Where Americans have the most retirement savings

Miami Herald

20-05-2025

Retirement savings can serve as a key indicator of financial stability, reflecting not only a household's ability to set aside money but also shaping retirement timelines and broader workforce and economic dynamics. Across the United States, the average retirement savings per household is estimated to be $114,435-but this figure varies significantly by state, ranging from less than half to double that amount. These disparities can significantly impact when and how comfortably Americans retire. Even after adjusting for local household income differences-often tied to the cost of living-households in some states have less than a year's income saved on average, while others have more than twice the local median income set aside for retirement.
With this in mind, SmartAsset ranked U.S. states based on the latest retirement savings data from the Census Bureau, adjusted to 2025 dollars based on S&P 500 growth. Median household income is also compared to retirement savings, providing a clearer picture of retirement preparedness across the country.
Key Findings
Retirement savings in Kansas average 2.78 times the state's median income, the highest in the country. The estimated average retirement savings almost triples the median household income of $70,333. The median balance across household retirement accounts is approximately $195,302, with 66.5% of households having retirement accounts.Median retirement savings in Hawaii and Massachusetts top $200,000. Hawaii has the highest retirement savings balance nationwide at $228,870, followed by Massachusetts at $218,189. Even compared to their respective median household incomes-$95,322 and $99,858-these savings levels position Hawaii and Massachusetts as the second- and third-ranked states for retirement savings rates nationwide.Less than half of households have retirement savings in six southern states. Mississippi has the fewest households saving for retirement with just 40.8% of households participating. Following closely are West Virginia (42.2%), Alabama (43%), Arkansas (46.7%), Louisiana (47.6%) and Georgia (48.7%). For most of these states, the median household retirement savings also comes in at under $70,000.Missouri has the slowest rate of retirement savings. Compared to the median household income of $68,545, Missouri residents have less than one year of money stashed away for retirement with an average nest egg of $61,032. Meanwhile, Arkansas households have the smallest absolute nest egg at $57,828.
States are ranked based on the estimated retirement savings per household.
HawaiiRetirement savings: $228,870Median net worth: $721,093Households with retirement savings: 69.7%Households with IRA or Keogh Accounts: 56.9%Households with 401(k) or Thrift Savings Plan: 59.9%Median household income: $95,322Retirement savings per dollar of median annual income: $2.40MassachusettsRetirement savings: $218,189Median net worth: $470,557Households with retirement savings: 68.5%Households with IRA or Keogh Accounts: 43.2%Households with 401(k) or Thrift Savings Plan: 58.2%Median household income: $99,858Retirement savings per dollar of median annual income: $2.18New JerseyRetirement savings: $196,828Median net worth: $408,457Households with retirement savings: 69.1%Households with IRA or Keogh Accounts: 38.9%Households with 401(k) or Thrift Savings Plan: 57.4%Median household income: $99,781Retirement savings per dollar of median annual income: $1.97KansasRetirement savings: $195,302Median net worth: $278,001Households with retirement savings: 66.5%Households with IRA or Keogh Accounts: 41.9%Households with 401(k) or Thrift Savings Plan: 52.6%Median household income: $70,333Retirement savings per dollar of median annual income: $2.78WashingtonRetirement savings: $167,838Median net worth: $572,328Households with retirement savings: 68.3%Households with IRA or Keogh Accounts: 38.9%Households with 401(k) or Thrift Savings Plan: 55.4%Median household income: $94,605Retirement savings per dollar of median annual income: $1.77ColoradoRetirement savings: $167,075Median net worth: $432,869Households with retirement savings: 67.2%Households with IRA or Keogh Accounts: 37.1%Households with 401(k) or Thrift Savings Plan: 56.6%Median household income: $92,911Retirement savings per dollar of median annual income: $1.80MarylandRetirement savings: $155,632Median net worth: $464,759Households with retirement savings: 75%Households with IRA or Keogh Accounts: 38.7%Households with 401(k) or Thrift Savings