Average retirement savings by state: Where Americans are saving the most and least

This Yahoo Finance article analyzes U.S. Census Bureau data on median retirement savings by state, highlighting significant geographic disparities. States with the highest median retirement savings include Massachusetts, Hawaii ($149,000), Washington ($143,400), New Jersey ($134,000), and Maryland ($120,000). The article explains that cost of living, wages, and state tax policies heavily influence savings capacity. Higher-cost states like California, Hawaii, and New York require larger nest eggs but often offer higher wages. The analysis uses median rather than average figures to avoid distortion by high-net-worth households. It also notes that state income tax rates and retirement account withdrawal rules vary considerably, affecting both saving potential and post-retirement income. The piece provides context for readers to compare their own savings against national benchmarks.