This article takes a look at the 5 states where you may not be able to retire at age 65. If you wish to check out our detailed analysis of social security challenges and state-by-state considerations, you may go to 20 States Where You May Not Be Able to Retire at Age 65.
5. Connecticut
Average Retirement Age: 65
Estimated Annual Cost of Retirement: $70,817
Colorado is among the top 5 states where you may not be able to retire at age 65. The cost of living in this state is 13.9% higher than the state average. Moreover, the estimated annual cost of retirement is $70,817, implying an average monthly cost of $5,900. While retirees are retiring at age 65, on average, more and more of them will choose not to do so in the coming years to deal with medical expenses and other economic pressures. While it may not be feasible for the average retiree to retire below 65, the US Census Bureau notes that there are more than 580,000 seniors aged 65 to 84 in the state. The state gained 3.44 percent gain over the 12 months through June of 2022.
4. Maryland
Average Retirement Age: 65
Estimated Annual Cost of Retirement: $73,111
The state of Maryland isn’t different from the previous states on our list as it also boasts higher living expenses and consequently, a higher estimated annual cost of retirement. The cost of living in this state is 14.8% higher than the national average, implying that an average retiree would need around $6,000 to live comfortably in this state.
3. Massachusetts
Average Retirement Age: 66
Estimated Annual Cost of Retirement: $77,122
Massachusetts is one of the most expensive states to retire in. The living expenses in this state are 48% higher than the national average, and the average retiree would need an estimated $6,400 to live here. Given these facts, it is only wise to push past the retirement age so that one can have enough savings for a comfortable life after work.
2. South Dakota
Average Retirement Age: 66
Estimated Annual Cost of Retirement: $56,128
Like many other states, retirees may choose to retire whenever they choose in the state of South Dakota. Regardless, the average retirement age in the state is 66. Retirees may be choosing to retire after 65 to avail higher benefits, increase their retirement savings, and also ease down economic pressures. Whatever the reason may be, South Dakota is an appealing place to retire to owing to its reasonable scenic landscapes, favorable tax environment, and a range of outdoor activities.
1. Hawaii
Average Retirement Age: 66
Estimated Annual Cost of Retirement: $120,909
Hawaii has the highest cost of living index, as well as the highest estimated annual cost of retirement. Living expenses in the state are 79.2% higher than the national average. Moreover, it takes an average of $10,000 to live comfortably in this state.
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