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Retirement Readiness in All 50 States

Retirement Readiness in All 50 States

Key findings from a new study by GOBankingRates indicate the average retirement savings balance is $315,000 or more in all 50 states.

To determine how ready the average person is for retirement, GOBankingRates looked at key data in every state such as the average savings for retirement households and the state and local tax rate.

By the numbers:

  • New Hampshire ranks as the most retirement ready state in America. Key factors that propelled The Granite State to the top include a 0% state and local tax rate and no tax on Social Security. The average retirement savings balance is $512,781.
  • Four states in the top 10 have average retirement savings of more than $500,000: New Hampshire (#1), Alaska (#2), Connecticut (#6) and New Jersey (#9).
  • Connecticut (#6) is the only state in the top 10 with a tax on Social Security.
  • Three states with a 0% state and local tax rate — New Hampshire (#1), Delaware (#3) and Oregon (#4) — ranked in the top five. The fourth state, Montana, came in 19th place.
  • Utah came in dead last for retirement readiness. The average retirement savings balance is $315,160, the smallest balance out of all 50 states.
  • Across all 50 states, the average retirement savings balance is $429,525.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.