One in 5 People aged 50 and over has no retirement financial 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 line with an AARP survey.
Nevertheless, the place U.S. employees dwell can have a big affect on their retirement readiness.
Getting conversant in among 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 — to your golden years.
Associated: How A lot Cash Do You Have to Retire Comfortably in Your State? Here is the Breakdown.
Western & Southern Monetary 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 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 Finest and Worst States for Retirement in 2025, In line with a New Report
People residing in West Virginia, Mississippi, Arkansas, Tennessee and Arizona could fare the worst in retirement, in line 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.
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 financial 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 line with an AARP survey.
Nevertheless, the place U.S. employees dwell can have a big affect on their retirement readiness.
Getting conversant in among 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 — to your golden years.
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