Here’s where Americans have saved the most for retirement

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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.

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  disclosures

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Alaska

  • Average Retirement Balance: $503,822
  • Rank (as of 9/29/21): 4 out of 51

Image Credit: julof90.

Alabama

  • Average Retirement Balance: $395,563
  • Rank (as of 9/29/21): 36 out of 51

Image Credit: James Deitsch.

Arkansas

  • Average Retirement Balance: $364,395
  • Rank (as of 9/29/21): 46 out of 51

Image Credit: danthi66 / iStock.

Arizona

  • Average Retirement Balance: $427,418
  • Rank (as of 9/29/21): 31 out of 51

Image Credit: Sean Pavone / iStock.

California

  • Average Retirement Balance: $452,135
  • Rank (as of 9/29/21): 17 out of 51

Image Credit: Art Wager.

Colorado

  • Average Retirement Balance: $449,719
  • Rank (as of 9/29/21): 19 out of 51

Image Credit: Postoak at English Wikipedia.

Connecticut

  • Average Retirement Balance: $545,754
  • Rank (as of 9/29/21): 1 out of 51 (BEST)

Image Credit: DenisTangneyJr.

D.C., Washington

  • Average Retirement Balance: $347,582
  • Rank (as of 9/29/21): 49 out of 51

Image Credit: DepositPhotos.com.

Delaware

  • Average Retirement Balance: $454,679
  • Rank (as of 9/29/21): 14 out of 51

Image Credit: mdgmorris.

Florida

  • Average Retirement Balance: $428,997
  • Rank (as of 9/29/21): 28 out of 51

Image Credit: Elisa.rolle.

Georgia

  • Average Retirement Balance: $435,254
  • Rank (as of 9/29/21): 26 out of 51

Image Credit: SeanPavonePhoto.

Hawaii

  • Average Retirement Balance: $366,776
  • Rank (as of 9/29/21): 45 out of 51

Image Credit: Art Wager.

Iowa

  • Average Retirement Balance: $465,127
  • Rank (as of 9/29/21): 11 out of 51

Image Credit: JoeChristensen.

Idaho

  • Average Retirement Balance: $437,396
  • Rank (as of 9/29/21): 25 out of 51

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Illinois

  • Average Retirement Balance: $449,983
  • Rank (as of 9/29/21): 18 out of 51

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Indiana

  • Average Retirement Balance: $405,732
  • Rank (as of 9/29/21): 33 out of 51

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Kansas

  • Average Retirement Balance: $452,703
  • Rank (as of 9/29/21): 15 out of 51

Image Credit: fotoguy22 / iStock.

Kentucky

  • Average Retirement Balance: $441,757
  • Rank (as of 9/29/21): 23 out of 51

Image Credit: DepositPhotos.com.

Louisiana

  • Average Retirement Balance: $386,908
  • Rank (as of 9/29/21): 39 out of 51

Image Credit: DepositPhotos.com.

Massachusetts

  • Average Retirement Balance: $478,947
  • Rank (as of 9/29/21): 8 out of 51

Image Credit: Rolf_52.

Maryland

  • Average Retirement Balance: $485,501
  • Rank (as of 9/29/21): 7 out of 51

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Maine

  • Average Retirement Balance: $403,751
  • Rank (as of 9/29/21): 35 out of 51

Image Credit: DepositPhotos.com.

Michigan

  • Average Retirement Balance: $439,568
  • Rank (as of 9/29/21): 24 out of 51

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Minnesota

  • Average Retirement Balance: $470,549
  • Rank (as of 9/29/21): 9 out of 51

Image Credit: DepositPhotos.com.

Missouri

  • Average Retirement Balance: $410,656
  • Rank (as of 9/29/21): 32 out of 51

Image Credit: DepositPhotos.com.

Mississippi

  • Average Retirement Balance: $347,884
  • Rank (as of 9/29/21): 48 out of 51

Image Credit: SeanPavonePhoto/istockphoto.

Montana

  • Average Retirement Balance: $390,768
  • Rank (as of 9/29/21): 38 out of 51

Image Credit: David Butler.

North Carolina

  • Average Retirement Balance: $464,104
  • Rank (as of 9/29/21): 12 out of 51

Image Credit: DepositPhotos.com.

North Dakota

  • Average Retirement Balance: $319,609
  • Rank (as of 9/29/21): 50 out of 51

Image Credit: csfotoimages / istockphoto.

