What is South Dakota’s Average Retirement Age?
When it comes to sailing off into the sunset, in South Dakota is takes a little longer to get there.
According the new figures released by GoBankingRates.com, the Mount Rushmore State is tied for dead last for the average age of retirement - 66.
Massachusetts and Hawaii were the only other two states where people waited that long to walk away from the day-to-day grind of a full-time job.
According to Money Talks News, the average age of retirement in America is 64, even though 'full retirement age' for Social Security purposes isn’t until age 67.
In West Virginia and Alaska people on average head to retirement a full five years earlier than South Dakotans - at age 61.
Despite waiting a bit longer, retirement here is relatively affordable. The annual cost of a 'comfortable' retirement in South Dakota is $60,998.59, which is in the top half of all states.
On average retirees here need a retirement savings of $1,219,971.75, which is more than $90,000 less than the national average ($1,311,794.45).