This New England State Highest Average Saved for Retirement

The idea of retirement sounds great.  Many people dream of retiring to travel, or spend more time with loved ones, but all too often that dream does not come to fruition.

With the days of 'pensions' all but over in non-union businesses, people are forced to save through a myriad of plans for retirement.  401K, Roth IRA's, CD's, and other savings plans have been in place for years to help with income after retirement.

There's new information about the average savings Americans have for the day they take that first step into retirement liberation.

Of the 50 states in America, there's one state, and it's in New England, that has the highest average retirement savings according to msn.com.

Ironically, Massachusetts is also is the state with the highest salaries on average, according to depositaccounts.com.  With that statistic, it's no surprise Bay State workers have the highest average household savings at $448,500.

These numbers also indicate "68% of American workers in 2024 feel somewhat or very confident in their ability to have enough money in retirement".

Some people want to keep working until full retirement age, but most retire at 62, according to fool.com.

The key to using your savings most efficiently is to have little to no debt when you retire. While studies can show the average savings in America, and for each state, the research does not show other factors which could effect retire assets, such as credit card debt.

If you're planning to retire in the next 5 years, and live in Massachusetts, here's to hoping you are in the majority with good savings and low debt.  That's how to make the most of your hard work all these years.