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By 
August 22, 2024 at 03:42 PM
Some Americans aspire to leave the workforce well before they reach the full retirement age of 67, for those born after 1960 — say at age 50.
No matter where they live, early retirees likely will have to be millionaires. That’s because they can expect to live for several decades and will have to have accrued enough savings to see them through.
In a new report, researchers at GOBankingRates sorted through the latest cost-of-living data to determine how much a person in each state would need to have saved at age 50. They calculated the savings needed to be retired for 30 years and 40 years, and with and without Social Security.
In the least expensive states for early retirees, savings in the low seven figures will be enough; in the most expensive state, they will need three times that much.
A financial advisor can help those facing retirement navigate its various uncertainties.
See the accompanying gallery for the 15 states with the lowest savings needed to retire at 50.
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