For many Americans, not having enough saved up for retirement is a real fear. Which state you live in can have a major effect on how much you need, too. Research from Personal Capital, a digital wealth manager, shows just how much your state really impacts that savings number: The state with the highest retirement savings has an average of $545,754, while the lowest had just $315,160.
And that number can vary even more when you consider factors like age, too. Currently, the average retirement age in the U.S. is 64, but you may find yourself retiring much later or earlier depending on which state you live in and when you start saving for retirement.
The Average Retirement Savings by State
Looking at the retirement savings average 401(k) balance by state for your state can help you get a better idea of how much money you need to retire. To help answer that question, Personal Capital looked at the retirement accounts of its users and took the average by state as of September 29, 2021. You can find out more about their methodology here .
Alaska
• Average Retirement Balance: $503,822
• Rank (as of 9/29/21): 4 out of 51
Alabama
• Average Retirement Balance: $395,563
• Rank (as of 9/29/21): 36 out of 51
Arkansas
• Average Retirement Balance: $364,395
• Rank (as of 9/29/21): 46 out of 51
Arizona
• Average Retirement Balance: $427,418
• Rank (as of 9/29/21): 31 out of 51
California
• Average Retirement Balance: $452,135
• Rank (as of 9/29/21): 17 out of 51
Colorado
• Average Retirement Balance: $449,719
• Rank (as of 9/29/21): 19 out of 51
Connecticut
• Average Retirement Balance: $545,754
• Rank (as of 9/29/21): 1 out of 51 (BEST)
D.C., Washington
• Average Retirement Balance: $347,582
• Rank (as of 9/29/21): 49 out of 51
Delaware
• Average Retirement Balance: $454,679
• Rank (as of 9/29/21): 14 out of 51
Florida
• Average Retirement Balance: $428,997
• Rank (as of 9/29/21): 28 out of 51
Georgia
• Average Retirement Balance: $435,254
• Rank (as of 9/29/21): 26 out of 51
Hawaii
• Average Retirement Balance: $366,776
• Rank (as of 9/29/21): 45 out of 51
Iowa
• Average Retirement Balance: $465,127
• Rank (as of 9/29/21): 11 out of 51
Idaho
• Average Retirement Balance: $437,396
• Rank (as of 9/29/21): 25 out of 51
Illinois
• Average Retirement Balance: $449,983
• Rank (as of 9/29/21): 18 out of 51
Indiana
• Average Retirement Balance: $405,732
• Rank (as of 9/29/21): 33 out of 51
Kansas
• Average Retirement Balance: $452,703
• Rank (as of 9/29/21): 15 out of 51
Kentucky
• Average Retirement Balance: $441,757
• Rank (as of 9/29/21): 23 out of 51
Louisiana
• Average Retirement Balance: $386,908
• Rank (as of 9/29/21): 39 out of 51
Massachusetts
• Average Retirement Balance: $478,947
• Rank (as of 9/29/21): 8 out of 51
Maryland
• Average Retirement Balance: $485,501
• Rank (as of 9/29/21): 7 out of 51
Maine
• Average Retirement Balance: $403,751
• Rank (as of 9/29/21): 35 out of 51
Michigan
• Average Retirement Balance: $439,568
• Rank (as of 9/29/21): 24 out of 51
Minnesota
• Average Retirement Balance: $470,549
• Rank (as of 9/29/21): 9 out of 51
Missouri
• Average Retirement Balance: $410,656
• Rank (as of 9/29/21): 32 out of 51
Mississippi
• Average Retirement Balance: $347,884
• Rank (as of 9/29/21): 48 out of 51
Montana
• Average Retirement Balance: $390,768
• Rank (as of 9/29/21): 38 out of 51
North Carolina
• Average Retirement Balance: $464,104
• Rank (as of 9/29/21): 12 out of 51
North Dakota
• Average Retirement Balance: $319,609
• Rank (as of 9/29/21): 50 out of 51
Nebraska
• Average Retirement Balance: $404,650
• Rank (as of 9/29/21): 34 out of 51
New Hampshire
• Average Retirement Balance: $512,781
• Rank (as of 9/29/21): 3 out of 51
New Jersey
• Average Retirement Balance: $514,245
• Rank (as of 9/29/21): 2 out of 51
New Mexico
• Average Retirement Balance: $428,041
• Rank (as of 9/29/21): 29 out of 51
Nevada
• Average Retirement Balance: $379,728
• Rank (as of 9/29/21): 42 out of 51
New York
• Average Retirement Balance: $382,027
• Rank (as of 9/29/21): 40 out of 51
Ohio
• Average Retirement Balance: $427,462
• Rank (as of 9/29/21): 30 out of 51
Oklahoma
• Average Retirement Balance: $361,366
• Rank (as of 9/29/21): 47 out of 51
Oregon
• Average Retirement Balance: $452,558
• Rank (as of 9/29/21): 16 out of 51
Pennsylvania
• Average Retirement Balance: $462,075
• Rank (as of 9/29/21): 13 out of 51
Rhode Island
• Average Retirement Balance: $392,622
• Rank (as of 9/29/21): 37 out of 51
South Carolina
• Average Retirement Balance: $449,486
• Rank (as of 9/29/21): 21 out of 51
South Dakota
• Average Retirement Balance: $449,628
