{"id":111863,"date":"2021-04-12T18:53:37","date_gmt":"2021-04-12T18:53:37","guid":{"rendered":"https:\/\/fin2me.com\/?p=111863"},"modified":"2021-04-12T18:53:37","modified_gmt":"2021-04-12T18:53:37","slug":"here-are-the-states-where-retirement-savers-have-the-biggest-nest-eggs","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/here-are-the-states-where-retirement-savers-have-the-biggest-nest-eggs\/","title":{"rendered":"Here are the states where retirement savers have the biggest nest eggs"},"content":{"rendered":"<ul>\n<li> The state with the lowest median amount in retirement accounts \u2014 half fall above, half below \u2014 is Mississippi, at about $83,500.<\/li>\n<li>Washington has the highest median: $177,500.<\/li>\n<li>The averages for each state are generally far higher than the median.<\/li>\n<\/ul>\n<p>Ever wonder how your nest egg fares in comparison to your neighbors&#x27;?<\/p>\n<p>From state to state, the median amount \u2014 half fall above, half below \u2014 that retirement savers have earmarked for their golden years ranges from about $83,500 in Mississippi to $177,500 in Washington, according to research from personal finance website Personal Capital.<\/p>\n<p>The company looked at anonymized data from its 2.8 million users, aggregating each person&#x27;s retirement accounts they link to through the site, whether managed by Personal Capital or other retirement account providers (i.e., Fidelity Investments, Vanguard, Schwab).<\/p>\n<h2>More from The New Road to Retirement:<\/h2>\n<p>Here&#x27;s a look at more retirement news.<\/p>\n<ul>\n<li>Biden tax plan may lead to more Roth retirement accounts<\/li>\n<li>How to handle Covid-related withdrawals from retirement accounts<\/li>\n<li>3% of near-retirees can answer all these Social Security questions<\/li>\n<\/ul>\n<p>First, here&#x27;s the generational breakdown of account balances revealed in the research. (Note that for the average amounts \u2014 vs. median \u2014 large account balances skew the data higher).<\/p>\n<h3>Retirement savings by age <\/h3>\n<table>\n<thead class=\"BasicTable-tableHeading BasicTable-tableHeadingSortable\">\n<tr>\n<th class=\"BasicTable-textData\"><span>Age Group <span><\/span><\/span><\/th>\n<th class=\"BasicTable-textData\"><span>Average Retirement Balance <span><\/span><\/span><\/th>\n<th class=\"BasicTable-textData\"><span>Median Retirement Balance <span><\/span><\/span><\/th>\n<\/tr>\n<\/thead>\n<\/table>\n<p>As with age, the averages by state also generally are much higher than the median.<\/p>\n<p>For instance, Connecticut&#x27;s average retirement savings of about $523,600 \u2014 ranking it first among the states \u2014 compares to its median of $160,300. New Hampshire&#x27;s average retirement savings comes in second at $494,600, while its median is $159,300.<\/p>\n<p>Meanwhile, Utah had the lowest average \u2014 $300,400 \u2014 and its median of $90,800 was second-lowest (behind Mississippi).\u00a0<\/p>\n<p><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"#002F6C\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" data-analytic-id=\"expand-icon\" class=\"InlineImage-background\"><title>Zoom In Icon<\/title><desc>Arrows pointing outwards<\/desc><circle cx=\"10\" cy=\"10\" r=\"10\" fill=\"white\" stroke=\"#002F6C\"><\/circle><\/path><\/svg><\/p>\n<p>Of course, a number of factors can influence any individual&#x27;s ability to save for retirement, the research notes. Whether due to a high cost of living, a larger tax burden, lower wages or any other hurdle, competing financial priorities or obligations can interfere with putting away money for your post-working years.<\/p>\n<p>Additionally, depending on what state you plan to retire in, your savings could potentially go further.<\/p>\n<p>Some states have no income tax, or may exclude Social Security benefits from taxation. Or, there may be other retirement income that&#x27;s not taxed. For instance, in addition to not taxing Social Security income, New Hampshire also excludes pensions and distributions from retirement accounts.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/12\/here-are-the-states-where-retirement-savers-have-the-biggest-nest-eggs.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state with the lowest median amount in retirement accounts \u2014 half fall above, half below \u2014 is Mississippi, at about $83,500. Washington has the [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":111862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here are the states where retirement savers have the biggest nest eggs - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/here-are-the-states-where-retirement-savers-have-the-biggest-nest-eggs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here are the states where retirement savers have the biggest nest eggs - Fin2me\" \/>\n<meta property=\"og:description\" content=\"The state with the lowest median amount in retirement accounts \u2014 half fall above, half below \u2014 is Mississippi, at about $83,500. 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