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What stands between most people and retirement is having enough money to afford it. While many people love the idea of an early retirement , say in their 40s or 50s, that goal isn’t very likely in most states. However, retiring in your early 60s depends on where you live.
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Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash. Find out how much you’ll need to retire, assuming a life expectancy of 80 — depending on the state you call home.
Sean Pavone / Shutterstock.com
Annual cost of a comfortable retirement: $56,048
Retirement savings needed at 60: $1,120,967
Retirement savings needed at 70: $560,483
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wanderluster / Getty Images
Annual cost of a comfortable retirement: $87,697
Retirement savings needed at 60: $1,753,947
Retirement savings needed at 70: $876,973
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Sean Pavone / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $72,825
Retirement savings needed at 60: $1,456,502
Retirement savings needed at 70: $728,251
Tizod / Getty Images
Annual cost of a comfortable retirement: $55,837
Retirement savings needed at 60: $1,116,740
Retirement savings needed at 70: $558,370
EQRoy / Shutterstock.com
Annual cost of a comfortable retirement: $95,256
Retirement savings needed at 60: $1,905,121
Retirement savings needed at 70: $952,560
©Shutterstock.com
Annual cost of a comfortable retirement: $70,667
Retirement savings needed at 60: $1,413,334
Retirement savings needed at 70: $706,667
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DenisTangneyJr / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $77,182
Retirement savings needed at 60: $1,543,642
Retirement savings needed at 70: $771,821
benkrut / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $65,875
Retirement savings needed at 60: $1,317,491
Retirement savings needed at 70: $658,746
Sean Pavone / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $67,310.
Retirement savings needed at 60: $1,346,206
Retirement savings needed at 70: $673,103
SeanPavonePhoto / Getty Images
Annual cost of a comfortable retirement: $59,197
Retirement savings needed at 60: $1,183,932
Retirement savings needed at 70: $591,966
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zorazhuang / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $127,576
Retirement savings needed at 60: $2,551,528
Retirement savings needed at 70: $1,275,764
KingWu / Getty Images
Annual cost of a comfortable retirement: $64,990
Retirement savings needed at 60: $1,299,790
Retirement savings needed at 70: $649,895
Randall Runtsch / Shutterstock.com
Annual cost of a comfortable retirement: $59,824
Retirement savings needed at 60: $1,196,470
Retirement savings needed at 70: $598,235
traveler1116 / Getty Images
Annual cost of a comfortable retirement: $60,327
Retirement savings needed at 60: $1,206,547
Retirement savings needed at 70: $603,273
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benkrut / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $59,382
Retirement savings needed at 60: $1,187,640
Retirement savings needed at 70: $593,820
Sean Pavone / Getty Images
Annual cost of a comfortable retirement: $57,714
Retirement savings needed at 60: $1,154,288
Retirement savings needed at 70: $577,144
Sean Pavone / Shutterstock.com
Annual cost of a comfortable retirement: $59,143
Retirement savings needed at 60: $1,182,861
Retirement savings needed at 70: $591,430
Susanne Neumann / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $59,200
Retirement savings needed at 60: $1,184,005
Retirement savings needed at 70: $592,003
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davidmarxphoto / Shutterstock.com
Annual cost of a comfortable retirement: $74,661
Retirement savings needed at 60: $1,493,222
Retirement savings needed at 70: $746,611
©Shutterstock.com
Annual cost of a comfortable retirement: $76,955
Retirement savings needed at 60: $1,539,110
Retirement savings needed at 70: $769,555
Taku Sanada / Getty Images
Annual cost of a comfortable retirement: $104,012
Retirement savings needed at 60: $2,080,240
Retirement savings needed at 70: $1,040,120
pawel.gaul / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $60,048
Retirement savings needed at 60: $1,200,961
Retirement savings needed at 70: $600,480
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jimkruger / Getty Images
Annual cost of a comfortable retirement: $62,890
Retirement savings needed at 60: $1,257,794
Retirement savings needed at 70: $628,897
Sean Pavone / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $56,921
Retirement savings needed at 60: $1,138,419
Retirement savings needed at 70: $569,210
Sean Pavone / Shutterstock.com
Annual cost of a comfortable retirement: $57,964
Retirement savings needed at 60: $1,159,276
Retirement savings needed at 70: $579,638
Scott Wilson Photography / Shutterstock.com
Annual cost of a comfortable retirement: $67,884
Retirement savings needed at 60: $1,357,680
Retirement savings needed at 70: $678,840
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Davel5957 / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $59,685
Retirement savings needed at 60: $1,193,704
