HONOLULU (HawaiiNewsNow) - Retiring early sounds really nice. But practically speaking, it’s out of reach for most.
Just how out of reach depends on when you want to retire ― and where.
And the state where retiring early requires the biggest nest egg? You guessed it: Hawaii.
A new analysis estimates that someone retiring at 55 in Hawaii would need to have $3.07 million squirreled away. That’s assuming a flat 4 percent withdrawal each year ― and that the cost of living won’t fluctuate wildly.
The state where you’d need the second-largest early retirement savings is California, according to the analysis. There, someone retiring at 55 would need $2.23 million to make ends meet.
In Mississippi, your money would go the furthest. An early retiree would need about $1.4 million.
The analysis also crunched the numbers for really, really early retirement.
Someone in Hawaii looking to retire at age 35, for example, would need $3.26 million stashed away. A 45-year-old in Hawaii eyeing an immediate retirement would need to have $3.49 million in the bank.
In other words, we hope you love your job.