How Much Money Would You Need In Texas To Retire At 40?

Once we starting working in the state of Texas, we're dreaming of retirement.

Don't get us wrong, we all have to work in our lives. Sometimes our jobs are easy to do, and other times we simply wish to hit the reset button on the day. After all, everyone has a bad day on the job right?

There's also various salaries for all the jobs in the Lone Star State. Some may be very high, while others are on the lower side. Everybody needs money to buy essential items right?

But the more money one makes, the closer they get to retiring from the workforce. But if one wishes to relax for the rest of their life earlier than others in the state, how much will they need to make? Well, for those in Texas, maybe some will have to keep dreaming.

Retiring Early In Texas And How Much Cash You'd Need

So to find out the exact amount one would need to leave the workforce early, GoBankingRates examined the cost of living across all states.

Get our free mobile app

So let's get to real question many are already asking: How much do you need for early retirement in Texas? Here's the data that GoBankingRates found:

- Total monthly cost: $3,378.71
- Total annual cost: $40,544.56
- Live to 80, 40 years of retirement, Cost of Living: $1,286,617.15
- Live to 85, 45 years of retirement, Cost of Living: $1,377,618.17
- Live to 90, 50 years of retirement, Cost of Living: $1,468,619.19
- Live to 100, 60 years of retirement, Cost of Living: $1,650,621.23

So as you can see, you'd need over a million dollars saved up to leave the workforce early in Texas! Some of us just shuddered looking at that number didn't we?

Well, they say everything is bigger in Texas. Guess that includes cost of living!