Where Americans Have the Most Retirement Savings – 2025 Study
By ltcinsuranceshopper
March 13, 2025
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Retirement savings can serve as a key indicator of financial stability, reflecting not only a household’s ability to set aside money but also shaping retirement timelines and broader workforce and economic dynamics. Across the United States, the average retirement savings per household is estimated to be $114,435 – but this figure varies significantly by state, ranging from less than half to double that amount. These disparities can significantly impact when and how comfortably Americans retire. Even after adjusting for local household income differences – often tied to the cost of living – households in some states have less than a year’s income saved on average, while others have more than twice the local median income set aside for retirement.
With this in mind, SmartAsset ranked U.S. states based on the latest retirement savings data from the Census Bureau, adjusted to 2025 dollars based on S&P 500 growth. Median household income is also compared to retirement savings, providing a clearer picture of retirement preparedness across the country.
Retirement savings in Kansas average 2.78 times the state’s median income, the highest in the country. The estimated average retirement savings almost triples the median household income of $70,333. The median balance across household retirement accounts is approximately $195,302, with 66.5% of households having retirement accounts.
Median retirement savings in Hawaii and Massachusetts top $200,000. Hawaii has the highest retirement savings balance nationwide at $228,870, followed by Massachusetts at $218,189. Even compared to their respective median household incomes – $95,322 and $99,858 – these savings levels positions Hawaii and Massachusetts as the second- and third-ranked states for retirement savings rates nationwide.
Less than half of households have retirement savings in six southern states. Mississippi has the fewest households saving for retirement with just 40.8% of households participating. Following closely are West Virginia (42.2%), Alabama (43.0%), Arkansas (46.7%), Louisiana (47.6%) and Georgia (48.7%). For most of these states, the median household retirement savings also comes in at under $70,000.
Missouri has the slowest rate of retirement savings. Compared to the median household income of $68,545, Missouri residents have less than one year of money stashed away for retirement with an average nest egg of $61,032. Meanwhile, Arkansas households have the smallest absolute nest egg at $57,828.
States are ranked based on the estimated retirement savings per household.
Hawaii
Retirement savings: $228,870
Median net worth: $721,093
Households with retirement savings: 69.7%
Households with IRA or Keogh Accounts: 56.9%
Households with 401(k) or Thrift Savings Plan: 59.9%
Median household income: $95,322
Retirement savings per dollar of median annual income: $2.40
Massachusetts
Retirement savings: $218,189
Median net worth: $470,557
Households with retirement savings: 68.5%
Households with IRA or Keogh Accounts: 43.2%
Households with 401(k) or Thrift Savings Plan: 58.2%
Median household income: $99,858
Retirement savings per dollar of median annual income: $2.18
New Jersey
Retirement savings: $196,828
Median net worth: $408,457
Households with retirement savings: 69.1%
Households with IRA or Keogh Accounts: 38.9%
Households with 401(k) or Thrift Savings Plan: 57.4%
Median household income: $99,781
Retirement savings per dollar of median annual income: $1.97
Kansas
Retirement savings: $195,302
Median net worth: $278,001
Households with retirement savings: 66.5%
Households with IRA or Keogh Accounts: 41.9%
Households with 401(k) or Thrift Savings Plan: 52.6%
Median household income: $70,333
Retirement savings per dollar of median annual income: $2.78
Washington
Retirement savings: $167,838
Median net worth: $572,328
Households with retirement savings: 68.3%
Households with IRA or Keogh Accounts: 38.9%
Households with 401(k) or Thrift Savings Plan: 55.4%
Median household income: $94,605
Retirement savings per dollar of median annual income: $1.77
Colorado
Retirement savings: $167,075
Median net worth: $432,869
Households with retirement savings: 67.2%
Households with IRA or Keogh Accounts: 37.1%
Households with 401(k) or Thrift Savings Plan: 56.6%
Median household income: $92,911
Retirement savings per dollar of median annual income: $1.80
Maryland
Retirement savings: $155,632
Median net worth: $464,759
Households with retirement savings: 75.0%
Households with IRA or Keogh Accounts: 38.7%
Households with 401(k) or Thrift Savings Plan: 66.4%
Median household income: $98,678
Retirement savings per dollar of median annual income: $1.58
Illinois
Retirement savings: $154,106
Median net worth: $267,930
Households with retirement savings: 61.6%
Households with IRA or Keogh Accounts: 36.3%
Households with 401(k) or Thrift Savings Plan: 50.0%
Median household income: $80,306
Retirement savings per dollar of median annual income: $1.92
Maine
Retirement savings: $152,580
Median net worth: $468,573
Households with retirement savings: 68.1%
Households with IRA or Keogh Accounts: 42.5%
Households with 401(k) or Thrift Savings Plan: 56.5%
Median household income: $73,733
Retirement savings per dollar of median annual income: $2.07
Minnesota
Retirement savings: $146,477
Median net worth: $335,676
Households with retirement savings: 72.7%
Households with IRA or Keogh Accounts: 44.4%
Households with 401(k) or Thrift Savings Plan: 60.0%
Median household income: $85,086
Retirement savings per dollar of median annual income: $1.72
States are ranked based on the size of median retirement savings compared to median household income.
