Report: The Most Realistic Retirement Age in Every State

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Most Americans dream of retiring one day, but for that goal is more achievable for some people than others. The retirement age that’s most attainable for you is largely related to where you live, according to a new report.

Finance site GOBankingRates has released a list of realistic retirement ages for residents in every state. The list can be used as a barometer to see how much you need to save before you can retire comfortably.

Realistic Retirement Age in Every State

To find out the most realistic retirement age state by state, GOBankingRates used its own data in concert with that of the Census Bureau and based it on the following assumptions:

  • Employment began at age 22
  • “Workers followed the 50/30/20 rule — allocating 50% of personal income to necessities, 30% to wants and 20% to savings.”
  • Of the 20% put toward savings, “14% was put in a typical savings account and 6% was put into a 401(k) with a 50% employer match (up to 3%)” and an average annual return of 5%.

Let’s look at the most realistic retirement age state by state:

Alabama

  • Realistic retirement age: 59
  • How much savings you need to retire: $723,989
  • Total savings: $759,485

Alaska

  • Realistic retirement age: 64
  • How much savings you need to retire: $1,213,517
  • Total savings at 64: $1,301,392

Arizona

  • Realistic retirement age: 58
  • How much savings you need to retire: $862,583
  • Total savings at 58: $905,975

Arkansas

  • Realistic retirement age: 59
  • How much savings you need to retire: $697,288
  • Total savings at 59: $757,128

California

  • Realistic retirement age: 66
  • How much savings you need to retire: $1,369,911
  • Total savings at 66: $1,442,638

Colorado

  • Realistic retirement age: 56
  • How much savings you need to retire: $908,357
  • Total savings at 56: $970,746

Connecticut

  • Realistic retirement age: 62
  • How much savings you need to retire: $1,184,272
  • Total savings at 62: $1,263,773

Delaware

  • Realistic retirement age: 60
  • How much savings you need to retire: $960,488
  • Total savings at 60: $1,033,545

Florida

  • Realistic retirement age: 61
  • How much savings you need to retire: $843,510
  • Total savings at 61: $907,809

Georgia

  • Realistic retirement age: 57
  • How much savings you need to retire: $737,976
  • Total savings at 57: $776,321

Hawaii

  • Realistic retirement age: 74
  • How much savings you need to retire: $2,151,884
  • Total savings at 74: $2,252,310

Idaho

  • Realistic retirement age: 58
  • How much savings you need to retire: $797,736
  • Total savings at 58: $854,264

Illinois

  • Realistic retirement age: 54
  • How much savings you need to retire: $804,094
  • Total savings at 54: $850,543

Indiana

  • Realistic retirement age: 56
  • How much savings you need to retire: $745,605
  • Total savings at 56: $796,066

Iowa

  • Realistic retirement age: 54
  • How much savings you need to retire: $767,220
  • Total savings at 54: $833,240

Kansas

  • Realistic retirement age: 54
  • How much savings you need to retire: $703,645
  • Total savings at 54: $775,280

Kentucky

  • Realistic retirement age: 59
  • How much savings you need to retire: $774,849
  • Total savings at 59: $829,737

Louisiana

  • Realistic retirement age: 61
  • How much savings you need to retire: $773,578
  • Total savings at 61: $830,209

Maine

  • Realistic retirement age: 65
  • How much savings you need to retire: $1,083,824
  • Total savings at 65: $1,154,700

Maryland

  • Realistic retirement age: 59
  • How much savings you need to retire: $1,238,947
  • Total savings at 59: $1,311,381

Massachusetts

  • Realistic retirement age: 59
  • How much savings you need to retire: $1,249,119
  • Total savings at 59: $1,313,236

Michigan

  • Realistic retirement age: 55
  • How much savings you need to retire: $732,890
  • Total savings at 55: $767,587

Minnesota

  • Realistic retirement age: 56
  • How much savings you need to retire: $871,483
  • Total savings at 56: $954,570

