Where Americans Have the Most Retirement Savings
Summary
A study by SmartAsset looked at how much money people in different U.S. states have saved for retirement in special tax-advantaged accounts. Massachusetts has the highest average retirement savings, while Mississippi has the lowest. The study also showed varying use of different retirement accounts like 401(k)s and IRAs across the states.Key Facts
- Massachusetts households have the highest average retirement savings at $150,000.
- Mississippi households have the lowest average retirement savings at $35,000.
- About 75% of Massachusetts households use tax-advantaged retirement accounts, the highest rate in the country.
- Only 42% of Mississippi households use these retirement accounts, the lowest rate found in the study.
- Maryland has the highest use of 401(k) plans, with 65% of households participating.
- Montana has the highest use of IRAs (a type of retirement savings account), with 46.4% of households using them.
- Other states with high average retirement savings include Hawai‘i ($149,000), Washington ($143,400), and New Jersey ($134,000).
- On average, Americans have saved about one year’s worth of their income in these tax-advantaged accounts, around $80,000 per household.
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