These Are the 10 Most Affordable States to Retire at 40-and How Much It'll Cost You

"GOBankingRates found that you'll need at least $2.2 million to retire at 40 and fund another 40 years of your life. Oklahoma had the lowest necessary savings balance, at $2,140,654. Mississippi came in second with $2,168,554, and if you'd like to retire in Alabama, which was No. 3, you'll need $2,229,425 in savings."

"As for the states where retirees should have the most savings, Hawaii again topped that list as the most expensive state for retirement. GOBankingRates reported that people need at least $4,557,767 to retire there at the age of 40. In Massachusetts, the second-most-expensive state for early retirement, that amount drops to $3,824,771."

"GOBankingRates also analyzed how savings goals change as the number of years in retirement increases. In Hawaii, for example, the amount needed to live to 90 and still retire at 40 jumps to $5,697,209, and further up to $6,836,651 to live to 100."

GOBankingRates conducted a study analyzing retirement savings requirements for Americans planning to retire at age 40. The research examined cost-of-living indexes and average retiree expenditures across all states to determine necessary savings amounts. The national average requirement is $2.2 million to sustain a 40-year retirement. Oklahoma offers the most affordable retirement option at $2,140,654, followed by Mississippi and Alabama. Hawaii requires the highest savings at $4,557,767, with Massachusetts and California following as expensive alternatives. The study also demonstrates how savings needs increase with longevity; retiring in Hawaii to age 100 requires $6,836,651. The analysis did not account for inflation or Social Security benefits.

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