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 slice of "the easy life." The good news is that in many U.S. states, what most people would call an "early" retirement is within reach. Although "full retirement age" for Social Security purposes isn't until age 67, the average retirement age in every single state — with the exception of the District of Columbia — is below 67. On average, retirees in the U.S. hang up their work boots at age 64, according to Money Talks News.

Read More: Social Security Cost-of-Living Adjustments Aren’t Enough To Pay Higher Costs for Seniors
Find Out: Here’s Exactly How Much Savings You Need To Retire In Your State

Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash.

If nothing else, this study proves two things. First, the state in which you live can play a big role in how early you can retire, as evidenced by the low average retirement ages across wide swaths of the South and Midwest. Next, it takes more than $1 million to have a comfortable retirement in any state in America — or over $2 million in the case of Hawaii and the District of Columbia — so it's important to work with a retirement advisor or the best 401(k) providers to help boost your savings as much as possible.

Check out when you can expect to retire, based on your state of residence.

Last updated: July 16, 2021

                            Alabama
Average retirement age: 62
Annual cost of a comfortable retirement: $49,099

Retirement savings needed: $883,790
Save More: Savings Tricks From Regular People Who Are Sitting on Millions

                            Alaska
Average retirement age: 61
Annual cost of a comfortable retirement: $79,249

Retirement savings needed: $1,505,740
Watch Out: 14 Key Signs You Will Run Out of Money in Retirement

                            Arizona
Average retirement age: 63
Annual cost of a comfortable retirement: $58,327

Retirement savings needed: $991,560
Related: What Is a Roth IRA?

                            Arkansas
Average retirement age: 62
Annual cost of a comfortable retirement: $47,836

Retirement savings needed: $861,053
Read: 17 Biggest Budgeting Mistakes You’re Making

                            California
Average retirement age: 64
Annual cost of a comfortable retirement: $83,279

Retirement savings needed: $1,332,457
Helpful: 19 Effective Ways To Tackle Your Budget

                            Colorado
Average retirement age: 65
Annual cost of a comfortable retirement: $60,357

Retirement savings needed: $905,350
Check Out: Best Cities To Retire on a Budget of $1,500 a Month

                            Connecticut
Average retirement age: 65
Annual cost of a comfortable retirement: $70,817

Retirement savings needed: $1,062,257
Read: Tips To Keep Your Finances in Order Without Sacrificing What You Want

                            Delaware
Average retirement age: 63
Annual cost of a comfortable retirement: $58,418

Retirement savings needed: $993,101
Related: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

                            District of Columbia
Average retirement age: 67
Annual cost of a comfortable retirement: $94,248
Retirement savings needed: $1,225,222
Try: 50 Easy Things You Should Do To Save Money

                            Florida
Average retirement age: 64
Annual cost of a comfortable retirement: $56,382

Retirement savings needed: $902,116
Stop Now: 50 Terrible Ways To Try and Save Money

                            Georgia
Average retirement age: 63
Annual cost of a comfortable retirement: $50,066

Retirement savings needed: $851,122
Find Out: Things To Cut Out Right Now To Save Money During the Health Crisis

                            Hawaii
Average retirement age: 66
Annual cost of a comfortable retirement: $120,909

Retirement savings needed: $1,692,722
Read: 25 Tips for Saving Money With Your Spouse

                            Idaho
Average retirement age: 64
Annual cost of a comfortable retirement: $52,962

Retirement savings needed: $847,388
Helpful: 16 Effective Ways To Trick Yourself Into Saving Money

                            Illinois
Average retirement age: 64
Annual cost of a comfortable retirement: $54,657

Retirement savings needed: $874,507
Good To Know: 16 Splurges That Save You Money in the Long Run

                            Indiana
Average retirement age: 63
Annual cost of a comfortable retirement: $50,697

Retirement savings needed: $861,848
Keep Reading: 25 Ways To Save 20% More of Your Paycheck Without Even Trying

