Retirement is a time in life when individuals are no longer working and are able to enjoy the fruits of their labor. While the thought of retirement may seem intimidating to some, it can actually be a wonderful and rewarding stage of life with endless benefits. Retirement means that you are no longer bound to a regular job and can enjoy the financial independence that comes with it. You will have more control over your money and can spend it on the things that matter most to you. You will also have lots of free time to pursue your favorite hobbies and interests. Many people who retire start traveling, learning new skills, or volunteering for a cause they care about. The age of retirement slightly varies across the US from 61-67. This graph from madisontrust.com shows the average age of retirement in each state as well as the average annual cost that would be needed to live a comfortable life in retirement. The cheapest state to retire in on this list is Mississippi where you can live comfortably at $46,993 per year. Florida, where many people choose to go for retirement, is right in the middle of this list at 25. You can retire comfortably in Florida for $56,382 per year. The state at the top of this list is Hawaii where you would need $120,909 to live comfortably in your retirement years.
Infographic by: madisontrust