Finest and Worst States for Retirement? This is the Rating

[ad_1] One in 5 People aged 50 and over has no retirement financial savings, and greater than half fear that they will not have the funds for to final as soon as they depart the workforce, in response to an AARP survey.

Nevertheless, the place U.S. staff dwell can have a big affect on their retirement readiness.

Getting conversant in a few of the key averages in your state, from 401(ok) balances to median incomes, life expectations, value of residing and extra, will help you perceive simply how ready you're — or aren't — on your golden years.

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Western & Southern Monetary Group examined these metrics and others to rank all 50 states primarily based 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 research.

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

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People residing in West Virginia, Mississippi, Arkansas, Tennessee and Arizona might fare the worst in retirement, in response to the analysis.

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

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

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

Picture Credit score: Courtesy of Western & Southern Monetary Group

One in 5 People aged 50 and over has no retirement financial savings, and greater than half fear that they will not have the funds for to final as soon as they depart the workforce, in response to an AARP survey.

Nevertheless, the place U.S. staff dwell can have a big affect on their retirement readiness.

Getting conversant in a few of the key averages in your state, from 401(ok) balances to median incomes, life expectations, value of residing and extra, will help you perceive simply how ready you're — or aren't — on your golden years.