Retirement savings needed at 70: $596,852
LTuray / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $68,582
Retirement savings needed at 60: $1,371,642
Retirement savings needed at 70: $685,821
DenisTangneyJr / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $74,471
Retirement savings needed at 60: $1,489,430
Retirement savings needed at 70: $744,715
littleny / Getty Images
Annual cost of a comfortable retirement: $73,892
Retirement savings needed at 60: $1,477,833
Retirement savings needed at 70: $738,917
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ivanastar / Getty Images
Annual cost of a comfortable retirement: $61,775
Retirement savings needed at 60: $1,235,500
Retirement savings needed at 70: $617,750
DenisTangneyJr / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $87,058
Retirement savings needed at 60: $1,741,152
Retirement savings needed at 70: $870,576
traveler1116 / Getty Images
Annual cost of a comfortable retirement: $64,049
Retirement savings needed at 60: $1,280,970
Retirement savings needed at 70: $640,485
DenisTangneyJr / Getty Images
Annual cost of a comfortable retirement: $63,523
Retirement savings needed at 60: $1,270,456
Retirement savings needed at 70: $635,228
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aceshot / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $61,020
Retirement savings needed at 60: $1,220,390
Retirement savings needed at 70: $610,195
Davel5957 / Getty Images
Annual cost of a comfortable retirement: $56,936
Retirement savings needed at 60: $1,138,728
Retirement savings needed at 70: $569,364
Bridget Moyer / Shutterstock.com
Annual cost of a comfortable retirement: $79,356
Retirement savings needed at 60: $1,587,111
Retirement savings needed at 70: $793,556
drnadig / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $61,870
Retirement savings needed at 60: $1,237,410
Retirement savings needed at 70: $618,705
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Sean Pavone / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $72,511
Retirement savings needed at 60: $1,450,220
Retirement savings needed at 70: $725,110
traveler1116 / Getty Images
Annual cost of a comfortable retirement: $60,631
Retirement savings needed at 60: $1,212,620
Retirement savings needed at 70: $606,310
James_Gabbert / Getty Images
Annual cost of a comfortable retirement: $61,078
Retirement savings needed at 60: $1,221,562
Retirement savings needed at 70: $610,781
©Shutterstock.com
Annual cost of a comfortable retirement: $58,254
Retirement savings needed at 60: $1,165,073
Retirement savings needed at 70: $582,536
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Roschetzky Photography / Shutterstock.com
Annual cost of a comfortable retirement: $60,586
Retirement savings needed at 60: $1,211,718
Retirement savings needed at 70: $605,859
georgeclerk / iStock.com
Annual cost of a comfortable retirement: $69,010
Retirement savings needed at 60: $1,380,204
Retirement savings needed at 70: $690,102
Ron_Thomas / Getty Images
Annual cost of a comfortable retirement: $77,903
Retirement savings needed at 60: $1,558,053
Retirement savings needed at 70: $779,027
WilliamSherman / Getty Images/iStockphoto
Annual cost of a comfortable retirement: $67,569
Retirement savings needed at 60: $1,351,373
Retirement savings needed at 70: $675,686
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AnSyvanych / Getty Images
Annual cost of a comfortable retirement: $79,457
Retirement savings needed at 60: $1,589,130
Retirement savings needed at 70: $794,565
DavidByronKeener / iStock.com
Annual cost of a comfortable retirement: $55,485
Retirement savings needed at 60: $1,109,701
Retirement savings needed at 70: $554,850
MarynaG / Shutterstock.com
Annual cost of a comfortable retirement: $64,029
Retirement savings needed at 60: $1,280,582
Retirement savings needed at 70: $640,291
troutfisherman / Getty Images
Annual cost of a comfortable retirement: $61,127
Retirement savings needed at 60: $1,222,532
Retirement savings needed at 70: $611,266
John Csiszar contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed each state for their cost of living to determine how much someone would need to save to live comfortably in their retirement. Using the average expenditure costs for [1] Groceries, defined as ‘Food at Home’; [2] Housing, defined as ‘Shelter’; [3] Transportation, defined as ‘Gasoline, other fuels and motor oil’ and ‘other vehicle expenses’; [4] Healthcare; and [5] Utilities, defined as ‘Utilities, fuels and other services,’ all sourced from the Bureau of Labor and Statistics 2022 Consumer Expenditure Survey; and the cost of living indexes from the Missouri Economic and Research Center, the average expenditure for each state was calculated. After calculating the total savings needed, an additional savings buffer was calculated by assuming that total expenditures cover 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then calculated how much savings you would need to retire comfortably for various retirement ages. All data was collected and is up to date as of Feb. 2, 2024.
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This article originally appeared on GOBankingRates.com : Here’s the Cost To Retire Comfortably in Every State by Age