Here’s How Much People Have Saved for Retirement in Every State
It’s no secret that Americans have far too little in retirement savings. A recent GOBankingRates survey found that 42 percent of those surveyed have less than $10,000 saved for retirement, including 13.7% who have saved nothing at all.
The poll also found that among those who have been saving for retirement, 6.7% have saved between $10,000 and $49,999, 12.6% have saved between $50,000 and $99,999, 12% have saved between $100,000 and $199,999, 9.9% have saved between $200,000 and $299,999 and 16.5% have saved $300,000 or more.
The results vary at the state level, however, and the people in some states are more prepared for retirement than the people in others.
Click through for a state-by-state breakdown, and learn how much a comfortable retirement costs in each state.
Last updated: March 25, 2020
Alabama
Most popular answer: Less than $10,000 saved
Like the vast majority of survey respondents in the rest of the United States, many Alabamians — nearly one in three — have less than $10,000 saved for retirement. That’s higher than the 28.6% of the larger American population that is in the same boat. The same percentage of Alabama respondents — 9.09% — reported savings of both $100,000 to $199,000 and $300,000 or more.
Alaska
Most popular answer: Tie between less than $10,000, $200,000 to $299,000 and $300,000 or more saved
In Alaska, most people are either doing fairly well or are not prepared nearly enough for retirement. There’s a three-way tie between those in the two wealthiest categories and those with less than $10,000 saved. The state also produced a separate two-way tie: 14.29% claim both $100,000 to $199,999 in savings and $200,000 to $299,999 saved. Not a single respondent reported having $10,000 to $49,999 saved up.
A separate GOBankingRates study found Alaska has the sixth-highest average household income in the country.
Arizona
Most popular answer: Less than $10,000 saved
Arizona respondents follow the nationwide trend with most people having less than $10,000 saved for retirement. But the numbers are even more dire in Arizona than in the country as a whole. Just over 36% of Arizonans surveyed have less than $10,000 saved and 19.7% have nothing at all.
Fortunately, housing is more affordable in Arizona, and there are cities like Mesa that make great places to retire where rent is under $1,000 a month.
Arkansas
Most popular answer: Less than $10,000 saved
With 31.91% of those surveyed claiming savings under $10,000, nearly one in three Arkansas respondents fall into that category. The next-largest group of respondents from the state — 17.02% — have nothing saved at all.
Retirees who own their homes will be in better shape than those who rent — mortgages are more affordable than rental prices in Arkansas.
California
Most popular answer: Less than $10,000 saved
In the good news category: In California, 6.32% of survey respondents said they had nothing saved for retirement. Just three states have a lower concentration of respondents with no savings. In the bad news category: 36.84% of Californians surveyed have less than $10,000 saved, putting the state in the top 10 in that category.
Real estate is expensive in California whether you own a home or are renting, so retirees should be mindful of their retirement housing costs.
Colorado
Most popular answer: Less than $10,000 saved
Colorado’s largest percentage of respondents by far — 29.47% — said they have less than $10,000 saved. Almost 18%, however, said they have $300,000 or more saved up.
Connecticut
Most popular answer: Less than $10,000 saved
Only South Dakota has more people with nothing saved than Connecticut, where 23.64% of respondents said they have zero savings. Only 5.45% of Connecticut respondents claimed savings of $100,000 to $199,999, which was the fourth-lowest percentage in that category in the country.
Delaware
Most popular answer: $300,000 or more saved
Slightly fewer than 17% of respondents in Delaware said they have less than $10,000 saved. Only Vermont has a lower concentration in that category. About 14% reported savings of $10,000 to $49,000 — the second-highest concentration in that category behind only Virginia. In addition, Delaware holds the distinction of being one of just four states where the largest percentage said they have more than $300,000 saved.
A good portion of Delaware residents are on their way to saving $1 million for retirement — it’s possible to save $1 million for retirement even with a $50,000 salary.
District of Columbia
Most popular answer: Less than $10,000 saved
In Washington, D.C., not a single person polled reported having $200,000 to $299,999 in savings. About 18% reported having nothing at all. Another 18% reported having at least $300,000.
Florida
Most popular answer: $100,000 to $199,999 saved
Only three states have a higher concentration of respondents with savings of $100,000 to $199,999 than the 19.3% of Floridians who reported that level of financial security. Florida also is one of just two states where that category is the largest.
You’ll need more saved if you plan on living in one of the many luxury retirement communities in Florida.
Georgia
Most popular answer: Less than $10,000 saved
In Georgia, 18.18% of respondents said they have savings of $100,000 to $199,999. Just four states have a higher concentration in that category.
Hawaii
Most popular answer: Tie between less than $10,000 and $300,000 or more saved
Hawaii has the highest percentage of any state when it comes to people who have at least something saved for retirement. Just 5% of Hawaii respondents have nothing saved. It’s also the state with the third-highest percentage of respondents — a full 30% — with more than $300,000 saved. However, the same percentage of respondents said they have less than $10,000 in savings.
