Lifestyle

What Does it Cost for Early Retirement in Texas? Here’s Your Target

By  | 

Although the dream of early retirement often feels like exactly that – a dream – there’s a light at the end of the tunnel. And, unlike that other light, it’s the kind you want to go toward. Recently, details have been released on what it costs to retire early in each U.S. state, and thankfully, Texas ranks well in terms of savings requirements.

Identifying how much money people will need to save in each state if they want to retire at 35, 45, and 55 years of age, Howmuch.net has given everyone a bullseye to shoot for. Thankfully, at each age level, the corresponding chart to the website’s individual savings number is less than $1.6 million for Texas. Now, you might be saying, “Oh, is that all?!” But really, to some degree, your retirement and the level of comfort and happiness you experience from it, is contingent upon how much you save to ensure that can happen. If you’re retiring early, the likelihood that your savings need to support you for a longer period of time is greater (logically). So, you’ll be required to support your wants and needs from those savings. This means your living expenses, your vehicles, the trips you take, and the fun things you get to do will all need to be paid for out of what you’re able to save.

What Does it Cost for Early Retirement in Texas? Here’s Your Target

Photo: Pixabay

According to the report details, if your goal is retirement in Texas at the age of 35, you’ll need to have saved $1.58 million. If 45 is your target age, then your corresponding savings to live in the Lone Star State is $1.69 million. If you’re like me and looking at tipping something back in a hammock in your back yard at the ripe old age of 55, you’ll need to save $1.48 million. (Again, if you’re like me, you may have to push that year back a smidge… say to 95). But seriously, it’s doable.

What Does it Cost for Early Retirement in Texas? Here’s Your Target
Photo: Pixabay

Page 1 of 2:12