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The Cost To Retire Comfortably in Every State by Age
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 chance to stop working, and enjoy a more leisurely pace. While true early retirement, say in your 40s or 50s might not be possible, in many U.S. states, what most people would call an "early" retirement-around 60-is within reach.
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GOBankingRates looked at the cost of a comfortable retirement in each of the respective states, using data from the Bureau of Labor Statistics' (BLS) Consumer Expenditure Survey 2021 to determine essential expenses, and each state's itemized cost of living index, sourced from the Missouri Economic Research and Information Center's 2022 annual cost of living indices.
After calculating total necessities' expenditures, an additional savings buffer was calculated by assuming that total expenditures covers 80% of one's budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings.
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.
Alabama
Annual cost of a comfortable retirement: $51,109
Retirement savings needed at 60: $1,022,174
Retirement savings needed at 70: $511,087
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Alaska
Annual cost of a comfortable retirement: $80,117
Retirement savings needed at 60: $1,602,331
Retirement savings needed at 70: $801,165
Arizona
Annual cost of a comfortable retirement: $63,754
Retirement savings needed at 60: $1,275,070
Retirement savings needed at 70: $637,535
Arkansas
Annual cost of a comfortable retirement: $51,237
Retirement savings needed at 60: $1,024,737
Retirement savings needed at 70: $512,368
California
Annual cost of a comfortable retirement: $86,515
Retirement savings needed at 60: $1,730,293
Retirement savings needed at 70: $865,146
Colorado
Annual cost of a comfortable retirement: $62,446
Retirement savings needed at 60: $1,248,914
Retirement savings needed at 70: $624,457
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Connecticut
Annual cost of a comfortable retirement: $69,298
Retirement savings needed at 60: $1,385,968
Retirement savings needed at 70: $692,984
Delaware
Annual cost of a comfortable retirement: $62,908
Retirement savings needed at 60: $1,258,156
Retirement savings needed at 70: $629,078
Florida
Annual cost of a comfortable retirement: $61,743
Retirement savings needed at 60: $1,234,862
Retirement savings needed at 70: $617,431
Georgia
Annual cost of a comfortable retirement: $51,965
Retirement savings needed at 60: $1,039,291
Retirement savings needed at 70: $519,645
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Hawaii
Annual cost of a comfortable retirement: $116,635
Retirement savings needed at 60: $2,332,697
Retirement savings needed at 70: $1,166,349
Idaho
Annual cost of a comfortable retirement: $59,083
Retirement savings needed at 60: $1,181,657
Retirement savings needed at 70: $590,828
Illinois
Annual cost of a comfortable retirement: $55,680
Retirement savings needed at 60: $1,113,606
Retirement savings needed at 70: $556,803
Indiana
Annual cost of a comfortable retirement: $53,803
Retirement savings needed at 60: $1,076,061
Retirement savings needed at 70: $538,031
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Iowa
Annual cost of a comfortable retirement: $53,072
Retirement savings needed at 60: $1,061,435
Retirement savings needed at 70: $530,717
Kansas
Annual cost of a comfortable retirement: $52,844
Retirement savings needed at 60: $1,056,881
Retirement savings needed at 70: $528,440
Kentucky
Annual cost of a comfortable retirement: $52,536
Retirement savings needed at 60: $1,050,727
Retirement savings needed at 70: $525,364
Louisiana
Annual cost of a comfortable retirement: $55,703
Retirement savings needed at 60: $1,114,054
Retirement savings needed at 70: $557,027
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Maine
Annual cost of a comfortable retirement: $73,247
Retirement savings needed at 60: $1,464,942
Retirement savings needed at 70: $732,471
Maryland
Annual cost of a comfortable retirement: $73,247
Retirement savings needed at 60: $1,464,942
Retirement savings needed at 70: $732,471
Massachusetts
Annual cost of a comfortable retirement: $93,888
Retirement savings needed at 60: $1,877,759
Retirement savings needed at 70: $938,880
Michigan
Annual cost of a comfortable retirement: $54,650
Retirement savings needed at 60: $1,092,996
Retirement savings needed at 70: $546,498
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Minnesota
Annual cost of a comfortable retirement: $58,229
Retirement savings needed at 60: $1,164,579
Retirement savings needed at 70: $582,289
Mississippi
Annual cost of a comfortable retirement: $50,569
Retirement savings needed at 60: $1,011,389
Retirement savings needed at 70: $505,694
Missouri
Annual cost of a comfortable retirement: $53,123
Retirement savings needed at 60: $1,062,468
Retirement savings needed at 70: $531,234
Montana
Annual cost of a comfortable retirement: $62,532
Retirement savings needed at 60: $1,250,645
Retirement savings needed at 70: $625,322