                            Iowa
Average retirement age: 65
Annual cost of a comfortable retirement: $52,399

Retirement savings needed: $785,982
Try: Cutting Out These 25 Expenses Will Save You $16,142.08 a Year

                            Kansas
Average retirement age: 65
Annual cost of a comfortable retirement: $50,223

Retirement savings needed: $753,339
Learn More: Surprising Ways Gen Z and Millennials Are Worlds Apart Financially

                            Kentucky
Average retirement age: 62
Annual cost of a comfortable retirement: $51,082

Retirement savings needed: $919,469
Exclusive: Americans’ Savings Drop to Lowest Point in Years

                            Louisiana
Average retirement age: 62
Annual cost of a comfortable retirement: $52,695

Retirement savings needed: $948,503
See: How To Protect Your Retirement Savings During the Coronavirus Pandemic

                            Maine
Average retirement age: 63
Annual cost of a comfortable retirement: $66,752

Retirement savings needed: $1,134,778
Whoa: 9 Successful Money-Making ‘Schemes’ That Are Actually Legal

                            Maryland
Average retirement age: 65
Annual cost of a comfortable retirement: $73,111

Retirement savings needed: $1,096,666
Work Plans: Chick-fil-A and 23 More Companies With Surprisingly Great 401(k) Plans

                            Massachusetts
Average retirement age: 66
Annual cost of a comfortable retirement: $77,122

Retirement savings needed: $1,079,710
Rich vs. Wealthy: What’s the Difference Between the Two?

                            Michigan
Average retirement age: 62
Annual cost of a comfortable retirement: $51,356
Retirement savings needed: $924,415
Read More: 27 Best Strategies To Get the Most Out of Your 401(k)

                            Minnesota
Average retirement age: 65
Annual cost of a comfortable retirement: $56,869

Retirement savings needed: $853,040
Read: 20 Hobbies of the Rich Only They Can Afford

                            Mississippi
Average retirement age: 63
Annual cost of a comfortable retirement: $46,993

Retirement savings needed: $798,874
Find Out: 31 Dumb Things That Are Keeping You From Being Wealthy

                            Missouri
Average retirement age: 63
Annual cost of a comfortable retirement: $50,247

Retirement savings needed: $854,197
See: Do You Think the Minimum Wage Should Be $15? Take Our Poll

                            Montana
Average retirement age: 64
Annual cost of a comfortable retirement: $55,711

Retirement savings needed: $891,368
See: 42 Easy Ways To Save For Retirement

                            Nebraska
Average retirement age: 65
Annual cost of a comfortable retirement: $52,439

Retirement savings needed: $786,583
Take Action: Do These 13 Things To Boost Your Retirement Savings Now

                            Nevada
Average retirement age: 63
Annual cost of a comfortable retirement: $63,300

Retirement savings needed: $1,076,107
Are High-Yield Savings Accounts Worth It? Here’s Everything You Need To Know

                            New Hampshire
Average retirement age: 65
Annual cost of a comfortable retirement: $62,011

Retirement savings needed: $930,159
Learn: What Is a Savings Bond and How Does It Work?

                            New Jersey
Average retirement age: 65
Annual cost of a comfortable retirement: $67,764

Retirement savings needed: $1,016,461
Avoid: 35 Retirement Planning Mistakes That Waste Your Money

                            New Mexico
Average retirement age: 62
Annual cost of a comfortable retirement: $51,556

Retirement savings needed: $928,181
Read: 19 Things You’ll Need To Sacrifice Now for a Healthy Retirement

                            New York
Average retirement age: 64
Annual cost of a comfortable retirement: $77,911

Retirement savings needed: $1,246,578
Check Out: Here’s How To Retire Early and Quit the Daily Grind

                            North Carolina
Average retirement age: 63
Annual cost of a comfortable retirement: $54,687

Retirement savings needed: $929,686
Start Cutting Costs: How To Save Money on All Your Monthly Expenses and Bills

                            North Dakota
Average retirement age: 65
Annual cost of a comfortable retirement: $57,060

