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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.