Idaho
Most popular answer: Less than $10,000 saved
A relatively low 9.26% of Idaho respondents said they have no money saved. Nearly 1 in 5, however, have at least $300,000 saved and nearly 1 in 3 have less than $10,000.
Illinois
Most popular answer: Less than $10,000 saved
More than 1 in 4 Illinois respondents claimed savings of less than $10,000 — a little less than the national average. More than 1 in 5 have at least $300,000, which beats the national average.
Indiana
Most popular answer: Less than $10,000 saved
In Indiana, at least 10% of respondents fall into each of the following categories: $50,000 to $99,999, $100,000 to $199,999, $200,000 to $299,999 and more than $300,000. Fewer than 1 in 10 have nothing saved.
Iowa
Most popular answer: Less than $10,000 saved
Nearly 25% of respondents in Iowa said they have less than $10,000 saved for retirement, and another 18.09% have nothing at all. On the bright side, 13.83% fall into both the $50,000 to $99,999 and $200,000 to $299,999 categories.
Kansas
Most popular answer: Less than $10,000 saved
Nearly mirroring the national average, 28.89% of Kansans said they have less than $10,000 saved for retirement. Also nearly identical to the national average is the 13.33% of Kansas respondents with nothing saved at all.
Kentucky
Most popular answer: Less than $10,000 saved
In Kentucky, 5.26% of the state’s respondents said they had savings of between $50,000 and $99,999. Just three other states have a lower concentration of respondents who fall into that category.
Louisiana
Most popular answer: Less than $10,000 saved
In Louisiana, a full 46.15% of respondents said they had less than $10,000 saved for retirement. That’s a higher percentage than any other state in the nation. When it comes to those with at least $300,000 in savings, 7.69% of Louisiana respondents fall into that category.
Maine
Most popular answer: $300,000 or more saved
Just shy of 21% of Maine respondents have nothing saved for retirement. Only three other states have a higher percentage of people with zero savings. Very few respondents claimed less than $10,000 but more than zero. No one in Maine reported having $10,000 to $49,999.
Maryland
Most popular answer: Less than $10,000 saved
In Maryland, just 2.22% of the people polled reported having between $10,000 and $49,999 saved up. That’s the fourth-lowest percentage in the country. The three states that came in under Maryland all had 0% in that category.
Massachusetts
Most popular answer: Less than $10,000 saved
About 6.2% of Massachusetts respondents reported savings of $100,000 to $199,999. The state makes the top five when it comes to the lowest concentration of respondents in that category.
Michigan
Most popular answer: Less than $10,000 saved
In Michigan, only 3.7% of respondents said they had savings of between $200,000 and $299,999. That’s low compared to the national average of 9.9%.
Minnesota
Most popular answer: $50,000 to $99,999 saved
With 20.69% of respondents claiming savings of $50,000 to $99,999, Minnesota has a higher concentration of people in that category than all but two other states. The national average is 12.6%.
Mississippi
Most popular answer: Less than $10,000 saved
Just 4% of Mississippi respondents reported savings of $100,000 to $199,999. No other state has a lower concentration of people who fall into that category.
Missouri
Most popular answer: Less than $10,000 saved
With 5.74% of respondents reporting savings of $50,000 to $99,999, Missouri has fewer than all but five other states in that category. Missouri’s percentage is less than half the national average of 12.6%.
Montana
Most popular answer: Less than $10,000 saved
About 37% of those polled in Montana claimed less than $10,000 saved — the fourth-highest percentage in that category in the U.S.
Nebraska
Most popular answer: Less than $10,000 saved
With 22.95% of Nebraska respondents claiming savings of $100,000 to $199,999, just two other states have a higher concentration of people in that category.
Lincoln, Nebraska is one city where your retirement nest egg will stretch the furthest.
Nevada
Most popular answer: Less than $10,000 saved
One in five respondents in Nevada said they have nothing saved for retirement. A full 24% — nearly 1 resident in 4 — have less than $10,000.
New Hampshire
Most popular answer: $300,000 or more saved
New Hampshire is a state of extremes. About 23% of those polled have nothing saved for retirement, which was the third-highest percentage in that category. With 30.77% of New Hampshire respondents boasting retirement funds greater than $300,000, however, just one state has a greater concentration of high savers.
New Hampshire is also the best state for families to live a richer life.
New Jersey
Most popular answer: Less than $10,000 saved
In New Jersey, only 5.17% of respondents reported no savings for retirement. That’s the lowest percentage in that category of any state except Hawaii.
New Mexico
Most popular answer: Less than $10,000 saved
More than one-third of those polled in New Mexico will stumble into retirement with less than $10,000. However, 14.74% have tallied savings of $50,000 to $99,999 and another 14.74% have at least $300,000.
