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 keeping with an AARP survey.
Nonetheless, the place U.S. employees dwell can have a major impression 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 dwelling and extra, may also help you perceive simply how ready you might be — or aren’t — in 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 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 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 Greatest and Worst States for Retirement in 2025, In keeping with a New Report
Individuals dwelling in West Virginia, Mississippi, Arkansas, Tennessee and Arizona might fare the worst in retirement, in keeping 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.
Take a look at 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 come up with the money for to final as soon as they go away the workforce, in keeping with an AARP survey.
Nonetheless, the place U.S. employees dwell can have a major impression 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 dwelling and extra, may also help you perceive simply how ready you might be — or aren’t — in your golden years.
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