One in 5 People aged 50 and over has no retirement savings, and greater than half fear that they will not have the funds for to final as soon as they go away the workforce, in accordance with an AARP survey.
Nevertheless, the place U.S. employees dwell can have a big affect on their retirement readiness.
Getting acquainted with among the key averages in your state, from 401(k) 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 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 prime 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(ok) 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 could fare the worst in retirement, in accordance with the analysis.
Mississippi and Arkansas residents reported among the lowest common 401(ok) 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.
Take a look at Western & Southern Monetary Group’s full rating of People’ retirement readiness by state beneath:
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 have the funds for to final as soon as they go away the workforce, in accordance with an AARP survey.
Nevertheless, the place U.S. employees dwell can have a big affect on their retirement readiness.
Getting acquainted with among the key averages in your state, from 401(k) 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.
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