Best and Worst States for Retirement? Here's the Ranking

[ad_1] One in 5 Individuals aged 50 and over has no retirement financial savings, and greater than half fear that they will not manage to pay for to final as soon as they go away the workforce, based on an AARP survey.

Nonetheless, the place U.S. staff stay can have a major influence on their retirement readiness.

Getting accustomed to a few of the key averages in your state, from 401(okay) balances to median incomes, life expectations, value of residing and extra, may also help you perceive simply how ready you might be — or aren't — to your golden years.

Associated: How A lot Cash Do You Must Retire Comfortably in Your State? Here is the Breakdown.

Western & Southern Monetary Group examined these metrics and others to rank all 50 states based mostly on the place retirees have one of the best and worst readiness for retirement.

New Jersey, Connecticut, Maryland, Virginia and Vermont got here out on high for states the place individuals are most ready for retirement, per the examine.

What's extra, residents in Connecticut and New Jersey reported the best common 401(okay) balances: $546,000 and $514,000, respectively. Residents over the age of 65 in these states even have excessive median incomes — over $96,000.

Associated: Right here Are the Greatest and Worst States for Retirement in 2025, In accordance with a New Report

Individuals residing in West Virginia, Mississippi, Arkansas, Tennessee and Arizona could fare the worst in retirement, based on the analysis.

Mississippi and Arkansas residents reported a few of the lowest common 401(okay) balances, at $348,000 and $364,000, respectively. In West Virginia and Arkansas, residents over the age of 65 have median incomes beneath $58,000.

Associated: These Are the States The place $1 Million in Retirement Financial savings Lasts the Longest (and The place You will Be Broke in No Time)

Take a look at Western & Southern Monetary Group's full rating of Individuals' retirement readiness by state under:

Picture Credit score: Courtesy of Western & Southern Monetary Group

One in 5 Individuals aged 50 and over has no retirement financial savings, and greater than half fear that they will not manage to pay for to final as soon as they go away the workforce, based on an AARP survey.

Nonetheless, the place U.S. staff stay can have a major influence on their retirement readiness.

Getting accustomed to a few of the key averages in your state, from 401(okay) balances to median incomes, life expectations, value of residing and extra, may also help you perceive simply how ready you might be — or aren't — to your golden years.