![]() Annual expenses in New Jersey for someone who is 65 years or older are $64,736. New Jersey’s average annual retirement income to live a comfortable life is $77,684. The average retirement length in Connecticut is 15.6 years, meaning that the average retiree will need $1.25 million saved to live comfortably in retirement. With yearly expenses at an average of $66,543 per year for retirees, Connecticut’s required average annual income is $79,852 per year. To live comfortably through an average of 16.70 years of retirement, $1.34 million in savings are required for future retirees. Alaska has the youngest average retirement age of 61 years and a life expectancy of 77.70 years. AlaskaĪlaska’s average annual retirement income is $80,348 to retire comfortably. These 13.8 years of retirement will require $1.11 million in savings to retire. The average age of retirement in Maryland is 65 years, while the average life expectancy is 78.80 years. With yearly expenses amounting to $67,214, Maryland retirees will need about $80,657 annually to retire comfortably. ![]() The average length of retirement in Oregon is 16.2 years, and yearly expenses come out to about $68,712. Oregon has the sixth-highest average annual retirement income of $82,454, equating to $1.34 million in total required savings. Because the expected length of retirement is just under 14 years, the savings required is $1.16 million, significantly less than what is required in New York. Massachusetts’s average retirement age is 66 years and the average life expectancy of 79.90 years requires about $1.16 million. The average retiree in Massachusetts will need an annual income of $83,135 per year, just under New York’s. For these 16 years of retirement in New York, the average retiree needs to save $1.41 million, the second-highest among states. Retirement in New York is expected to last just over 16 years, with an average retirement age of 64 years and an average life expectancy of 80.80 years. The average income required to retire comfortably in New York is $83,817 per year. However, because average yearly expenses are lower, the average annual income to live comfortably is lower at $86,171 per year. and its average life expectancy is higher at 80.90 years, the total amount of savings required to live comfortably is $1.46 million, higher than D.C.’s. Because California’s average retirement age of 64 years is lower than D.C. CaliforniaĬalifornia has the third-highest average income required for a comfortable retirement. With yearly expenses coming out to about $83,683, a person would need to save about $1.01 million to retire comfortably in the District of Columbia. The District has the oldest average retirement age in 67 years and a life expectancy of 77.10 years. To live comfortably in this period, one would need to save $1.84 million before retiring. ![]() Hawaii’s average retirement age is on the older side at 66 years however, it has the highest life expectancy of any U.S. ![]() The average annual retirement income in Hawaii is $119,004 to live comfortably. States with the Highest Retirement Income 1. ![]() An additional 20% is added to the yearly expenses to account for a “comfortable” retirement. In the table below, to help determine this, each state’s average retirement age, life expectancy, yearly expenses for someone 65+, and the savings required to retire comfortably in that state. Among the 50 states, the savings required to comfortably retire ranges between $617,661 and $1.84 million. The average amount of savings required to retire comfortably in the United States is $904,452. ![]()
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