'Have I saved enough for retirement?' is one of life's biggest worries. We all want to be told there's a magic dollar amount that will make our golden years bulletproof. But when it comes to funding retirement, one size does not fit all.
Nationwide, the average household retirement savings is about $114,435, according to Census data analyzed by SmartAsset. But the picture looks very different from state to state. It's not just the cost of living that varies, but tax codes, real estate values and more.
Average retirement savings by state
According to SmartAsset, Hawaii residents have the largest nest eggs, with a median of $228,870. Rounding out the top five are Massachusetts ($218,189), New Jersey ($196,828), Kansas ($195,302) and Washington state ($167,838).
Comparing savings to income, however, Kansas comes out on top. Average retirement savings in the Sunflower State ($195,302) are 2.78 times the state's median income ($70,333).
Retirement savings were far less robust in the South, the report found. Less than half of respondents in Alabama, Arkansas, Georgia, Louisiana, Mississippi and West Virginia were saving for retirement.
Those Arkansas households that were saving had an average of $57,828 socked away, the smallest nest egg of any state. Compared to the state's median income, Missouri ranked last: residents have just $61,032 saved, less than a year's salary.
How to track your retirement savings
Keeping track of your savings can help you see if you're on schedule to retire as planned. Empower is a free investing and budgeting app with a dashboard interface that lets you see your financial data and net worth in one place.
You get access to a free retirement planner tool that allows you to input the age you want to retire and when you want to start taking Social Security. It'll look at your current savings to see if you can realistically make that goal.
Empower
Cost
App is free, but users have option to add investment management services for a fee
Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, fraud protection and strong user authentication
Terms apply.
Retirement FAQs
How much money do I need for retirement?
There's no one dollar amount for every American. The amount of money you'll need to live comfortably on your savings depends on your lifestyle, location and other factors. One common strategy is to have 10 or 12 times your salary saved by the time you are 67.
Which state has the most retirement savings?
Hawaii residents have the largest nest eggs, with a median of $228,870. Compared to their income, though, Kansas residents are on top. The average nest egg is almost three times the median annual salary.
Which state has the least retirement savings?
Arkansas households have an average of $57,828 saved for retirement, the smallest nest egg of any state. When compared to its median income, however, Missouri landed at the bottom: Residents have just $61,032 saved up, less than a year's salary.
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