Best and Worst States for Retirement? Here’s the | Global Market News
One in 5 Americans aged 50 and over has no retirement financial savings, and more than half fear that they will not have enough money to final as soon as they go away the workforce, in accordance with an AARP survey.However, the place U.S. staff reside can have a vital affect on their retirement readiness.Getting aware of some of the key averages in your state, from 401(okay) balances to median incomes, life expectations, value of dwelling and more, can help you perceive simply how ready you’re — or aren’t — for your golden years.
Related: How Much Money Do You Need to Retire Comfortably in Your State? Here’s the Breakdown.Western & Southern Financial Group examined these metrics and others to rank all 50 states primarily based on the place retirees have the best and worst readiness for retirement.
New Jersey, Connecticut, Maryland, Virginia and Vermont got here out on high for states the place people are most ready for retirement, per the research.What’s more, residents in Connecticut and New Jersey reported the highest average 401(okay) balances: $546,000 and $514,000, respectively. Residents over the age of 65 in these states even have high median incomes — over $96,000.Related: Here Are the Best and Worst States for Retirement in 2025, According to a New ReportAmericans dwelling in West Virginia, Mississippi, Arkansas, Tennessee and Arizona might fare the worst in retirement, in accordance with the analysis.
Mississippi and Arkansas residents reported some of the lowest average 401(okay) balances, at $348,000 and $364,000, respectively. In West Virginia and Arkansas, residents over the age of 65 have median incomes below $58,000.Related: These Are the States Where $1 Million in Retirement Savings Lasts the Longest (and Where You’ll Be Broke in No Time)Check out Western & Southern Financial Group’s full rating of Americans’ retirement readiness by state under:Image Credit: Courtesy of Western & Southern Financial Group
One in 5 Americans aged 50 and over has no retirement financial savings, and more than half fear that they will not have enough money to final as soon as they go away the workforce, in accordance with an AARP survey.However, the place U.S. staff reside can have a vital affect on their retirement readiness.Getting aware of some of the key averages in your state, from 401(okay) balances to median incomes, life expectations, value of dwelling and more, can help you perceive simply how ready you’re — or aren’t — for your golden years.
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