These 10 States Have The Highest And Lowest Retirement Savings In The U.S.
The Wealth Gang team writes about financial information, passive income ideas, apps, programs, cash management tools and other wealth gadgets that we think you might want to use or learn more about. Sometimes, we write about products, services or items that might be associated with affiliate partnerships. In these instances, we will earn a small percentage of the revenue from sales. There is, of course, no cost to you.
Thank you for all your support! Without you, we could not keep this site running. Gang Gang!
Do you review your retirement savings or your net worth on a regular basis? You should. And what you should also do is measure it against others. Because it is good to not only monitor your financial progress, but to know where your goals should be. When you finally retire, you’ll thank yourself for caring so much.
The team at Personal Capital — which is a free platform that allows you to review your retirement savings and net worth — recently looked at the retirement savings data of all 2.8 million user accounts on their platform. They did this to determine what states and regions in the United States are saving the most (on average) for retirement and which ones are saving the least.
Based on the data, the North East is winning the retirement savings race by a fairly wide margin.
States With The Lowest Retirement Account Balances
There isn’t much rhyme or reason to these numbers from a regional standpoint. While wages in some of these areas might be lower than what you might see in the North East, with the exception of Washington D.C., most of these states have very low costs of living.
- Utah: $300,392
- North Dakota: $310,766
- Washington D.C.: $325,671
- Oklahoma: $340,389
- Mississippi: $340,894
States With The Highest Retirement Account Balances
As you can see below, the North East is dominant here. But the West Coast isn’t technically shut out thanks to Alaska. Alaska is considered the West Coast right? Sure. We’ll allow it.
- Connecticut: $523,568
- New Hampshire: $494,562
- New Jersey: $489,664
- Alaska: $489,070
- Virginia: $468,579
There you have it.
As mentioned earlier, being aware of your net worth and retirement savings is a proven way to keep your financial goals on track. It’s easy to do with the free tools at Personal Capital or even your own Excel or Google spreadsheet. Whatever method you choose, just do it. You’ll be better off in the long run. We promise!
Current Top Offers
Earn an unlimited 1.5% back in Bitcoin on every purchase with the BlockFi Rewards Visa® Signature Credit Card.
Invest spare change easily. Get $5 when you sign up for Acorns.
Invest in Commercial Real Estate With As Little As $10
Put your crypto to work. Get up to a $250 crypto bonus with a transfer of $100 or more in crypto.
Get a $50 bonus for creating and funding a new account