Early Retirement: How Much Savings Is Needed To Retire by 50 in Every State

Most Americans dream about an early retirement, but retiring early requires setting aside a substantial nest egg to fund the next chapter. As human lifespans get increasingly longer, the amount of money in savings must also increase regardless of how much you expect to receive in Social Security benefits.

To determine how much savings is needed to retire by age 50, GOBankingRates analyzed each state’s cost of living indexes. The national average expenditure costs for residents born between 1965 and 1980 were sourced to calculate the average expenditure costs for each state. Additional factors sourced for each state include the average single family home value, mortgage cost and Social Security benefits. Assuming someone retires at 50, GOBankingRates calculated the cost of living amount needed for those ages 80, 85, 90 and 95.

Keep reading to find out how much you’ll need in savings if you’re planning to retire by 50.

Also, see these tips for early retirement.