There’s not necessarily a set age you should retire.
Specific milestones can certainly influence the age at which you choose to do so, though.
Fifth and Third Bank reported that several major age milestones can affect your asset planning. They include 59 1/2, the age at which you can begin withdrawing money without penalty from a company 401(k) or a traditional IRA, or 65, which is the age you’re eligible for Medicare.
But according to an analysis from GoBankingRates, the average retirement age for every state — excluding Washington, D.C. — is 67.
The personal finance resource also found that their report proves two things.
“First, the state in which you live can play a big role in how early you can retire, as evidenced by the low average retirement ages across wide swaths of the South and Midwest,” it said. “Next, it takes more than $1 million to have a comfortable retirement in any state in America — or over $2 million in the case of Hawaii and the District of Columbia — so it’s important to work with a retirement advisor or the best 401(k) providers to help boost your savings as much as possible.”
Georgia’s average retirement age is a few years shy of the average. In fact, it qualifies as early retirement age, according to The Balance.
At 63, Peach State residents are usually hanging up their job hats and moving into post-working life. GoBankingRates also discovered that the annual cost of a comfortable retirement is $50,066 and retirees need an average of $851,122 in savings.
Even if you’re not retirement age, experts say you can never start too early.
“The folks that wake up one day realizing that they have not saved enough for retirement have to make significant compromises in their lifestyle, planned retirement ages, or both in order to fund their retirement,” Warren, New Jersey-based certified financial planner Alexander Vaccarella told consumer-focused education and personal finance website GoodCall. “On the other hand, those who begin saving early do not have to make compromises to their lifestyle, as they are already accustomed to spending just a percentage of their take-home pay rather than all of it.”
A 2020 analysis of how much it costs to retire happily found that Georgia ranks at No. 19 in the nation, typically saving $187,186 for retirement and earning an average annual salary of $61,588.
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