• Rank (as of 9/29/21): 20 out of 51
Tennessee
• Average Retirement Balance: $376,476
• Rank (as of 9/29/21): 43 out of 51
Texas
• Average Retirement Balance: $434,328
• Rank (as of 9/29/21): 27 out of 51
Utah
• Average Retirement Balance: $315,160
• Rank (as of 9/29/21): 51 out of 51 (WORST)
Virginia
• Average Retirement Balance: $492,965
• Rank (as of 9/29/21): 6 out of 51
Vermont
• Average Retirement Balance: $494,569
• Rank (as of 9/29/21): 5 out of 51
Washington
• Average Retirement Balance: $469,987
• Rank (as of 9/29/21): 10 out of 51
Wisconsin
• Average Retirement Balance: $448,975
• Rank (as of 9/29/21): 22 out of 51
West Virginia
• Average Retirement Balance: $370,532
• Rank (as of 9/29/21): 44 out of 51
Wyoming
• Average Retirement Balance: $381,133
• Rank (as of 9/29/21): 41 out of 51
Why Some States Rank Higher
Many factors come into play when determining why some states have far higher rankings than others. For the sake of simplifying the data, different tax burdens and cost of living metrics weren’t considered in the analysis, which can make the difference between the highest and lowest ranking state retirement accounts look far wider than they may actually be.
Likewise, not considering the average cost of living by state could explain why states like Hawaii, D.C. and New York aren’t in the top five states for retirement even though they have some of the highest costs of living.
So, when determining where your retirement savings may stretch the furthest, you may also want to consider tax burdens and cost of living metrics by state instead of just considering the average retirement savings by state.
How Much Do You Need to Retire Comfortably in Each State?
How much you need to retire comfortably is largely determined by a state’s cost of living, but it will vary even more based on your own personal financial situation and the retirement lifestyle you’re aiming to pursue.
As such, you may want to use a retirement calculator or even talk with a financial advisor to help you determine just how much you should be saving for retirement based on your lifestyle, anticipated retirement expenses, where you want to live, your current and projected financial situation, and a slew of other factors.
💡 Recommended: How to Choose a Financial Advisor
By Generation Breakdown
Unsurprisingly, the amount Americans have saved for retirement varies a lot by generation. Personal Capital’s report reveals that generally, younger generations have less saved up for retirement than older ones.
Gen Z
• Total Surveyed: 121,489
• Average Retirement Balance: $38,633
• Median Retirement Balance: $12,016
Millennials
• Total Surveyed: 742,108
• Average Retirement Balance: $178,741
• Median Retirement Balance: $75,745
Gen X
• Total Surveyed: 375,718
• Average Retirement Balance: $605,526
• Median Retirement Balance: $303,663
Baby Boomers
• Total Surveyed: 191,648
• Average Retirement Balance: $1,076,208
• Median Retirement Balance: $587,943
The Takeaway
The average 401(k) balance by state varies quite a bit, and myriad factors can affect how much you’ll personally need to retire comfortably. Your state’s costs of living, the age you start saving for retirement, and your state’s tax burdens.
If you’re looking to boost your retirement savings, one option you could consider is SoFi Invest. SoFi offers all-inclusive investing in one app, with opportunities to trade stocks and ETFs online, invest in IPOs, automate your investment, and more.
FAQ
Have more questions about retirement? Check out these common concerns about retirement and retirement savings.
How much do Americans have saved up for retirement?
How much the average American has saved for retirement varies greatly by state and age. Connecticut has the highest average retirement savings, $545,754, and Utah has the lowest, $315,160. In general, younger generations have far less saved up than older generations, with Gen Zers averaging $38,633 and Boomers averaging $1,076,208.
What’s the average retirement age in the US?
The average retirement age in the U.S. is 64, with Alaska and West Virginia having the lowest average retirement age, 61, and D.C. having the highest, 67.
💡 Recommended: Average Retirement Savings by Age
What can I do now to boost my retirement savings?
You can increase your retirement savings using a number of methods, such as taking advantage of employer 401(k) matches or diversifying your investments. SoFi Invest can help you learn how to use investments as a way to boost your retirement savings account.
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