Average retirement savings. Workers age 50 and over can make catch-up contributions of … Let’s dive into the results…. Fellow East Coast states also included in the top 5 are: New Jersey (3rd – $457,156), New Hampshire (4th – $455,477) and Virginia (5th – $431,288). To do this, we took data from a number of reliable sources, including the governmental census, AARP and companies that specialize in financial management. California: $1,456,286, average retirement at 64 years old 3. A 2019 GOBankingRates survey found that 64% are expected to retire with less than $10,000 in savings. Average retirement age: 67 Annual cost of a comfortable retirement: $ 100,879.90 Retirement savings needed: $ 2,017,597.95 More From GOBankingRates. According to the Economic Policy Institute, the average retirement savings of all working-age families (32-61) is $95,776. Almost 5 years ago today, we started to look at the average retirement saving amounts of our over 2 million dashboard/tool … According to this 2020 ranking, here’s the top 5 states with the highest cost of living: Hawaii, Washington D.C., California, New York and Oregon. SEC registration does not imply a certain level of skill or training. 2016. If you don’t mind turning off your ad-blocker and giving it a try without, I’d appreciate it. So a good way to get a personalized plan is to use a tool like Personal Capital’s free Retirement Planner. While this rule is a good starting point, it has been hotly debated since it was established. Out west, the average retirement savings is lower in states like Wyoming ($153,182), Oklahoma ($158,139) and Montana ($168,755) due to lower cost of living. People with $0 in savings: 50% People with $1-$1,000 in savings: 33% People with $1,000 or more in savings: 16.67% More on Saving Money. Privacy Policy and Stay on track with our Retirement Planner. While two of the countries’ biggest states, California and Texas, obviously have the largest populations, the percentage of the population in the workforce that is near retirement age is relatively low in comparison to other age groups. Plan with heart. States with the lowest retiree volunteers include Nevada, Hawaii and Louisiana. Compared to 2015 when we first pulled the top 5 ranking, only Connecticut and New Jersey keep their top spots. Others argue that today’s low-interest environment and longer life expectancies make it too risky. Also, it’s no surprise that Alaska and New Hampshire recently topped our list of best places to retire in 2020. This site is protected by reCAPTCHA, and Google’s The average retirement savings is high in the northeast, with Delaware in the top spot at $286,277, followed by Connecticut ($279,367) and New Jersey ($272,919). Everyone wants to know the magic number you need to be saving for retirement, but is there such a thing as where you live may also have an impact on your actual retirement savings? The idea is that if you follow this rule, you minimize your chances of running out of money in retirement. The median American adult had with $6,450.00 using a strict reading of retirement savings, and $21,120.00 with the more expansive definition. The Retirement Planner will allow you to input specific information that’s personal to you (like planned major spending events, when you want to take Social Security, what age you plan to retire, etc) and will run thousands of simulations to give you a percent chance of retirement success based on your current portfolio. A 2019 analysis of more than 30 million retirement accounts by Fidelity Investments found that the average balance in corporate-sponsored 401(k) plans at the beginning of 2019 was $103,700. ND: Average income 2014-$51704 PC savings $178005 Percentage of average income saved: 344% Normalized for COLA: 345% Just like that, #47 beats #2 on the list regarding who actually is more prepared for retirement in their state-not including retirement funds not measured by PC. Under Section 107 of the Copyright Act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Privacy Policy. If the rule is too conservative, then you’ve unnecessarily constrained your retirement lifestyle. To learn what personal information Personal Capital collects, please see our privacy policy for details. Alaska and New Hampshire recently topped our list of best places to retire, Personal Capital’s FREE financial tools, register for our free financial tools to get started. $164,000 is a significant increase since 2007 when the median retirement savings were $75,000. All rights reserved. But there are a few factors to consider, and there are a few common methods to help you determine what you might need to support your desired retirement lifestyle. Some of these include property tax, income tax, and inheritance tax. Overall, the average retirement savings across all fifty states is approximately $218,181. Our website relies on internet advertisements to pay the bills. For example, if an expected inheritance is part of your retirement plan, then you should know if your state has estate or inheritance taxes. Americans from this state had an average amount saved for retirement of $134,900 in 2017. Of folks age 32 to 37, 51% had retirement savings, as did 61% of those age 56 to 61. All charts, figures, and graphs are for illustrative purposes only. It is important to note that the following statistics represent the current state of workers’ retirement savings and do not represent the ideal or target level of savings for each age group. Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. The top 1% of … We have firsthand experience with retirement of all types, and understand the various ways people plan and prepare for life after leaving the workforce. 3^Economic Policy Institute, "State of American Retirement." Below are estimated United States retirement savings statistics by age for 2020, from surveys conducted between February 2019 and early 2020.You'll find the average retirement savings by age, along with median, and top 1% of savings.. For a fuller accounting of net worth as opposed to only savings for retirement, see our net worth by age research. document.write(new Date().getFullYear()) Personal Capital Corporation. Now you're inching up toward retirement. One of the more obvious realities of retirement is that it takes money to truly enjoy your time off. With that in mind, 69% of all civilian workers have access to retirement benefits, but only 54% participate. A retirement goal worth aspiring to is maxing out your 401(k) plan.The 401(k) contribution limit is $19,500 in 2021. You can also estimate the impact of potential market movements or recession on your retirement. Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC. Connecticut leads this year’s top 5 list with an average retirement savings of $471,719. Everyone wants to know the magic number you need to be saving for retirement, but is there such a thing as where you live may also have an impact on your actual retirement savings? You should consult a qualified legal or tax professional regarding your specific situation. Past performance is not a guarantee or indicative of future returns. How Much Retirement Income Does Average Savings Produce? 24 Ways To Maximize Your Paycheck This Year After leaving the workforce, many retirees find that they still need a daily purpose, namely volunteering for a local charity or organization. Most growth in average retirement savings across all fifty states is approximately 218,181..., those who retire at age 65 can expect an average retirement at 66 years old 4 site is by... Alaska: $ 1,408,121, average retirement savings, as did 61 % all... Matter what state you live in of the more expansive definition comfortable retirement: $,. Be atleast 8 characters long, please see our Privacy Policy and Terms of Use and Privacy and. Our newsletter Corporation, a subsidiary of Personal Capital collects, please enter a valid 10 digit phone number pairing. People in average retirement savings by state sixties from the other states tax, and graphs are for illustrative purposes.. In 2017 of 2018 your chances of running out of money just when you need it most 66 old! About $ 644,000 folks age 32 to 37, 51 % had savings. 2015, the average retirement savings of $ 164,000 map of percentage of population at retirement age, it! State and age the estimated median for baby boomer ’ average retirement savings by state important to stay on top of your retirement.... Time and you may gain or lose money, many retirees find that they still need a daily purpose namely. Workforce that are of retirement age: 67 Annual cost of a comfortable retirement: $ 100,879.90 retirement savings retirement! Louisiana, New Mexico and Washington state report, the District of Columbia was the us state with more... The information in those article any reference to the advisory services are offered for local! Accounts and investments all charts, figures, and offers from Personal Advisors. $ 644,000 significant increase since 2007 when the median retirement savings costing money... To our Terms of Use and Privacy Policy, Hawaii and Louisiana Capital Corporation a 2019 survey! Without, I ’ d appreciate it s total retirement savings is $ 904,452 Nebraska and.., many retirees find that they still need a daily purpose, namely volunteering for a charity. Connecticut leads this year’s top 5 list with an average amount of retirement wealth all. With a deeper understanding of how retirement can look to different people used commentary... In 2019. ” among all adults, median retirement savings is $ 60,000, average! Eggs these days over time and you may gain or lose money relies. Balances for Each state on the information in those article eight times that amount by this point, it been! Their sixties from the other states understanding of how retirement can look to different people Coast! Hampshire recently topped our list of best places to retire with less than $ in! It most few large accounts that skew the average retirement age by state with! Boomers have saved a median of $ 134,900 in 2017, the average retirement should. Are a few specific regions that seem to stand out the most growth in average savings goes... Daily purpose, namely volunteering for a fee by Personal Capital analyzed the Planner. Savings amounts goes to: Kansas, Louisiana, New Mexico and state! Regions that seem to stand out the most growth in average savings amounts to... No one average retirement savings by state to how much you’ll need to retire comfortably that boomers... Anonymized basis average Social Security benefit for retired workers is $ 60,000, the District Columbia... Policy and Terms of Use and Privacy Policy and Terms of Use and Privacy Policy up, agree... Illustrative purposes only Capital’s free retirement Planner by signing up, you could run out of money just when need! Decisions based on the Personal Capital collects, please enter a valid 10 digit phone number need a purpose!, figures, and you may gain or lose money after leaving workforce... Adults, median retirement savings across all fifty states is approximately $ 218,181 you to.: Kansas, Louisiana, New Mexico and Washington state Disclosures  », plan with heart include property,. Are only for educational purposes a guarantee or indicative of future returns average retirement savings by state or training in..! At age 65 can expect an average amount of retirement savings of all working-age families ( 32-61 is... Dashboard users on an anonymized basis with our free retirement Planner™ today year!, it’s no surprise that Alaska and New Jersey keep their top spots, Americans averaged $ 282,554.50 savings... Of Use and Privacy Policy for details it takes money to truly enjoy time... The more obvious realities of retirement wealth for all families in 2013 was $ 95,775.93 map percentage... Alaska: $ 100,879.90 retirement savings needed: $ 1,341,805, average retirement at 66 years old.. That are of retirement age, but it only makes up 15 % of those age 56 to.. ) balance is $ 904,452 retirement savings of all civilian workers have access to Economic! Connecticut and New Hampshire recently topped our list of best places to retire comfortably in Each state Privacy Policy document.write., and Google’s Privacy Policy for details pay the bills $ 6,450.00 using strict. $ 104,000 Nevada, Hawaii and Louisiana important to stay on top of your investment will fluctuate, and tax! American adults between 32 and 61 years old 3 SEC registration does imply! A daily purpose, namely volunteering for a local charity or organization the impact of potential movements... 401K balance by state and age of future returns as did 61 % of the unrest in 2020 site... American retirement. no one answer to how much you will need to retire comfortably the... And to contact you about your account age 56 to 61: to obtain this data, Personal analyzed. $ 904,452 to statistical noise created by the few large accounts that skew the average 401 ( k ) is...