New York
Most popular answer: Less than $10,000 saved
The smallest percentage of New Yorkers — 7.83% — have between $10,000 and $49,999 saved for retirement. Nearly 27%, on the other hand, have less than $10,000 saved.
North Carolina
Most popular answer: Less than $10,000 saved
Nearly 30% of North Carolina respondents have less than $10,000 to put toward their retirements. But 11.11% fall into each of the two highest-saving categories.
North Dakota
Most popular answer: $100,000 to $199,999 saved
None of the respondents in North Dakota reported retirement savings of $10,000 to $49,999. However, North Dakota is home to the highest concentration of respondents with $100,000 to $199,999, at 27.78%.
North Dakota is also the state where the rich are increasing their wealth the most.
Ohio
Most popular answer: Less than $10,000 saved
In Ohio, there’s a two-way tie between those who reported $50,000 to $99,999 in savings and those who reported $100,000 to $199,999, with 11.54% of respondents falling into each of those categories.
Oklahoma
Most popular answer: Less than $10,000 saved
In Oklahoma, only 5% of the population reported savings of $50,000 to $99,999. No other state has a lower concentration of respondents in that category.
Oregon
Most popular answer: Less than $10,000 saved
With just 6.33% of those polled reporting no retirement savings, Oregon has the fifth-lowest concentration in that category. However, about 38% said they have less than $10,000 saved up — a higher percentage than any state except Louisiana.
Pennsylvania
Most popular answer: Less than $10,000 saved
Nearly 1 in 3 of those polled in Pennsylvania said they have less than $10,000 currently saved for retirement. More than 1 in 5, however, claim savings of at least $300,000.
Rhode Island
Most popular answer: Tie between less than $10,000, $50,000 to $99,999, $100,000 to $199,999 and $300,000 or more saved
No respondent from Rhode Island reported saving between $10,000 and $49,999 for retirement. That was also the case for those with $200,000 to $299,999 in savings.
South Carolina
Most popular answer: $50,000 to $99,999 saved
In South Carolina, just 5.41% of the respondents said they have nothing saved for retirement — the third-lowest percentage in that category in the country. Another 5% claimed savings of $100,000 to $199,999, which was also the third-lowest in that category. The same percentage reported savings of $10,000 to $49,999.
South Dakota
Most popular answer: No savings
No other state has a higher percentage of people with nothing saved than the 29.03% of South Dakotans who fall into that category. South Dakota also has the lowest concentration of people with more than $300,000 saved, at 3.23%.
Tennessee
Most popular answer: Less than $10,000 saved
A full 37.29% of Tennessee respondents said they have less than $10,000 in retirement savings. Only two other states have a higher concentration of respondents who fall into that category.
Texas
Most popular answer: Less than $10,000 saved
With 20% of respondents accumulating no savings at all, Texas has the fifth-highest concentration of people in that category. Only 6.25% of Texas respondents have at least $300,000 saved — the third-lowest percentage in that category.
Utah
Most popular answer: Less than $10,000 saved
In Utah, 8.06% of respondents reported having retirement savings of at least $300,000. Only four states have a lower percentage of respondents with that much money saved up.
The best place to live on a fixed income in Utah is in Provo.
Vermont
Most popular answer: $300,000 or more saved
In Vermont, 14.29% of respondents reported less than $10,000 in savings, which was the lowest concentration in that category in the country. Vermont is 1 in only 4 states where the highest percentage of respondents claims savings of $300,000 or more. Nearly 29% of Vermont respondents fall into that category compared with 16.5% nationwide.
Virginia
Most popular answer: $10,000 to $49,999 saved
In Virginia, 1 in 4 respondents reported having $10,000 to $49,999 saved up — the highest concentration in that category by far. The next-closest state had 14% with that amount of savings.
Washington
Most popular answer: Less than $10,000 saved
About a quarter of Washington respondents have less than $10,000 in savings. The 16.3% with at least $300,000, however, nearly mirrors the national average.
Seattle might be expensive, but Spokane, in eastern Washington, is one of the cheapest places to retire.
West Virginia
Most popular answer: Less than $10,000 saved
Only South Dakota has fewer respondents with at least $300,000 saved for retirement than West Virginia. Just 3.85% of those polled in West Virginia achieved that level of financial security.
Wisconsin
Most popular answer: Less than $10,000 saved
Like most states, Wisconsin had more respondents who claimed savings of less than $10,000 than any other category, although its percentage was still below the national average. The good news is, more than 20% of Wisconsin respondents say they have at least $300,000 saved for retirement.
Wyoming
Most popular answer: Less than $10,000 saved
One out of 10 Wyoming respondents said they have nothing saved at all. A minuscule 3.33% have between $10,000 and $49,999.
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Data is accurate as of April 19, 2019 and is subject to change.
This article originally appeared on GOBankingRates.com: Here’s How Much People Have Saved for Retirement in Every State
