All 50 States Are Behind on Their Retirement Savings — These Are in the Worst Shape
By Andrew Lisa, GO Banking Rates, May 16, 2023
There’s not a state in America where the average saver has enough put away for retirement.
Personal finance provider DollarGeek compared data from the Federal Reserve System’s Survey of Consumer Finances (SCF) to national recommended savings benchmarks. The results showed that the average person is only three-fifths of the way to ideal savings, or 44% short of the target. Each state’s ideal amount is based on its current cost of living, which includes housing, healthcare, utilities, groceries and transportation.
The following is a look at the…states that are farthest from healthy average savings. All of them are more than 50% short of the goal, but those in the worst shape have a gap of more than $1 million between what they have and what they need….
California -- The average saver in California has $452,135 tucked away for retirement, 63% shy of the recommended $1,205,946.
New York -- New York is tied for the highest savings aspiration on the list. The target there is $1,813,768, but the average resident is 70% short with just $382,027.
Hawaii -- Like New York, Hawaii’s ideal savings benchmark is $1,813,768. But the average retirement fund there contains just $366,776. That’s 80% off the mark, which leaves a deficit of $1,446,992 between what Hawaii residents have and what they need….
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