Here's the average Social Security benefit for people age 65. Waiting longer to claim benefits, even past retirement age, can boost monthly payments

The cost of living in each state is the key factor in how much you need in retirement. In Alabama, the annual cost of living comfortably was estimated to be $70,492. The savings needed to retire at age 60 with no Social Security was $1.409 million; the savings needed to retire at age 70 with no Social Security was $704,919.

Receiving Social Security benefits at age 62 marks the earliest opportunity for many Americans to tap into their retirement earnings, offering a financial lifeline as they transition from full-time work to a more flexible lifestyle.