You may be looking for a sunny destination for your retirement. If so, perhaps Florida and California are on your list of possibilities. But you may be wondering how they compare when it comes to average ages for retirement and how much it’ll cost.
For You: 7 Things You’ll Be Happy You Downgraded in Retirement
Trending Now: 9 Easy Ways To Build Wealth That Will Last Through Retirement
GOBankingRates analyzed each state for their cost of living to determine how much someone would need to live comfortably in their retirement. Here’s a look at how Florida and California stack up when it comes to average retirement age and cost of living.
Florida
When it comes to your finances and retirement in Florida, you may find it more affordable than California. Here’s a look at the numbers:
- Annual cost of a comfortable retirement: $67,310
- Retirement savings needed at 60: $1,346,206
- Retirement savings needed at 70: $673,103
When it comes to the average retirement age, it’s 64 in Florida, according to Forbes. Remember, where you live can impact when you retire due to factors such as healthcare needs, cost of living and available job opportunities.
Read Next: I’m a Retired Boomer: Here Are 3 Debts You Should Definitely Pay Off Before Retirement
California
Given its reputation for being pricey, it might not surprise you that the average costs of living in California are generally higher than in Florida. Here’s a look at the numbers from California:
- Annual cost of a comfortable retirement: $95,256
- Retirement savings needed at 60: $1,905,121
- Retirement savings needed at 70: $952,560
According to Forbes, when it comes to average retirement ages, “In general, southern states like Alabama, Georgia and South Carolina have a lower average retirement age than the national average.” However, the average retirement age for California is 64, the same as Florida.
The Forbes data also indicated that most people are not prepared for retirement. Whether you’re close to retiring or still years away, it’s never too soon to start putting money away and looking at your retirement account and destination options.
More From GOBankingRates
- 6 Subtly Genius Moves All Wealthy People Make With Their Money
- America's 50 Fastest-Growing Suburbs With Home Values Under $500,000
- 6 Strategies Anyone Can Use to Pay Off Debt
- I'm a Debt Expert: Here's How Social Media Warps Our Perceptions of Debt
This article originally appeared on GOBankingRates.com: The Average Retirement Age in 2024: Florida vs. California
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