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Nebraska
Annual cost of a comfortable retirement: $55,487
Retirement savings needed at 60: $1,109,735
Retirement savings needed at 70: $554,867
Nevada
Annual cost of a comfortable retirement: $63,791
Retirement savings needed at 60: $1,275,828
Retirement savings needed at 70: $637,914
New Hampshire
Annual cost of a comfortable retirement: $68,366
Retirement savings needed at 60: $1,367,312
Retirement savings needed at 70: $683,656
New Jersey
Annual cost of a comfortable retirement: $67,528
Retirement savings needed at 60: $1,350,552
Retirement savings needed at 70: $675,276
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New Mexico
Annual cost of a comfortable retirement: $56,536
Retirement savings needed at 60: $1,130,728
Retirement savings needed at 70: $565,364
New York
Annual cost of a comfortable retirement: $81,765
Retirement savings needed at 60: $1,635,297
Retirement savings needed at 70: $577,641
North Carolina
Annual cost of a comfortable retirement: $57,764
Retirement savings needed at 60: $1,155,282
Retirement savings needed at 70: $577,641
North Dakota
Annual cost of a comfortable retirement: $59,916
Retirement savings needed at 60: $1,198,323
Retirement savings needed at 70: $599,161
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Ohio
Annual cost of a comfortable retirement: $53,583
Retirement savings needed at 60: $1,071,665
Retirement savings needed at 70: $535,832
Oklahoma
Annual cost of a comfortable retirement: $50,750
Retirement savings needed at 60: $1,015,009
Retirement savings needed at 70: $507,504
Oregon
Annual cost of a comfortable retirement: $74,229
Retirement savings needed at 60: $1,484,577
Retirement savings needed at 70: $742,289
Pennsylvania
Annual cost of a comfortable retirement: $58,395
Retirement savings needed at 60: $1,167,902
Retirement savings needed at 70: $583,951
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Rhode Island
Annual cost of a comfortable retirement: $66,637
Retirement savings needed at 60: $1,332,740
Retirement savings needed at 70: $666,370
South Carolina
Annual cost of a comfortable retirement: $55,575
Retirement savings needed at 60: $1,111,491
Retirement savings needed at 70: $555,746
South Dakota
Annual cost of a comfortable retirement: $56,597
Retirement savings needed at 60: $1,131,936
Retirement savings needed at 70: $565,968
Tennessee
Annual cost of a comfortable retirement: $52,885
Retirement savings needed at 60: $1,057,697
Retirement savings needed at 70: $528,849
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Texas
Annual cost of a comfortable retirement: $54,682
Retirement savings needed at 60: $1,093,642
Retirement savings needed at 70: $546,821
Utah
Annual cost of a comfortable retirement: $60,449
Retirement savings needed at 60: $1,208,978
Retirement savings needed at 70: $604,489
Vermont
Annual cost of a comfortable retirement: $71,814
Retirement savings needed at 60: $1,436,283
Retirement savings needed at 70: $718,142
Virginia
Annual cost of a comfortable retirement: $61,817
Retirement savings needed at 60: $1,236,337
Retirement savings needed at 70: $618,169
Washington
Annual cost of a comfortable retirement: $69,185
Retirement savings needed at 60: $1,383,709
Retirement savings needed at 70: $691,855
West Virginia
Annual cost of a comfortable retirement: $54,011
Retirement savings needed at 60: $1,080,212
Retirement savings needed at 70: $540,106
Wisconsin
Annual cost of a comfortable retirement: $58,832
Retirement savings needed at 60: $1,176,644
Retirement savings needed at 70: $588,322
Wyoming
Annual cost of a comfortable retirement: $54,392
Retirement savings needed at 60: $1,087,846
Retirement savings needed at 70: $543,923
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John Csiszar contributed to the reporting for this article.
Methodology: GOBankingRates looked at the cost of a comfortable retirement in each of the respective states, GOBankingRates analyzed consumption expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics' (BLS) Consumer Expenditure Survey 2021: (1) annual spending on groceries, defined as "food at home" by the BLS; (2) annual spending on housing, defined as "shelter" by the BLS; (3) annual spending on transportation, defined as ""Gasoline, other fuels, and motor oil" + "other vehicle expenses" by the BLS; (4) annual spending on healthcare; (5) annual spending on utilities, defined as "uilities, fuels and other services" by BLS. These were then adjusted to every state's itemized cost of living index, sourced from the Missouri Economic Research and Information Center's 2022 annual cost of living indices. After calculating total neccessities expenditures, an additional savings buffer was calculated by assuming that total expenditures covers 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then calculated how much savings you need to retire comfortably from ages 60-70 in each state. All of GOBankingRates original data and analyses was conducted on February 23, 2023.
This article originally appeared on GOBankingRates.com: The Cost To Retire Comfortably in Every State by Age