An analysis by online wealth manager Personal Capital gives an inside look at the states with the most retirement savings per capita, and what is clear is that East Coasters are stashing away more for retirement than those in other regions. Five East Coast states rank in the top 10, with four in the top five.
Personal Capital extracted information from the retirement accounts of dashboard users. The data obtained represented the average balances of retirement accounts linked by users of Personal Capital’s dashboard broken out by state as of September 29, the company said.
The report noted that the ranking has been impacted by the population of millionaires in each state.
Here, in ascending order, is Personal Capital’s list of the 10 states and the average retirement savings balance per capita:
10. Washington
Average Retirement Balance: $469,987. The state has the 11th-highest ratio of millionaire households per capita in the country (7.85%).
9. Minnesota
Average Retirement Balance: $470,549. The state has the 14th-highest ratio of millionaire households per capita in the country (7.43).
8. Massachusetts
Average Retirement Balance: $478,947. The state has the fourth-highest ratio of millionaire households per capita in the country (9.38%).
7. Maryland
Average Retirement Balance: $485,501. The state has the second-highest ratio of millionaire households per capita in the country (9.72%).
6. Virginia
Average Retirement Balance: $492,965. The state has the ninth-highest ratio of millionaire households per capita in the country (8.31%).
5. Vermont
Average Retirement Balance: $494,569. The state has the 22nd-highest ratio of millionaire households per capita in the country (6.29%).
4. Alaska
Average Retirement Balance: $503,822. The state is one of the most tax-friendly in the country. Alaska also has the 10th-highest ratio of millionaire households per capita in the country (8.18%).
3. New Hampshire
Average Retirement Balance: $512,781. The state carries several tax-friendly benefits. The state also has the eighth-highest ratio of millionaire households per capita in the country (8.47%).
2. New Jersey
Average Retirement Balance: $514,245. The state has the highest ratio of millionaire households per capita in the country (9.76%).
1. Connecticut
Average Retirement Balance: $545,754. The state has the third-highest ratio of millionaire households per capita in the country (9.44%).
The full report can be viewed here.