Mississippi

  • Realistic retirement age: 61
  • How much savings you need to retire: $666,772
  • Total savings at 61: $710,727

Missouri

  • Realistic retirement age: 55
  • How much savings you need to retire: $725,261
  • Total savings at 55: $783,803

Montana

  • Realistic retirement age: 63
  • How much savings you need to retire: $963,031
  • Total savings at 63: $1,045,703

Nebraska

  • Realistic retirement age: 54
  • How much savings you need to retire: $758,320
  • Total savings at 54: $819,381

Nevada

  • Realistic retirement age: 59
  • How much savings you need to retire: $899,456
  • Total savings at 59: $940,900

New Hampshire

  • Realistic retirement age: 55
  • How much savings you need to retire: $956,674
  • Total savings at 55: $1,032,939

New Jersey

  • Realistic retirement age: 61
  • How much savings you need to retire: $1,174,100
  • Total savings at 61: $1,232,297

New Mexico

  • Realistic retirement age: 60
  • How much savings you need to retire: $720,175
  • Total savings at 60: $767,592

New York

  • Realistic retirement age: 66
  • How much savings you need to retire: $1,308,879
  • Total savings at 66: $1,376,839

North Carolina

  • Realistic retirement age: 60
  • How much savings you need to retire: $797,736
  • Total savings at 60: $848,448

North Dakota

  • Realistic retirement age: 56
  • How much savings you need to retire: $820,623
  • Total savings at 56: $883,964

Ohio

  • Realistic retirement age: 56
  • How much savings you need to retire: $772,306
  • Total savings at 56: $819,207

Oklahoma

  • Realistic retirement age: 56
  • How much savings you need to retire: $687,116
  • Total savings at 56: $723,520

Oregon

  • Realistic retirement age: 66
  • How much savings you need to retire: $1,334,309
  • Total savings at 66: $1,415,540

Pennsylvania

  • Realistic retirement age: 58
  • How much savings you need to retire: $874,026
  • Total savings at 58: $938,573

Rhode Island

  • Realistic retirement age: 64
  • How much savings you need to retire: $1,099,082
  • Total savings at 64: $1,178,929

South Carolina

  • Realistic retirement age: 59
  • How much savings you need to retire: $801,551
  • Total savings at 59: $873,676

South Dakota

  • Realistic retirement age: 58
  • How much savings you need to retire: $819,352
  • Total savings at 58: $864,955

Tennessee

  • Realistic retirement age: 56
  • How much savings you need to retire: $707,460
  • Total savings at 56: $745,133

Texas

  • Realistic retirement age: 57
  • How much savings you need to retire: $762,134
  • Total savings at 57: $831,450

Utah

  • Realistic retirement age: 53
  • How much savings you need to retire: $815,537
  • Total savings at 53: $887,851

Vermont

  • Realistic retirement age: 60
  • How much savings you need to retire: $1,060,937
  • Total savings at 60: $1,113,893

Virginia

  • Realistic retirement age: 54
  • How much savings you need to retire: $885,470
  • Total savings at 54: $935,494

Washington

  • Realistic retirement age: 56
  • How much savings you need to retire: $1,003,719
  • Total savings at 56: $1,059,694

West Virginia

  • Realistic retirement age: 60
  • How much savings you need to retire: $754,505
  • Total savings at 60: $803,997

Wisconsin

  • Realistic retirement age: 57
  • How much savings you need to retire: $811,723
  • Total savings at 57: $871,002

Wyoming

  • Realistic retirement age: 59
  • How much savings you need to retire: $889,284
  • Total savings at 59: $951,167

As you can see from the list, some of the most populated states have higher retirement ages. However, that doesn’t mean your retirement goals should be based strictly on where you live.

Money expert Clark Howard says anyone can save — if you have a plan. Here’s how to start off investing to save for retirement.

More Retirement Resources From Clark.com:

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