A … Better financial lives through technology and people. Now you're inching up toward retirement. All charts, figures, and graphs are for illustrative purposes only. See the Tax Burden chart below. No matter how prepared you feel, it’s important to stay on top of your retirement plan. Many people spend decades saving up for the moment they leave the workforce, and a large number of employers include retirement funding programs in benefit packages. Privacy Policy and The keys to a successful retirement are visibility into your finances, and having an objective person in your corner who can help you make decisions that are in your best financial interest. After leaving the workforce, many retirees find that they still need a daily purpose, namely volunteering for a local charity or organization. Using an expansive definition, Americans averaged $282,554.50 in savings.. Everyone wants to know the magic number you need to be saving for retirement, but is there such a thing as where you live may also have an impact on your actual retirement savings? In 2017, the District of Columbia was the US state with the highest median retirement savings. Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC. We covered this a little earlier, but there are several types of taxation that vary by state and that could really impact your ability to sustain your desired lifestyle. California: $1,456,286, average retirement at 64 years old 3. PLEASE bookmark us, visit daily, email our page to all your friends, and subscribe to our newsletter. Personal Capital’s FREE financial tools can help you track all your money in one place and be your sidekick in helping you meet your financial goals. Take a look at how people in different states stack up when it comes to saving for retirement. All charts, figures, and graphs are for illustrative purposes only. $164,000 is a significant increase since 2007 when the median retirement savings were $75,000. Plan with heart. You can also estimate the impact of potential market movements or recession on your retirement. If you compare East Coast vs. West Coast – it’s clear East Coasters are tucking away more in their retirement nest eggs these days. Other honorable mentions for the highest growth in average savings amounts goes to: Kansas, Louisiana, New Mexico and Washington state. Average retirement income by state The state you live in may affect your average retirement income, depending on the cost of living and the job opportunities available. TransAmerica’s 2015 Annual Retirement Survey (based on 4500 online interviews) found that the median total household savings by age were as follows: In addition to the average retirement balances for each state, you may be curious how your retirement balance compares with the average balance for each of the different generations. 2016. Personal Capital Advisors Corporation is a registered investment advisor with the Securities and Exchange Commission (“SEC”). It only takes a few minutes and it’s 100% free. Average retirement age: 67 Annual cost of a comfortable retirement: $ 100,879.90 Retirement savings needed: $ 2,017,597.95 More From GOBankingRates. It only takes a few minutes andit’s 100% free. To see how Personal Capital can increase your control and help you with your retirement planning in these uncertain times, register for our free financial tools to get started. 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