The average retirement age in the United States is a topic of much debate and can vary greatly depending on a number of factors. According to the Social Security Administration, the average retirement age for Americans is currently 66 years old for those born in 1954 or earlier. However, this number is slowly rising, with the average retirement age for those born in 1960 or later projected to be 67 years old. There are a number of factors that can influence the average retirement age, including one’s personal financial situation, health, and work history. Some people may choose to retire earlier if they are able to save enough money to support themselves or if they are no longer able to work due to health reasons. Others may choose to work longer in order to continue earning a paycheck or to take advantage of employer-provided benefits. In addition to personal factors, the average retirement age can also be influenced by societal and economic trends. For example, in recent years, the trend of people working longer has been on the rise due to increased life expectancy, a decline in traditional pension plans, and the rising cost of healthcare. This map from madisontrust.com shows the average retirement age for each state in the US as well as the cost needed to retire comfortably. Hawaii is understandably at the top of the list for highest annual cost for retirement. If you want to retire on that island, you will need at least $120,909 annually. Even looking over this map, it’s important to note that the average retirement age is just that – an average. Some people may choose to retire earlier or later than the average, depending on their individual circumstances. It’s important to carefully plan for retirement and consider all of the factors that may impact your decision to retire, including your financial situation, health, and work history. So, the average retirement age in the United States can vary greatly depending on a person’s individual circumstances. Below are the top ten states with the highest annual cost for retirement.
- Hawaii: $120,909
- District of Columbia: $94,248
- California: $83,279
- Alaska: $79,249
- Oregon: $78,439
- New York: $77,911
- Massachusetts: $77,122
- Maryland: $73,111
- Connecticut: $70,817
- New Jersey: $67,764