Retirement savings needed: $855,904
More Tips: 20 Ways To Save Money Fast

                            Ohio
Average retirement age: 63
Annual cost of a comfortable retirement: $51,817

Retirement savings needed: $880,889
Read: Why It’s Harder To Save For Retirement Today Than 50 Years Ago

                            Oklahoma
Average retirement age: 62
Annual cost of a comfortable retirement: $48,716

Retirement savings needed: $876,879
See: 10 Signs You’re Not Saving Enough for Retirement

                            Oregon
Average retirement age: 63
Annual cost of a comfortable retirement: $78,439

Retirement savings needed: $1,333,467
Watch Out: 15 Retirement Mistakes and Why They’ll Shrink Your Nest Egg

                            Pennsylvania
Average retirement age: 64
Annual cost of a comfortable retirement: $57,941

Retirement savings needed: $927,056
Read More: Is Now a Good Time To Raid Your 401(k)?

                            Rhode Island
Average retirement age: 65
Annual cost of a comfortable retirement: $67,594

Retirement savings needed: $1,013,904
Find Out: What Social Security Will Look Like in 2035

                            South Carolina
Average retirement age: 63
Annual cost of a comfortable retirement: $53,207

Retirement savings needed: $904,527
Take a Look: 20 Geeky Collectibles That Could Make You Millions

                            South Dakota
Average retirement age: 66
Annual cost of a comfortable retirement: $56,178

Retirement savings needed: $786,497
Read: 10 Simple Habits of Money-Smart Individuals

                            Tennessee
Average retirement age: 64
Annual cost of a comfortable retirement: $50,186

Retirement savings needed: $802,977
Take a Look: These Once-Hot Housing Markets Are Cooling Off

                            Texas
Average retirement age: 65
Annual cost of a comfortable retirement: $52,341

Retirement savings needed: $785,109
Don't Miss: The Complete Guide to the Best Retirement Age

                            Utah
Average retirement age: 65
Annual cost of a comfortable retirement: $54,363

Retirement savings needed: $815,449
Discover: Most Affordable Places To Retire Near You

                            Vermont
Average retirement age: 65
Annual cost of a comfortable retirement: $67,651

Retirement savings needed: $1,014,762
Read: How Much It Cost To Retire in the Year You Were Born

                            Virginia
Average retirement age: 65
Annual cost of a comfortable retirement: $58,120

Retirement savings needed: $871,793
Check Out: 100 Ways To Make Your Money Last Until You’re 100

                            Washington
Average retirement age: 64
Annual cost of a comfortable retirement: $64,636

Retirement savings needed: $1,034,174
Concerns: A Troubling Look at the State of Retirement in 2021

                            West Virginia
Average retirement age: 61
Annual cost of a comfortable retirement: $49,439

Retirement savings needed: $939,341
Looking To Move? Key Signs You Should Sell Your Home When You Retire

                            Wisconsin
Average retirement age: 64
Annual cost of a comfortable retirement: $56,434

Retirement savings needed: $902,942
Learn: How One Man Saved $1 Million in 5 Years

                            Wyoming
Average retirement age: 64
Annual cost of a comfortable retirement: $52,330

Retirement savings needed: $837,287
More From GoBankingRatesFollow Along With 31 Days of Living Richer
Read About the Best Small Businesses in Your State
What It Means To Live a Truly Rich Life and How To Achieve It
Big Personal Goals That You Should Put Your Money Toward
Methodology: GOBankingRates looked at the average retirement age in every state, as reported by Money Talk News on Sep. 29, 2019, using data from the U.S. Census Bureau’s latest American Community Survey and compared it with the cost to retire in each state. To find 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 2019: (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, uels 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 2020 Quarter 3 average annual cost-of-living index. 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. All of GOBankingRates original data and analyses was conducted on Dec. 14, 2020.

This article originally appeared on GOBankingRates.com: The Average Retirement Age in Every State

Source: Read Full Article