Heard of the FIRE movement? If you haven't, it stands for Financial Independence/Retire Early. It's inspired some to consider leaving work sooner than their 60s. But how much cash would you need in your retirement accounts to make it happen?
Wonder no more, because HowMuch.net has crunched numbers compiled by GoBankingRates on how much you'd need in each state to retire early, and come up with rankings for every state based on whether your early retirement goal is 55, 45 or even 35 (a bunch of optimists there, for sure).
Researchers first looked into how much the annual cost of living is in each state for someone in each age bracket. The results were $69,034, $73,905 and $64,972 for people aged 35, 45 and 55, respectively. Then they adjusted the cost of living, again for each state, with the aid of data from the Bureau of Labor Statistics' 2017 Consumer Expenditure Survey and the Missouri Economic Research and Information Center.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