Kansas
Retirement savings per dollar of median annual income: $2.78
Retirement savings: $195,302
Median household income: $70,333
Median net worth: $278,001
Households with retirement savings: 66.5%
Households with IRA or Keogh Accounts: 41.9%
Households with 401(k) or Thrift Savings Plan: 52.6%
Hawaii
Retirement savings per dollar of median annual income: $2.40
Retirement savings: $228,870
Median household income: $95,322
Median net worth: $721,093
Households with retirement savings: 69.7%
Households with IRA or Keogh Accounts: 56.9%
Households with 401(k) or Thrift Savings Plan: 59.9%
Massachusetts
Retirement savings per dollar of median annual income: $2.18
Retirement savings: $218,189
Median household income: $99,858
Median net worth: $470,557
Households with retirement savings: 68.5%
Households with IRA or Keogh Accounts: 43.2%
Households with 401(k) or Thrift Savings Plan: 58.2%
Maine
Retirement savings per dollar of median annual income: $2.07
Retirement savings: $152,580
Median household income: $73,733
Median net worth: $468,573
Households with retirement savings: 68.1%
Households with IRA or Keogh Accounts: 42.5%
Households with 401(k) or Thrift Savings Plan: 56.5%
New Jersey
Retirement savings per dollar of median annual income: $1.97
Retirement savings: $196,828
Median household income: $99,781
Median net worth: $408,457
Households with retirement savings: 69.1%
Households with IRA or Keogh Accounts: 38.9%
Households with 401(k) or Thrift Savings Plan: 57.4%
Illinois
Retirement savings per dollar of median annual income: $1.92
Retirement savings: $154,106
Median household income: $80,306
Median net worth: $267,930
Households with retirement savings: 61.6%
Households with IRA or Keogh Accounts: 36.3%
Households with 401(k) or Thrift Savings Plan: 50.0%
Arizona
Retirement savings per dollar of median annual income: $1.87
Retirement savings: $144,951
Median household income: $77,315
Median net worth: $310,348
Households with retirement savings: 58.9%
Households with IRA or Keogh Accounts: 34.4%
Households with 401(k) or Thrift Savings Plan: 47.5%
Wisconsin
Retirement savings per dollar of median annual income: $1.84
Retirement savings: $137,322
Median household income: $74,631
Median net worth: $253,283
Households with retirement savings: 67.6%
Households with IRA or Keogh Accounts: 36.3%
Households with 401(k) or Thrift Savings Plan: 56.2%
Montana
Retirement savings per dollar of median annual income: $1.82
Retirement savings: $129,083
Median household income: $70,804
Median net worth: $391,978
Households with retirement savings: 70.5%
Households with IRA or Keogh Accounts: 51.1%
Households with 401(k) or Thrift Savings Plan: 56.8%
Ohio
Retirement savings per dollar of median annual income: $1.80
Retirement savings: $122,095
Median household income: $67,769
Median net worth: $206,898
Households with retirement savings: 56.9%
Households with IRA or Keogh Accounts: 31.2%
Households with 401(k) or Thrift Savings Plan: 43.8%
Retirement savings and net worth data was released July 2024 by the U.S. Census Bureau reflecting the 2022 calendar year. Dollar figures were adjusted to 2025 dollars based on S&P 500 gains of 52.58% between January 2023 and February 2025 according to Of Dollars and Data’s S&P 500 Calculator. Median household income comes from the U.S. Census Bureau for 2023.
March 13, 2025
