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As or 2017, the average age of retirement, according to the United States Census Bureau, is about the age of 63. This is strange for the fact that this would be considered an early retirement age when in context to how much Social Security and Medicare benefits you may receive. The same data from the U.S. Census Bureau showed that the length of retirement also lasts 18 years. Even though this is an average number across the country, there are variations in retirement ages from state to state for different reasons. Whether it is due to a higher cost of living in a given area or that unemployment in the specific is high, the age of when to retire can vary drastically depending on where you live.
New England Region
In states like Massachusetts and Vermont, retirement comes late for many individuals. For example, in 2016, the average age to retire in the New England area is around 65 (including New Jersey as well).
Middle-class work in Alaska compared to middle-class work in Massachusetts may be quite different. There was a drop in age from 2015 to 2016. In 2015, the retirement age was 65 which is the oldest average retirement age. In 2016, the age dropped to 64. This could have been influenced by the state’s rising unemployment rate. The Bureau of Labor Statistics (BLS), Alaska’ seasonally adjusted jobs’ unemployment rate jumped from 6.5 percent to 6.7 percent in the summer of 2016. These jobs are popularized in major television shows such as deep sea crabbing and mining for gold.
New York
New York State’s living is quite different than Alaska, including employment. The average retirement age dropped from 64 to 63 in the last year. One of the major differences with New York, compared to other states, it not necessarily its employment rate but rather its cost of living. Citizens of the state spend on $14,760 alone on housing-related costs every year. That is essentially 19 percent higher than what the average American citizen spends on expenses such as property taxes, rent, and even homeowners insurance.
Some states even provide benefits to their residents that choose to retire there. New York does not require their retirees to pay taxes on their Social Security income and retirement account withdrawals are only partially taxed.