15 Most Expensive States for Early Retirement

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The age at which a person leaves the workforce depends on a variety of factors and is different for everyone.

Some choose to work past full retirement age in order to receive higher Social Security benefits. Others opt to start taking benefits earlier or are forced to do so for health and other reasons.

The decision to retire marks a major milestone in a person’s life. Recent research found that it generates feelings that range from contentment to regrets.

A financial advisor can help those facing retirement navigate its many uncertainties.

Full retirement age in the United States is 67 for those born after 1960, but in several states, the average retirement age is 61, according to a new report from GOBankingRates. Some Americans entertain thoughts of retiring in their 40s and 50s.

For those who choose to leave work early, having enough savings to cover their retirement years is a critical consideration.

In its report, GOBankingRates researchers crunched the latest cost-of-living data to find out how much a person in each state would need to have saved to retire at age 50. They calculated the savings needed to be retired for 30 years and 40 years, and with and without Social Security. 

They found that in every state, a person would have to be a millionaire to retire at 50. In more than half the states, an early retiree would need more than $1.5 million to be retired for 30 years and upward of $2 million to be retired for 40 years.

See the accompanying gallery for the 15 states with the highest savings needed to retire at 50.

(Credit: Adobe)

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