911
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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
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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.