Retirement Planning in your State: How Do You Stack Up?

in Financial Planning by

KEY POINTS
  • 42 out of 50 states first pay into their retirement plans every month. How do you compare?
  • 28% of Americans most fear saving to cover future living expenses.
  • 1 in 5 Americans say they’re not sure how much they need to save to retire comfortably.

Does your state prioritize saving for a sound retirement? In our latest report, we reveal the biggest financial priority in every US state. The good news: 42 out 50 states prioritize retirement savings over any other expense. The not-so-good news: in other states, the pressures of insurance, mortgages, and other expenses outweigh people’s ability to save for retirement.

See how your state stacks up in the retirement savings game:

State Of Spending Infographic - Map - Body

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Marianne Ahlmann

Marianne Ahlmann

Marianne is Communications and Content Manager at Personal Capital.

5 comments

  1. Austin

    Did you make this up? How did this get through your editing department?

    32k a year/per person on average in Texas for their mortgage? So if my wife and I (32k*2/12) spent 5,300/month on our mortgage we would be average? That’s interesting because “According to the Census ACS 1-year survey, the median household income for Texas was $53,035 in 2014, the latest figures available. ” So the average household is spending ~115% of their income on mortgages.

    Writing comments on the internet is stupid, but someone really needs to look at this. We have hundreds of thousands of dollars with your company and this article is making me lose confidence.

    Reply
  2. Ray Reinhard

    When I read “Your State’s Biggest Financial Priority Revealed,” I assumed that the article examined the amounts that each of the 50 states’ GOVERNMENTS spent on various priorities (e.g., education, welfare, health, transportation). Instead, it appears to be an examination of the spending priorities of each state’s RESIDENTS. Assuming this to be the case, I’m curious to know the specific statistic that was used to measure the priority accorded retirement. Does the numerator reflect all retirement saving (including employer contributions to retirement plans) or does it include only individual workers’ savings? Regarding the denominator, what constitutes a “person” for purposes of this analysis? One would hope that it only includes those of typical “working age” (e.g., 18 through 65), rather than each state’s total population, which includes children and retirees for whom retirement saving is irrelevant.

    Reply
  3. Anonymous

    You listed Arkansas as one of the states with an alternative financial priority but it looks like you colored in Arizona as one of the “other” states. One of those is wrong and as someone from Arizona I hope it is the map and my fellow Arizonan’s are saving for retirement!

    Reply
  4. Anonymous

    How is it that you can contribute almost $30k to retirement savings per year? Most common vehicles are 401k and IRAs which combined limit (most) people to $23.5k per year. These numbers look really off.

    Reply
  5. Paul

    This is truly a terribly written article. People are not states, but one would never know that from the disjointed headlines and first paragraph. Or the typo in the third sentence.

    Reply

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