Retirement Readiness in All 50 States: How Do You Compare?

August 26, 2025

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You might find yourself adjusting your retirement savings strategy before 2025 ends, especially if you’re worried you don’t have enough money saved up. Key findings from a new study by GOBankingRates indicate the average retirement savings balance is $315,000 or more in all 50 states.

To determine how ready the average person is for retirement, GOBankingRates looked at key data in every state such as the average savings for retirement households and the state and local tax rate. Data was scored and weighted to show the states with the highest retirement readiness: the average retirement savings (1.50), average total cost of living (1.00), state and local tax rate (1.00) and states that tax Social Security income (0.25).

Key Findings

New Hampshire ranks as the most retirement ready state in America. Key factors that propelled The Granite State to the top include a 0% state and local tax rate and no tax on Social Security. The average retirement savings balance is $512,781.
Four states in the top 10 have average retirement savings of more than $500,000: New Hampshire (#1), Alaska (#2), Connecticut (#6) and New Jersey (#9).
Connecticut (#6) is the only state in the top 10 with a tax on Social Security.
Three states with a 0% state and local tax rate — New Hampshire (#1), Delaware (#3) and Oregon (#4) — ranked in the top five. The fourth state, Montana, came in 19th place.
Utah came in dead last for retirement readiness. The average retirement savings balance is $315,160, the smallest balance out of all 50 states.
Across all 50 states, the average retirement savings balance is $429,525.

Here’s what retirement readiness looks like from coast to coast in the United States.

Today’s Top Offers

1. New Hampshire

Average retirement savings balance: $512,781
Average home value: $525,367
Total cost of living for homeowners annually: $55,263
Tax on Social Security? No
State and local tax rate: 0.00%

2. Alaska

Average retirement savings balance: $503,822
Average home value: $390,416
Total cost of living for homeowners annually: $49,122
Tax on Social Security? No
State and local tax rate: 1.82%

3. Delaware

Average retirement savings balance: $454,679
Average home value: $404,242
Total cost of living for homeowners annually: $45,565
Tax on Social Security? No
State and local tax rate: 0.00%

4. Oregon

Average retirement savings balance: $452,558
Average home value: $516,004
Total cost of living for homeowners annually: $56,618
Tax on Social Security? No
State and local tax rate: 0.00%

5. Virginia

Average retirement savings balance: $492,965
Average home value: $416,081
Total cost of living for homeowners annually: $46,404
Tax on Social Security? No
State and local tax rate: 5.77%

6. Connecticut

Average retirement savings balance: $545,754
Average home value: $459,126
Total cost of living for homeowners annually: $51,124
Tax on Social Security? Yes
State and local tax rate: 6.35%

7. Iowa

Average retirement savings balance: $465,127
Average home value: $234,595
Total cost of living for homeowners annually: $31,425
Tax on Social Security? No
State and local tax rate: 6.94%

8. Pennsylvania

Average retirement savings balance: $462,075
Average home value: $282,948
Total cost of living for homeowners annually: $35,997
Tax on Social Security? No
State and local tax rate: 6.34%

9. New Jersey

Average retirement savings balance: $514,245
Average home value: $584,141
Total cost of living for homeowners annually: $61,636
Tax on Social Security? No
State and local tax rate: 6.60%

Today’s Top Offers

10. Maryland

Average retirement savings balance: $485,501
Average home value: $449,888
Total cost of living for homeowners annually: $51,726
Tax on Social Security? No
State and local tax rate: 6.00%

11. Kentucky

Average retirement savings balance: $441,757
Average home value: $223,560
Total cost of living for homeowners annually: $30,625
Tax on Social Security? No
State and local tax rate: 6.00%

12. Michigan

Average retirement savings balance: $439,568
Average home value: $257,567
Total cost of living for homeowners annually: $33,107
Tax on Social Security? No
State and local tax rate: 6.00%

13. Wisconsin

Average retirement savings balance: $448,975
Average home value: $332,676
Total cost of living for homeowners annually: $40,394
Tax on Social Security? No
State and local tax rate: 5.72%

14. South Dakota

Average retirement savings balance: $449,628
Average home value: $318,047
Total cost of living for homeowners annually: $39,202
Tax on Social Security? No
State and local tax rate: 6.11%

15. North Carolina

Average retirement savings balance: $464,104
Average home value: $339,472
Total cost of living for homeowners annually: $40,099
Tax on Social Security? No
State and local tax rate: 7.00%

