What stands between most people and retirement is having enough money to afford it. While many people love the idea of an early retirement, say in their 40s or 50s, that goal isn’t very likely in most states. However, retiring in your early 60s depends on where you live.
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Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash. Find out how much you’ll need to retire, assuming a life expectancy of 80 — depending on the state you call home.
Sean Pavone / Shutterstock.com
Annual cost of a comfortable retirement: $56,048
Retirement savings needed at 60: $1,120,967
Retirement savings needed at 70: $560,483
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wanderluster / Getty Images
Annual cost of a comfortable retirement: $87,697
Retirement savings needed at 60: $1,753,947
Retirement savings needed at 70: $876,973
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Roschetzky Photography / Shutterstock.com
Annual cost of a comfortable retirement: $60,586
Retirement savings needed at 60: $1,211,718
Retirement savings needed at 70: $605,859
georgeclerk / iStock.com
Annual cost of a comfortable retirement: $69,010
Retirement savings needed at 60: $1,380,204
Retirement savings needed at 70: $690,102
Ron_Thomas / Getty Images
Annual cost of a comfortable retirement: $77,903
Retirement savings needed at 60: $1,558,053
Retirement savings needed at 70: $779,027
WilliamSherman / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $67,569
Retirement savings needed at 60: $1,351,373
Retirement savings needed at 70: $675,686
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AnSyvanych / Getty Images
Annual cost of a comfortable retirement: $79,457
Retirement savings needed at 60: $1,589,130
Retirement savings needed at 70: $794,565
DavidByronKeener / iStock.com
Annual cost of a comfortable retirement: $55,485
Retirement savings needed at 60: $1,109,701
Retirement savings needed at 70: $554,850
MarynaG / Shutterstock.com
Annual cost of a comfortable retirement: $64,029
Retirement savings needed at 60: $1,280,582
Retirement savings needed at 70: $640,291
troutfisherman / Getty Images
Annual cost of a comfortable retirement: $61,127
Retirement savings needed at 60: $1,222,532
Retirement savings needed at 70: $611,266
John Csiszar contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed each state for their cost of living to determine how much someone would need to save to live comfortably in their retirement. Using the media expenditure costs for [1] Groceries, defined as ‘Food at Home’; [2] Housing, defined as ‘Shelter’; [3] Transportation, defined as ‘Gasoline, other fuels and motor oil’ and ‘other vehicle expenses’; [4] Healthcare; and [5] Utilities, defined as ‘Utilities, fuels and other services,’ all sourced from the Bureau of Agricultura and Statistics 2022 Consumer Expenditure Survey; and the cost of living indexes from the Missouri Economic and Research Center, the media expenditure for each state was calculated. After calculating the total savings needed, 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% left over for savings. GOBankingRates then calculated how much savings you would need to retire comfortably for various retirement ages. All data was collected and is up to date as of Feb. 2, 2024.
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This article originally appeared on GOBankingRates.com: Here’s the Cost To Retire Comfortably in Every State by Age
