One in 5 Individuals aged 50 and over has no retirement financial savings, and greater than half fear that they will not manage to pay for to final as soon as they depart the workforce, in keeping with an AARP survey.
Nevertheless, the place U.S. staff dwell can have a big affect on their retirement readiness.
Getting aware of among the key averages in your state, from 401(okay) balances to median incomes, life expectations, price of dwelling and extra, will help you perceive simply how ready you might be — or aren’t — to your golden years.
Associated: How A lot Cash Do You Must Retire Comfortably in Your State? This is the Breakdown.
Western & Southern Monetary Group examined these metrics and others to rank all 50 states primarily based on the place retirees have one of the best and worst readiness for retirement.
New Jersey, Connecticut, Maryland, Virginia and Vermont got here out on high for states the place persons are most ready for retirement, per the research.
What’s extra, residents in Connecticut and New Jersey reported the best common 401(okay) balances: $546,000 and $514,000, respectively. Residents over the age of 65 in these states even have excessive median incomes — over $96,000.
Associated: Right here Are the Greatest and Worst States for Retirement in 2025, In response to a New Report
Individuals dwelling in West Virginia, Mississippi, Arkansas, Tennessee and Arizona could fare the worst in retirement, in keeping with the analysis.
Mississippi and Arkansas residents reported among the lowest common 401(okay) balances, at $348,000 and $364,000, respectively. In West Virginia and Arkansas, residents over the age of 65 have median incomes beneath $58,000.
Associated: These Are the States The place $1 Million in Retirement Financial savings Lasts the Longest (and The place You may Be Broke in No Time)
Try Western & Southern Monetary Group’s full rating of Individuals’ retirement readiness by state beneath:
Picture Credit score: Courtesy of Western & Southern Monetary Group
One in 5 Individuals aged 50 and over has no retirement financial savings, and greater than half fear that they will not manage to pay for to final as soon as they depart the workforce, in keeping with an AARP survey.
Nevertheless, the place U.S. staff dwell can have a big affect on their retirement readiness.
Getting aware of among the key averages in your state, from 401(okay) balances to median incomes, life expectations, price of dwelling and extra, will help you perceive simply how ready you might be — or aren’t — to your golden years.
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