One in 5 Individuals aged 50 and over has no retirement financial savings, and greater than half fear that they will not find the money for to final as soon as they go away the workforce, in accordance with an AARP survey.
Nonetheless, the place U.S. employees stay can have a major affect on their retirement readiness.
Getting conversant in among the key averages in your state, from 401(ok) balances to median incomes, life expectations, value of dwelling and extra, may also help you perceive simply how ready you’re — or aren’t — on your golden years.
Associated: How A lot Cash Do You Must 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 persons are most ready for retirement, per the research.
What’s extra, residents in Connecticut and New Jersey reported the very 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: 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 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 underneath $58,000.
Try 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 find the money for to final as soon as they go away the workforce, in accordance with an AARP survey.
Nonetheless, the place U.S. employees stay can have a major affect on their retirement readiness.
Getting conversant in among the key averages in your state, from 401(ok) balances to median incomes, life expectations, value of dwelling and extra, may also help you perceive simply how ready you’re — or aren’t — on your golden years.
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