Want To Retire Early? These Are the 10 Fastest and Slowest States for Retirement

Core Insights - The typical American retires at age 62 after approximately 40 years of work, but retirement timing varies significantly based on savings and location [1] - A comfortable retirement may require savings of $800,000 or more, with higher costs in certain states necessitating over $1 million [2] - The average retirement savings for Americans aged 65 to 74 was only $200,000 as of 2022, indicating a significant gap between actual savings and ideal retirement goals [3] State-Specific Insights - The number of years required to reach ideal retirement savings varies from less than 30 years to over 70 years depending on the state [4] - In states with high living expenses, such as Hawaii, achieving the ideal retirement savings goal on an average salary is not feasible [4] - The study identified the fastest states for retirement, including Illinois, Minnesota, Georgia, Michigan, Virginia, and Texas, with retirement goals ranging from approximately $813,559 to $948,755 and average wages between $63,120 and $72,060 [6][9][10][11][12]