How Much to Save in Every State If You Want to Retire Early

If you’re like many Americans, you might not know how much you actually need for retirement — let alone how much to save to retire early. But knowing the amount of money you need to live in comfort after you part ways with your 9-to-5 is vital. After all, you don’t want to discover one day that your retirement nest egg isn’t going to stretch as far as you expected.

A study that found the annual expenses for people retiring at ages 35, 45 and 55, adjusted for each state’s cost of living.




  • Amount Needed to Retire by 35: $1,546,362
  • Amount Needed to Retire by 45: $1,655,472
  • Amount Needed to Retire by 55: $1,455,373

Annual expenditures for people living in Alabama vary between early-retirement age levels. At age 35, people spend $61,854 annually, whereas at 45, they spend more, at over $66,000 per year. At age 55, however, annual expenses dip to $58,215. Due to its lower cost-of-living expenses, Alabama ranks in the top 10 for cheapest states to live in America, according to a separate GOBankingRates study.

The city of Sitka, Alaska at dawn.

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  • Amount Needed to Retire by 35: $2,252,234
  • Amount Needed to Retire by 45: $2,411,151
  • Amount Needed to Retire by 55: 2,119,712

Although there’s no personal income tax or sales tax in Alaska, people pay more for groceries there than in all but one other state. Average annual expenditures in the state total approximately $90,000 at age 35, rise to $96,446 at age 45 and dip to $84,788 at age 55.

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