Here are the states where retirement savers have the biggest nest egg
Jose Luis Pelaez Inc | DigitalVision | Getty Images
Have you ever wondered how your nest egg compares to that of your neighbors?
From state to state, the median amount – half up, half down – that retirees have budgeted for their golden years, according to research by Personal Finance website Personal Capital, ranges from $ 83,500 in Mississippi to $ 177,500 in Washington.
The company examined anonymized data from its 2.8 million users and aggregated the retirement accounts of every person they are linked to through the website, regardless of whether they were from Personal Capital or other retirement account providers (e.g. Fidelity Investments, Vanguard, Schwab).
More from the new path to retirement:
Check out more retirement news here.
First, here is the generation breakdown of the account balances that were identified in the study. (Note that for the average amounts, compared to the median, large account balances skew the data more.)
Retirement savings according to age
|Age group||Average retirement savings||Median Retirement Balance|
|Gen Z||$ 35,197||10,904 USD|
|Millennials||$ 166,430||$ 71,485|
|Gen X.||$ 568,750||290,807 USD|
|Baby boomers||$ 1,029,840||$ 570,789|
|Other / no age data||$ 277,151||$ 63,210|
As with age, state averages are generally much higher than the median.
For example, Connecticut’s average retirement balance ranks around $ 523,600 – ranking first among states – compared to its median of $ 160,300. New Hampshire’s average retirement savings come in second at $ 494,600, while its median is $ 159,300.
Meanwhile, Utah had the lowest average – $ 300,400 – and its median of $ 90,800 was the second lowest (behind Mississippi).
Of course, a number of factors can affect an individual’s ability to save for retirement, according to the study. Whether due to a high cost of living, a higher tax burden, lower wages, or some other hurdle, competing financial priorities or commitments can hamper the storage of money for your years after work.
Depending on which state you choose to retire in, your savings may go even further.
Some states do not have income tax or may exclude social security benefits from taxation. Or there are other retirement incomes that are not taxed. For example, New Hampshire not only does not exclude Social Security income, it also excludes pensions and distributions from retirement accounts.