What is the average retirement savings by state?
How do you stack up with others in your zip code, county, and state lines when it comes to the balance of your 401k or Roth IRA?
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Key takeaways
In 2024, retirement savings range from $315,000 in Utah to over $545,000 in Connecticut, with the national median at $87,000.
- States with lower costs and taxes, like Florida or Texas, can help your savings last longer than in high-cost states like Hawaii.
- A 25-year retirement in Hawaii could cost over $3.2M, while Mississippi may require around $1.5M.
Retirement should mark a period of well-deserved relaxation and enjoyment, ideally free from financial worries. However, many individuals grapple with the question: "How long will my retirement savings last?"
While it's impossible to predict the exact duration of retirement funds, proactive planning and utilizing appropriate resources can significantly enhance the likelihood of a financially secure retirement.
Here’s every U.S. state’s average retirement savings amount for 2024
These numbers, taken by Nasdaq.com,¹ represent averages. In other words, if you take every household’s retirement savings amount in each U.S. state, add them up, and divide by the number of households, you’ll get the figure listed for each state.
As with all averages, outliers (disproportionately high and low numbers) may skew these figures, significantly in some cases.
A more accurate representation of how much the “average” middle-class person in each state has in their retirement account is reflected by taking the median rather than the average. While the median retirement savings across the country as a whole is $87,000, averages vary by age and state.
Alabama | $395,563 | Alaska | $503,822 | Arizona | $427,418 |
Arkansas | $364,395 | California | $452,135 | Colorado | $449,719 |
Connecticut | $545,754 | Delaware | $454,679 | Florida | $428,997 |
Georgia | $435,254 | Hawaii | $366,776 | Idaho | $437,396 |
Illinois | $449,983 | Indiana | $405,732 | Iowa | $465,127 |
Kansas | $452,703 | Kentucky | $441,757 | Louisiana | $386,908 |
Maine | $403,751 | Maryland | $485,501 | Massachusetts | $478,947 |
Michigan | $439,568 | Minnesota | $470,549 | Mississippi | $347,884 |
Missouri | $410,656 | Montana | $390,768 | Nebraska | $404,650 |
Nevada | $379,728 | New Hampshire | $512,781 | New Jersey | $514,245 |
New Mexico | $428,041 | New York | $382,027 | North Carolina | $464,104 |
North Dakota | $319,609 | Ohio | $427,462 | Oklahoma | $361,366 |
Oregon | $452,558 | Pennsylvania | $462,075 | Rhode Island | $392,622 |
South Carolina | $449,486 | South Dakota | $449,628 | Tennessee | $376,476 |
Texas | $434,328 | Utah | $315,160 | Vermont | $494,569 |
Virginia | $492,965 | Washington | $469,987 | Washington D.C. | $347,582 |
West Virginia | $370,532 | Wisconsin | $448,975 | Wyoming | $381,133 |
How your state of residence & retirement needs are related
The state you live in does have an impact on how much you should have in your retirement accounts because the cost to live comfortably in each state varies greatly.
States with high vs. low overall cost of living
- High Cost States: States like California and New York require more savings due to higher living expenses. But saving money in these states can also be more difficult.
- Low Cost States: States like Mississippi and Arkansas may allow your savings to stretch further. But the income in these states is also usually lower. If you’re lucky enough to work remotely or have a high paying job and take advantage of a lower cost of living, that can help you fast-track your way to retirement.
Taxes
Income tax can impact your retirement savings as tax payments may reduce the amount you have to spend. Finding states without income tax or with lower taxes may help your retirement savings last longer.
- States Without Income Tax:
- Alaska
- Florida
- Nevada
- New Hampshire
- South Dakota
- Tennessee
- Texas
- Washington
- Wyoming
States With High Taxes: States with the highest income tax rates as of August 2024.
- California (13.3%)
- Hawaii (11%)
- New Jersey (10.75%)
- Oregon (9.9%)
- Minnesota (9.85%)
- District of Columbia (8.95%)
- New York (8.82%)
- Vermont (8.75%)
What annual income do you need to live comfortably in retirement in each U.S. state?
It’s one thing to know the average retirement savings in California, Alabama, or DC. It’s another entirely to know if this amount is enough to retire comfortably.
According to Nasdaq.com,² you need the following annual salary to live comfortably in each of these U.S. states during each year of retirement:
Alabama | $63,744 | Alaska | $90,557 | Arizona | $77,404 |
Arkansas | $65,118 | California | $100,965 | Colorado | $75,742 |
Connecticut | $82,680 | Delaware | $74,657 | District of Columbia | $108,192 |
Florida | $73,646 | Georgia | $64,539 | Hawaii | $131,175 |
Idaho | $71,694 | Illinois | $66,563 | Indiana | $66,129 |
Iowa | $64,973 | Kansas | $63,022 | Kentucky | $68,298 |
Louisiana | $66,635 | Maine | $81,307 | Maryland | $87,233 |
Massachusetts | $103,422 | Michigan | $66,563 | Minnesota | $69,093 |
Mississippi | $62,154 | Missouri | $64,973 | Montana | $74,441 |
Nebraska | $65,985 | Nevada | $73,501 | New Hampshire | $82,824 |
New Jersey | $80,728 | New Mexico | $68,008 | New York | $91,497 |
North Carolina | $69,237 | North Dakota | $69,382 | Ohio | $66,057 |
Oklahoma | $62,805 | Oregon | $83,981 | Pennsylvania | $70,104 |
Rhode Island | $80,801 | South Carolina | $69,671 | South Dakota | $67,503 |
Tennessee | $65,334 | Texas | $67,141 | Utah | $74,224 |
Vermont | $83,547 | Virginia | $74,152 | Washington | $83,475 |
West Virginia | $64,539 | Wisconsin | $68,731 | Wyoming | $66,563 |
Most retirement professionals recommend planning to save enough to last through 25 years of retirement. Here’s how that translates into how much you should have saved in total for the lowest-cost and highest-cost states of Mississippi, and Hawaii, respectively:
- Mississippi: In this state, experts estimate you need around $62,154 a year to retire comfortably. Stretching this amount across 25 years, you’d require retirement savings of $1,553,850.
- Hawaii: In this state, you need an estimated $131,175 to live comfortably. Stretching this amount across 25 years, you’d need about $3,279,375.
Remember:
- The amounts you see here assume that the retirement account(s) that hold them are your only source of income. For most Americans, this is untrue. For instance, the average annual social security income is $20,657 ($1,907/month*12 months).
- For a more accurate reflection of how much you might need to retire, be sure you account for all income streams or sources of funds you’ll have in retirement, such as those derived from annuities, pensions, other investments, home equity lines or reverse mortgages, inheritances, and so forth.
- Think you might not need to plan for 25 years in retirement? Talking to a financial planner may be a good idea to see if in fact this is true, and how that might affect your current retirement health outlook.
- The amounts you see reflect current needs, not future needs with cost-of-living adjustments and inflation. If you want to retire in the near future, they may be good estimates.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Sources
¹ https://www.nasdaq.com/articles/the-average-retirement-savings-in-every-state
² https://www.nasdaq.com/articles/how-much-comfortable-retirement-will-cost-you-each-state
³ https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
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