One in 5 People aged 50 and over has no retirement savings, and greater than half fear that they will not come up with the money for to final as soon as they depart the workforce, in response to an AARP survey.
Nonetheless, the place U.S. staff stay can have a big influence on their retirement readiness.
Getting acquainted with a few of the key averages in your state, from 401(k) balances to median incomes, life expectations, price of residing and extra, will help you perceive simply how ready you might be — or aren’t — to your golden years.
Associated: How Much Money Do You Need to Retire Comfortably in Your State? Here’s the Breakdown.
Western & Southern Financial Group examined these metrics and others to rank all 50 states based mostly on the place retirees have the perfect and worst readiness for retirement.
New Jersey, Connecticut, Maryland, Virginia and Vermont got here out on high for states the place individuals are most ready for retirement, per the examine.
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: Here Are the Best and Worst States for Retirement in 2025, According to a New Report
People residing in West Virginia, Mississippi, Arkansas, Tennessee and Arizona might fare the worst in retirement, in response to the analysis.
Mississippi and Arkansas residents reported a few 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 below $58,000.
Take a look at Western & Southern Monetary Group’s full rating of People’ retirement readiness by state under:
Picture Credit score: Courtesy of Western & Southern Monetary Group
One in 5 People aged 50 and over has no retirement savings, and greater than half fear that they will not come up with the money for to final as soon as they depart the workforce, in response to an AARP survey.
Nonetheless, the place U.S. staff stay can have a big influence on their retirement readiness.
Getting acquainted with a few of the key averages in your state, from 401(k) balances to median incomes, life expectations, price of residing and extra, will help you perceive simply how ready you might be — or aren’t — to your golden years.
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