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Despite being close to retirement age, many Americans have a hard time conceptualizing retirement. Many people are unaware of the amount they require for retirement, let alone early retirement.
Below are the maps created by howmuch.net using GoBankingRates data that show how much money you need to save to retire early in every American State.
The average retirement age in the United States is 61. That means about 40 years in the workforce for the average retiree. But what if you wanted to cash out earlier?
Savings needed to retire by 35 years old
The annual cost of living expenditures for people at 35 – $69,034
Savings needed to retire by 45 years old
The annual cost of living expenditures for people at 45 – $73,905
Savings needed to retire by 55 years old
The annual cost of living expenditures for people at 55 – $64,972
State
Amount Needed to Retire by 35 ($)
Amount Needed to Retire by 45 ($)
Amount Needed to Retire by 55 ($)
ALABAMA
1,546,362
1,655,472
1,455,373
ALASKA
2,252,234
2,411,151
2,119,712
ARIZONA
1,689,607
1,808,825
1,590,190
ARKANSAS
1,527,377
1,635,148
1,437,506
CALIFORNIA
2,367,866
2,534,942
2,228,540
COLORADO
1,851,837
1,982,502
1,742,874
CONNECTICUT
2,295,381
2,457,341
2,160,319
DELAWARE
1,806,965
1,934,463
1,700,642
FLORIDA
1,710,317
1,830,996
1,609,681
GEORGIA
1,580,879
1,692,425
1,487,859
HAWAII
3,260,131
3,490,164
3,068,303
IDAHO
1,622,299
1,736,768
1,526,842
ILLINOIS
1,651,638
1,768,177
1,554,455
INDIANA
1,553,265
1,662,863
1,461,870
IOWA
1,579,153
1,690,577
1,486,235
KANSAS
1,551,539
1,661,015
1,460,246
KENTUCKY
1,639,558
1,755,244
1,543,085
LOUISIANA
1,606,766
1,720,139
1,512,223
MAINE
2,000,260
2,141,397
1,882,564
MARYLAND
2,231,524
2,388,979
2,100,220
MASSACHUSETTS
2,229,798
2,387,132
2,098,596
MICHIGAN
1,556,717
1,666,558
1,465,119
MINNESOTA
1,781,077
1,906,749
1,676,278
MISSISSIPPI
1,491,134
1,596,348
1,403,395
MISSOURI
1,529,103
1,636,996
1,439,130
MONTANA
1,827,675
1,956,635
1,720,134
NEBRASKA
1,636,106
1,751,549
1,539,836
NEVADA
1,877,725
2,010,216
1,767,238
NEW HAMPSHIRE
1,839,756
1,969,568
1,731,504
NEW JERSEY
2,110,715
2,259,645
1,986,519
NEW MEXICO
1,579,153
1,690,577
1,486,235
NEW YORK
2,312,639
2,475,818
2,176,562
NORTH CAROLINA
1,630,928
1,746,006
1,534,964
NORTH DAKOTA
1,718,947
1,840,235
1,617,803
OHIO
1,605,041
1,718,291
1,510,599
OKLAHOMA
1,503,215
1,609,281
1,414,765
OREGON
2,233,250
2,390,827
2,101,844
PENNSYLVANIA
1,698,236
1,818,063
1,598,311
RHODE ISLAND
2,084,827
2,231,931
1,962,154
SOUTH CAROLINA
1,687,881
1,806,977
1,588,565
SOUTH DAKOTA
1,691,333
1,810,673
1,591,814
TENNESSEE
1,542,910
1,651,777
1,452,124
TEXAS
1,577,427
1,688,729
1,484,610
UTAH
1,725,850
1,847,625
1,624,300
VERMONT
2,022,696
2,165,417
1,903,680
VIRGINIA
1,744,834
1,867,949
1,642,167
WASHINGTON
1,886,354
2,019,454
1,775,360
WEST VIRGINIA
1,596,411
1,709,053
1,502,478
WISCONSIN
1,670,623
1,788,501
1,572,322
WYOMING
1,537,732
1,646,234
1,447,251
According to these maps, you might not require as much money as you think to retire early. If you’re 35 years old, you may be able to retire with only $1.5 million, depending on your location.
Mississippi is the ideal state for early retirees, but Hawaii, California, and New York are too costly.
Of course, my state Hawaii is the worst…
.
The cost of living is the highest because of regressive taxes, government spending and bad business environment
Chaplin
5 years ago
The last category ” < $1.6 mil " has no data for it. It would be good to drop that category.
Of course, my state Hawaii is the worst…
.
The cost of living is the highest because of regressive taxes, government spending and bad business environment
The last category ” < $1.6 mil " has no data for it. It would be good to drop that category.