WOW! Amount Of $$$ You’ll Need To Retire Early, Massachusetts

Massachusetts residents, listen up. If you have grand designs of retiring early, you better stop spending and start saving RIGHT NOW. When I say "stop spending", I mean that literally. Do not spend another red cent. You're going to need it.

I hate to be the bearer of bad news, Massachusetts friends and neighbors, but it's now official. If you live in the Commonwealth, you're going to need to be a millionaire if you want to retire early.

First of all, retiring early? Heck, I work in radio. That means no retirement for me. As the late singer/songwriter Warren Zevon observed, "I'll sleep when I'm dead." And that will be me, working until I drop.

Recently, GOBankingRates conducted a study to determine the savings needed to retire by 50 in every state in the country. The numbers are kind of scary. Hey, if you can retire by 50, congratulations are in order. You did something right.

For the majority of Massachusetts, though, it's looking like an impossible task. GOBankingRates crunched the cost of living numbers for every state to come up with the results.

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As I stated, the numbers for the Bay State are a little scary. In fact, there are only two states that placed higher than Massachusetts in the study. Those states are California and Hawaii.

Without further ado, here are the Top 10 States Where You'll Need the Most Money to Retire Early, according to GOBankingRates:

1. Hawaii ($3,235,126)
2. California ($2,737,299)
3. Massachusetts ($2,395,089)
4. Washington ($2,282,417)
5. Colorado ($2,070,176)
6. New Jersey ($2,053,695)
7. New Hampshire ($2,039,958)
8. Oregon ($2,018,729)
9. Utah ($1,983,235)
10. Alaska ($1,941,503)

I don't know about you, but that number for Massachusetts is certainly scary to me. Almost 2.4 MILLION?? Outside of winning BIG in the Massachusetts State Lottery, that's a goal I will NEVER achieve.

It's a very interesting study. Check it out if you've got the time. Just visit GOBankingRates' website here for cool data, stats, and facts.