How Much Money You Need to Retire in Colorado

Retirement is top of mind for many people in Colorado. The average age of retirement is going up across the nation and many of us trying to predict the future costs of retirement and whether it is realistic or not.

The average retirement age in the nation is 61. In 1991, the average age was 58, according to NerdWallet.

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Some could argue that Coloradans are retiring later in life because we are healthier and age better, but some may argue that the cost of living expenses is the main reason why Coloradans have to wait longer to retire.

Retirement Finances: A Look at Colorado

CNBC released new data that shows how much money each you will need to retire in all 50 states.

On average, a Coloradan would need $61,807 annually if they would want to retire comfortably.

Of course, we know that retiring for the rest of your life costs a lot more money than that.

A Look at Saving For A Lifetime in Colorado

According to the data, if a Coloradan wanted to have 25 years of retirement, they would need to save over one million dollars. Specifically, they would need $1,006,017.

If a Coloradan wanted a 30-year retirement plan, they would need to save $1,208,429.

Needing Over A Million Dollars Is Not Uncommon

Colorado happens to be one of 15 states that cost over one million to retire. Yes, Colorado is more expensive than the majority of the nation, but it is relieving to know that we are not the only state with a high cost of living.