The average retirement age in every state, report

Fox Business Flash top headlines for May 21

Check out what’s clicking on FoxBusiness.com.

Retirement may be a far cry away for the majority of Americans – but it's something that may still be on the forefront of everyone's minds as they continue to save for when that day comes.  

The retirement age will depend on when people "are entitled to 100 percent of your Social Security benefits which are determined by your lifetime earnings," according to AARP. 

CLICK HERE TO READ MORE ON FOX BUSINESS

According to the organization, if someone was born between 1943 and 1954, their "full retirement age" is 66 based on benefits earned from working and spousal benefits. Comparatively, for those born in 1960 and after, it is 67. 

However, a new report by GoBankingRates, suggests that the retirement age may also waiver depending on the state you live in. And in most states, people are leaving the workforce before 67 years old. 

A couple with bikes (iStock)

If Americans hold off and retire after their full retirement age, they can increase their benefits, AARP said. 

IS BITCOIN SAFER FOR RETIREMENT THAN SOCIAL SECURITY?

"Each month you put off filing up to age 70 earns you delayed retirement credits that boost your eventual benefit," the organization said. 

Unfortunately, the coronavirus pandemic and subsequent economic downturn forced droves of older Americans into retirement with "long-term financial insecurity because of lower-than-anticipated savings and payouts from pensions, Social Security and other sources," AARP said. 

Here is the breakdown by state according to data analyzed by GoBankingRates: 

  • Alabama: 62
  • Alaska: 61
  • Arizona: 63
  • Arkansas: 62
  • California: 64
  • Colorado: 65
  • Connecticut: 65
  • Delaware: 63
  • District of Columbia: 67
  • Florida: 64

3 WAYS SOCIAL SECURITY CAN SAVE YOUR RETIREMENT WHEN YOU HAVEN'T SAVED ENOUGH

  • Georgia: 63
  • Hawaii: 66
  • Idaho: 64
  • Illinois: 64
  • Indiana: 63
  • Iowa: 65
  • Kansas: 65
  • Kentucky: 62
  • Louisiana: 62
  • Maine: 63
  • Maryland: 65
  • Massachusetts: 66
  • Michigan: 62
  • Minnesota: 65
  • Mississippi: 63
  • Missouri: 63
  • Montana: 64
  • Nebraska: 65
  • Nevada: 63
  • New Hampshire: 65
  • New Jersey: 65
  • New Mexico: 62
  • New York: 64
  • North Carolina: 63
  • North Dakota: 65
  • Ohio: 63

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

  • Oklahoma: 62
  • Oregon: 63
  • Pennsylvania: 64
  • Rhode Island: 65
  • South Carolina: 63
  • South Dakota: 66
  • Tennessee: 64
  • Texas: 65
  • Utah: 65
  • Vermont: 65
  • Virginia: 65
  • Washington: 64
  • West Virginia: 61
  • Wisconsin: 64
  • Wyoming: 64

Source: Read Full Article