The money you save is determined by the place you live. It is recommended that you save 10-20% of your income but it is completely hard for some people since they have too many expenses. According to the experts, the place of residence determines how people save for their retirement years. For instance, East coasters seem to be saving more money for retirement compared to those in the west. It is also evident because out of five states, four with large retirement balances come from the East coast.
States with the highest average retirement savings
It is found in the southernmost state of New England. As per the census conducted, it is the second state with the highest level of human development Massachusetts being the first one. It also has the highest per capita income the leading household income in the United States. Residents of Connecticut have the largest retirement savings account balance out of the entire country with an average of $523568 saved per household.
2. New Jersey
It is a mid-Atlantic state found in the Northeastern part of the united states. It is bordered by the state of New York to the north and east. Also bordered to the east, southeast and south by the great Atlantic ocean. New Jersey is among the smallest states but among the most populous states., 9.76% of its people are millionaires as it has the highest number of millionaires per capita among U.S states. This means that it was the second wealthiest state of us per median household income. New Jersey has the second-largest savings account balance of $489,664 per household.
It is found in the upper mid-western united states. Minnesota is the 12th largest and 22nd most populous. Its economy has diversified significantly to finance-related services. It is among the most educated nation and is among the top states with the highest standards of living. Minnesota has the third largest savings account balance of $ 423,568 per household.
It is the most populous state in the New England regions of the United States. It borders Connecticut to the southwest, the Atlantic ocean to the east and Rhode Island to the southeast. Massachusetts was originally dependent on fishing and agriculture but after the industrial revolution, it was transformed into a manufacturing center. Mordent Massachusetts is currently among the leading states in engineering, higher education, finance, biotechnology and maritime trade. Massachusetts has the fourth-largest savings account balance of $411,252 per household.
States with the lowest average retirement savings.
It is bordered by Wyoming to the northeast, Colorado to the east, Idaho to the north, Arizona to the south and Nevada to the west. Its southeastern parts touch new Mexico to the southeast. Utah has the least retirement savings of $300392 per household
It is found in the upper part of the Midwestern part of the united states. The name Dakota came from Dakota Sioux Native American tribes, who dominated the territory because of their large population. North Dakota State has the second-lowest average retirement balances at $310,766 per household
It is found in the northwestern region of the united states and was named after George Washington the first U.S president Washington D.C. has the third-lowest retirement balances at $325,671 per household
It is found in the south-central region of the united states. Oklahoma has the fort lowest retirement balances at $340,389 per household
Overall, the importance of retirement savings cannot be over-emphasized. There is no extra dollar regardless of your state but your lifestyle will ultimately determine how you will manage your finances.