An AARP survey reveals alarming statistics about retirement savings among older Americans: one in five lacks any savings, and many fear financial insecurity post-work. Location greatly influences retirement preparedness, especially regarding 401(k) balances, incomes, and living costs across states. New Jersey, Connecticut, Maryland, Virginia, and Vermont rank as the most prepared states, boasting high average 401(k) balances and median incomes. Conversely, West Virginia, Mississippi, Arkansas, Tennessee, and Arizona struggle significantly with low savings and income levels, underscoring the stark disparities in retirement readiness across the U.S.
According to an AARP survey, one in five Americans aged 50 and over has no retirement savings, with more than half worrying about their financial future.
Residents of New Jersey and Connecticut reported the highest average 401(k) balances of $546,000 and $514,000 respectively, and high median incomes over $96,000.
In contrast, Americans living in West Virginia, Mississippi, Arkansas, Tennessee, and Arizona are among those who may face the biggest challenges in retirement readiness.
The study by Western & Southern Financial Group highlights that retirement preparedness varies significantly by state, influenced by averages in income, savings, and living costs.
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