Written by Jaclyn DeJohn, CFP®
Tax-advantaged retirement accounts can give savers a leg up in building their nest egg. While many American workers qualify for Social Security benefits in retirement, these benefits are rarely enough to cover expenses – especially since retirement often brings added costs for health care and aging. On average, Americans have roughly one year’s worth of their current annual income saved in tax-advantaged accounts. For most households, that figure hovers around $80,000. However, the face value may not reflect true purchasing power, because different accounts and investments are taxed differently at the time of distribution.
With this in mind, SmartAsset ranked the 40 U.S. states with available data by average household retirement savings, including comparisons to household income and a breakdown of retirement-account preferences.
Continue reading “Retirement Savings by State – 2026 Study”