Research from Mass Mutual found that the typical American retires at age 62, which means most people spend about 40 years working before they finally retire.
But a lot depends on how much you have saved for retirement — and your location. You can reach retirement much quicker in some states than in others, according to a recent study from John Stevenson, a Nevada-based financial and retirement advisor.
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One thing the study found is that if you want to retire comfortably, without having to stress over money in your golden years, you might need to build a nest egg of $800,000 or more. If you live where expenses are especially high, you should aim to save more than $1 million.
Unfortunately, most people don’t get anywhere near that goal. According to Federal Reserve data, the average retirement savings for Americans ages 65 to 74 was $200,000 as of 2022, the most recent year data are available.
For their study, John Stevenson’s researchers looked at average incomes and expenses for each state to determine how many years it would take to reach the ideal retirement savings goal.
The number of years ranged from less than 30 to more than 70. This basically means that if you earn an average salary in some states, you’ll either need to retire very late in life, move elsewhere, or depend on more than just your savings to retire comfortably. In the case of Hawaii, expenses are so high that it’s not possible to reach the ideal retirement goal on an average salary, according to the study.
Here’s a look at the 10 fastest and slowest states for retirement.
Also find out how much a comfortable retirement costs in each state in 2025.
Years to retire: 26
Retirement goal: $873,646
Average wages: $69,020 per year
Average annual living expenses: $34,893
Years to retire: 26
Retirement goal: $870,642
Average wages: $68,880
Average annual expenses: $35,911
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Years to retire: 27
Retirement goal: $813,559
Average wages: $64,210
Average annual expenses: $34,180
Years to retire: 29
Retirement goal: $825,577
Average wages: $63,120
Average annual expenses: $34,540
Years to retire: 29
Retirement goal: $948,755
Average wages: $72,060
Average annual expenses: $39,406
Years to retire: 29
Retirement goal: $830,083
Average wages: $63,660
Average annual expenses: $35,094
Years to retire: 29
Retirement goal: $741,455
Average wages: $58,230
Average annual expenses: $33,031