One of the biggest decisions many people make in retirement planning is when it to leave the workforce.
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The average retirement age is 65 for men and 63 for women, according to a survey of U.S. Census Bureau data by the Center for Retirement Research at Boston College, which looked at retirement trends from 1962 to 2017. While 2024 data isn’t available, a 2019 survey by MoneyTalksNews revealed that two states popular with retirees — New York and Florida — both have an average retirement age of 64.
Once you know when to retire, it’s time to decide where to retire.
Your retirement destination can have a big impact on your finances and ability to afford a lifestyle you like. That’s why GOBankingRates analyzed each state for its cost of living to determine how much someone would need to live comfortably in their retirement.
Here’s a look at how New York and Florida stack up when it comes to cost of living for retirees and how much retirement savings you’ll need at age 60 and age 70.
New York
When it comes to the annual cost of a comfortable retirement, New York is on the higher side.
- Annual cost of a comfortable retirement: $87,058
- Retirement savings needed at 60: $1,741,152
- Retirement savings needed at 70: $870,576
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Florida
The GOBankingRates analysis showed the annual cost of a comfortable retirement is lower in Florida than in New York:
- Annual cost of a comfortable retirement: $67,310
- Retirement savings needed at 60: $1,346,206
- Retirement savings needed at 70: $673,103
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This article originally appeared on GOBankingRates.com: The Average Retirement Age 2024: New York vs Florida
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