Plan: 66.4%Median household income: $98,678Retirement savings per dollar of median annual income: $1.58IllinoisRetirement savings: $154,106Median net worth: $267,930Households with retirement savings: 61.6%Households with IRA or Keogh Accounts: 36.3%Households with 401(k) or Thrift Savings Plan: 50%Median household income: $80,306Retirement savings per dollar of median annual income: $1.92MaineRetirement savings: $152,580Median net worth: $468,573Households with retirement savings: 68.1%Households with IRA or Keogh Accounts: 42.5%Households with 401(k) or Thrift Savings Plan: 56.5%Median household income: $73,733Retirement savings per dollar of median annual income: $2.07MinnesotaRetirement savings: $146,477Median net worth: $335,676Households with retirement savings: 72.7%Households with IRA or Keogh Accounts: 44.4%Households with 401(k) or Thrift Savings Plan: 60%Median household income: $85,086Retirement savings per dollar of median annual income: $1.72
Top 10 States Saving for Retirement at the Fastest Rate
States are ranked based on the size of median retirement savings compared to median household income.
KansasRetirement savings per dollar of median annual income: $2.78Retirement savings: $195,302Median household income: $70,333Median net worth: $278,001Households with retirement savings: 66.5%Households with IRA or Keogh Accounts: 41.9%Households with 401(k) or Thrift Savings Plan: 52.6%HawaiiRetirement savings per dollar of median annual income: $2.40Retirement savings: $228,870Median household income: $95,322Median net worth: $721,093Households with retirement savings: 69.7%Households with IRA or Keogh Accounts: 56.9%Households with 401(k) or Thrift Savings Plan: 59.9%MassachusettsRetirement savings per dollar of median annual income: $2.18Retirement savings: $218,189Median household income: $99,858Median net worth: $470,557Households with retirement savings: 68.5%Households with IRA or Keogh Accounts: 43.2%Households with 401(k) or Thrift Savings Plan: 58.2%MaineRetirement savings per dollar of median annual income: $2.07Retirement savings: $152,580Median household income: $73,733Median net worth: $468,573Households with retirement savings: 68.1%Households with IRA or Keogh Accounts: 42.5%Households with 401(k) or Thrift Savings Plan: 56.5%New JerseyRetirement savings per dollar of median annual income: $1.97Retirement savings: $196,828Median household income: $99,781Median net worth: $408,457Households with retirement savings: 69.1%Households with IRA or Keogh Accounts: 38.9%Households with 401(k) or Thrift Savings Plan: 57.4%IllinoisRetirement savings per dollar of median annual income: $1.92Retirement savings: $154,106Median household income: $80,306Median net worth: $267,930Households with retirement savings: 61.6%Households with IRA or Keogh Accounts: 36.3%Households with 401(k) or Thrift Savings Plan: 50%ArizonaRetirement savings per dollar of median annual income: $1.87Retirement savings: $144,951Median household income: $77,315Median net worth: $310,348Households with retirement savings: 58.9%Households with IRA or Keogh Accounts: 34.4%Households with 401(k) or Thrift Savings Plan: 47.5%WisconsinRetirement savings per dollar of median annual income: $1.84Retirement savings: $137,322Median household income: $74,631Median net worth: $253,283Households with retirement savings: 67.6%Households with IRA or Keogh Accounts: 36.3%Households with 401(k) or Thrift Savings Plan: 56.2%MontanaRetirement savings per dollar of median annual income: $1.82Retirement savings: $129,083Median household income: $70,804Median net worth: $391,978Households with retirement savings: 70.5%Households with IRA or Keogh Accounts: 51.1%Households with 401(k) or Thrift Savings Plan: 56.8%OhioRetirement savings per dollar of median annual income: $1.80Retirement savings: $122,095Median household income: $67,769Median net worth: $206,898Households with retirement savings: 56.9%Households with IRA or Keogh Accounts: 31.2%Households with 401(k) or Thrift Savings Plan: 43.8%
Data and Methodology
This study from SmartAsset examined retirement savings and net worth data released July 2024 by the U.S. Census Bureau reflecting the 2022 calendar year. Dollar figures were adjusted to 2025 dollars based on S&P 500 gains of 52.58% between January 2023 and February 2025 according to Of Dollars and Data's S&P 500 Calculator. Median household income comes from the U.S. Census Bureau for 2023.
This story was produced by SmartAsset and reviewed and distributed by Stacker.
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