Average retirement savings by state: Where are Americans 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. The highest median savings are found in Massachusetts ($149,000), Hawaii ($149,000), Washington ($143,400), New Jersey ($134,000), and Maryland ($120,000). These states generally have higher costs of living, but also higher wages. The article notes that factors such as cost of living, state income taxes, and housing prices heavily influence how much residents can save. It emphasizes using median rather than average figures to avoid distortion by very wealthy households. The piece also discusses how taxes on retirement withdrawals and Social Security vary by state, affecting overall retirement preparedness.