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Where Americans have the most retirement savings

·Jaclyn DeJohn, CFP for SmartAsset

Stephen Bures // Shutterstock
Stephen Bures // Shutterstock
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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.

Key Findings

  • 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 position 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%), 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.
Table showing top 15 states where Americans have the most retirement savings.

SmartAsset

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Top 10 States With the Most Retirement Savings

States are ranked based on the estimated retirement savings per household.

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. Maryland
    • Retirement savings: $155,632
    • Median net worth: $464,759
    • Households with retirement savings: 75%
    • 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
  8. 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%
    • Median household income: $80,306
    • Retirement savings per dollar of median annual income: $1.92
  9. 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
  10. 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%
    • Median household income: $85,086
    • Retirement savings per dollar of median annual income: $1.72

Top 10 States Saving for Retirement at the Fastest Rate

States are ranked based on the size of median retirement savings compared to median household income.

  1. 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%
  2. 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%
  3. 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%
  4. 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%
  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%
  6. 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%
  7. 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%
  8. 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%
  9. 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%
  10. 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%

Data and Methodology

This study from SmartAsset examined retirement savings and net worth data 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.

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