One in 5 Individuals aged 50 and over has no retirement financial savings, and greater than half fear that they will not come up with the money for to final as soon as they go away the workforce, in accordance with an AARP survey.
Nevertheless, the place U.S. staff stay can have a major affect on their retirement readiness.
Getting aware of a number of the key averages in your state, from 401(okay) balances to median incomes, life expectations, value of residing and extra, can assist you perceive simply how ready you might be — or aren’t — on your golden years.
Associated: How A lot Cash Do You Have to 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 the very best and worst readiness for retirement.
New Jersey, Connecticut, Maryland, Virginia and Vermont got here out on prime for states the place persons are most ready for retirement, per the examine.
What’s extra, residents in Connecticut and New Jersey reported the very 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, Based on a New Report
Individuals residing in West Virginia, Mississippi, Arkansas, Tennessee and Arizona could fare the worst in retirement, in accordance with the analysis.
Mississippi and Arkansas residents reported a number of 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 underneath $58,000.
Associated: These Are the States The place $1 Million in Retirement Financial savings Lasts the Longest (and The place You will Be Broke in No Time)
Take a look at Western & Southern Monetary Group’s full rating of Individuals’ retirement readiness by state under:
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 come up with the money for to final as soon as they go away the workforce, in accordance with an AARP survey.
Nevertheless, the place U.S. staff stay can have a major affect on their retirement readiness.
Getting aware of a number of the key averages in your state, from 401(okay) balances to median incomes, life expectations, value of residing and extra, can assist you perceive simply how ready you might be — or aren’t — on your golden years.
The remainder of this text is locked.
Be part of Entrepreneur+ at present for entry.
