10 Best and Worst States for 401(k) Participants to Retire ‘Rich’

Hawaii is hardly paradise for 401(k) savers.

Hawaii is hardly paradise for 401(k) savers.

Here’s a scary (but sadly, unsurprising) fact—one-third of Americans lack any retirement savings at all.

For those who have diligently saved, the average 401(k) account balance hovers around $90,000, far short of the million-dollar minimum most financial advisors recommend to ensure a successful retirement.

So where can hardworking 401(k) participants stretch their savings furthest, and which states should be avoided at all costs?

GOBankingRates surveyed all 50 states plus the District of Columbia to determine not only what’s affordable, but where clients can actually maximize your retirement savings and live comfortably.

Based off of taxes, living expenses, banking rates, health insurance costs and Social Security payments, here is the best and worst of what America has to offer.

10 best States for Retiring ‘Rich’

  1. Delaware
  2. Michigan
  3. Indiana
  4. Maryland
  5. Florida
  6. New Jersey
  7. Pennsylvania
  8. Mississippi
  9. Ohio
  10. Georgia

10 Worst States for Retiring ‘Rich’

  1. Hawaii
  2. Vermont
  3. North Dakota
  4. Montana
  5. New Mexico
  6. Alaska
  7. Colorado
  8. West Virginia
  9. Maine
  10. Nebraska

Other Fun (or Not-So-Fun) Facts to Consider, According to GOBankingRates

“While warmer places like Arizona tend to be popular destinations to retire, our study found that states located on the east coast in general offer retirees the most bang for their buck,” Kristen Bonner, lead researcher on the study, said in a statement. “We found that these states have lower home prices on average, as well as relatively low health insurance premiums and Social Security benefits among the highest in the country.”

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