Nebraska

  • Average Retirement Balance: $404,650
  • Rank (as of 9/29/21): 34 out of 51

Image Credit: DepositPhotos.com.

New Hampshire

  • Average Retirement Balance: $512,781
  • Rank (as of 9/29/21): 3 out of 51

Image Credit: DepositPhotos.com.

New Jersey

  • Average Retirement Balance: $514,245
  • Rank (as of 9/29/21): 2 out of 51

Image Credit: DepositPhotos.com.

New Mexico

  • Average Retirement Balance: $428,041
  • Rank (as of 9/29/21): 29 out of 51

Image Credit: DepositPhotos.com.

Nevada

  • Average Retirement Balance: $379,728
  • Rank (as of 9/29/21): 42 out of 51

Image Credit: Pixabay.com.

New York

  • Average Retirement Balance: $382,027
  • Rank (as of 9/29/21): 40 out of 51

Image Credit: DepositPhotos.com.

Ohio

  • Average Retirement Balance: $427,462
  • Rank (as of 9/29/21): 30 out of 51

Image Credit: stonena7 / istockphoto.

Oklahoma

  • Average Retirement Balance: $361,366
  • Rank (as of 9/29/21): 47 out of 51

Image Credit: Sean Pavone // istockphoto.

Oregon

  • Average Retirement Balance: $452,558
  • Rank (as of 9/29/21): 16 out of 51

Image Credit: DC_Colombia / iStock.

Pennsylvania

  • Average Retirement Balance: $462,075
  • Rank (as of 9/29/21): 13 out of 51

Image Credit: Sean Pavone / istockphoto.

Rhode Island

  • Average Retirement Balance: $392,622
  • Rank (as of 9/29/21): 37 out of 51

Image Credit: istockphoto/Sean Pavone.

South Carolina

  • Average Retirement Balance: $449,486
  • Rank (as of 9/29/21): 21 out of 51

Image Credit: SeanPavonePhoto.

South Dakota

  • Average Retirement Balance: $449,628
  • Rank (as of 9/29/21): 20 out of 51

Image Credit: 7Michael.

Tennessee

  • Average Retirement Balance: $376,476
  • Rank (as of 9/29/21): 43 out of 51

Image Credit: istockphoto.

Texas

  • Average Retirement Balance: $434,328
  • Rank (as of 9/29/21): 27 out of 51

Image Credit: Jerry Ballard/iStock.

Utah

  • Average Retirement Balance: $315,160
  • Rank (as of 9/29/21): 51 out of 51 (WORST)

Image Credit: johnnya123.

Virginia

  • Average Retirement Balance: $492,965
  • Rank (as of 9/29/21): 6 out of 51

Image Credit: DepositPhotos.com.

Vermont

  • Average Retirement Balance: $494,569
  • Rank (as of 9/29/21): 5 out of 51

Image Credit: DepositPhotos.com.

Washington

  • Average Retirement Balance: $469,987
  • Rank (as of 9/29/21): 10 out of 51

Image Credit: thyegn / istockphoto.

Wisconsin

  • Average Retirement Balance: $448,975
  • Rank (as of 9/29/21): 22 out of 51

Image Credit: DepositPhotos.com.

West Virginia

  • Average Retirement Balance: $370,532
  • Rank (as of 9/29/21): 44 out of 51

Image Credit: Kenneth Keifer.

Wyoming

  • Average Retirement Balance: $381,133
  • Rank (as of 9/29/21): 41 out of 51

Image Credit: DepositPhotos.com.

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.

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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.

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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.

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Gen Z

  • Total Surveyed: 121,489
  • Average Retirement Balance: $38,633
  • Median Retirement Balance: $12,016

Image Credit: dragana991 / istockphoto.

Millennials

  • Total Surveyed: 742,108
  • Average Retirement Balance: $178,741
  • Median Retirement Balance: $75,745

Image Credit: monkeybusinessimages.

Gen X

  • Total Surveyed: 375,718
  • Average Retirement Balance: $605,526
  • Median Retirement Balance: $303,663

Image Credit: DepositPhotos.com.

Baby Boomers

  • Total Surveyed: 191,648
  • Average Retirement Balance: $1,076,208
  • Median Retirement Balance: $587,943

Image Credit: perinjo / istockphoto.

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.

Image Credit: istockphoto.

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.

Learn More:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

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