16. Vermont

Average retirement savings balance: $494,569
Average home value: $404,003
Total cost of living for homeowners annually: $48,236
Tax on Social Security? Yes
State and local tax rate: 6.39%

17. South Carolina

Average retirement savings balance: $449,486
Average home value: $306,515
Total cost of living for homeowners annually: $37,203
Tax on Social Security? No
State and local tax rate: 7.49%

18. Kansas

Average retirement savings balance: $452,703
Average home value: $240,632
Total cost of living for homeowners annually: $31,490
Tax on Social Security? No
State and local tax rate: 8.78%

Today’s Top Offers

19. Montana

Average retirement savings balance: $390,768
Average home value: $465,657
Total cost of living for homeowners annually: $49,293
Tax on Social Security? Yes
State and local tax rate: 0.00%

20. Ohio

Average retirement savings balance: $427,462
Average home value: $244,520
Total cost of living for homeowners annually: $33,215
Tax on Social Security? No
State and local tax rate: 7.30%

21. Idaho

Average retirement savings balance: $437,396
Average home value: $473,815
Total cost of living for homeowners annually: $50,771
Tax on Social Security? No
State and local tax rate: 6.03%

22. Georgia

Average retirement savings balance: $435,254
Average home value: $338,449
Total cost of living for homeowners annually: $39,026
Tax on Social Security? No
State and local tax rate: 7.44%

23. Illinois

Average retirement savings balance: $449,983
Average home value: $288,650
Total cost of living for homeowners annually: $36,096
Tax on Social Security? No
State and local tax rate: 8.92%

24. Texas

Average retirement savings balance: $434,328
Average home value: $308,148
Total cost of living for homeowners annually: $36,601
Tax on Social Security? No
State and local tax rate: 8.20%

25. Massachusetts

Average retirement savings balance: $478,947
Average home value: $682,333
Total cost of living for homeowners annually: $74,255
Tax on Social Security? No
State and local tax rate: 6.25%

26. Indiana

Average retirement savings balance: $405,732
Average home value: $254,239
Total cost of living for homeowners annually: $32,944
Tax on Social Security? No
State and local tax rate: 7.00%

Today’s Top Offers

27. Florida

Average retirement savings balance: $428,997
Average home value: $407,037
Total cost of living for homeowners annually: $46,424
Tax on Social Security? No
State and local tax rate: 7.02%

28. Nebraska

Average retirement savings balance: $404,650
Average home value: $276,222
Total cost of living for homeowners annually: $34,540
Tax on Social Security? No
State and local tax rate: 6.98%

29. Minnesota

Average retirement savings balance: $470,549
Average home value: $356,319
Total cost of living for homeowners annually: $40,365
Tax on Social Security? Yes
State and local tax rate: 8.13%

30. Maine

Average retirement savings balance: $403,751
Average home value: $411,661
Total cost of living for homeowners annually: $48,801
Tax on Social Security? No
State and local tax rate: 5.50%

31. Missouri

Average retirement savings balance: $410,656
Average home value: $263,204
Total cost of living for homeowners annually: $32,883
Tax on Social Security? No
State and local tax rate: 8.41%

32. Wyoming

Average retirement savings balance: $381,133
Average home value: $362,841
Total cost of living for homeowners annually: $41,598
Tax on Social Security? No
State and local tax rate: 5.56%

33. Washington

Average retirement savings balance: $469,987
Average home value: $626,277
Total cost of living for homeowners annually: $63,663
Tax on Social Security? No
State and local tax rate: 9.47%

34. New Mexico

Average retirement savings balance: $428,041
Average home value: $316,060
Total cost of living for homeowners annually: $38,084
Tax on Social Security? Yes
State and local tax rate: 7.67%

35. Arizona

Average retirement savings balance: $427,418
Average home value: $440,801
Total cost of living for homeowners annually: $51,081
Tax on Social Security? No
State and local tax rate: 8.52%

36. Alabama

Average retirement savings balance: $395,563
Average home value: $233,309
Total cost of living for homeowners annually: $30,591
Tax on Social Security? No
State and local tax rate: 9.44%

Today’s Top Offers

37. Mississippi

Average retirement savings balance: $347,884
Average home value: $191,192
Total cost of living for homeowners annually: $27,731
Tax on Social Security? No
State and local tax rate: 7.06%

38. West Virginia

Average retirement savings balance: $370,532
Average home value: $170,813
Total cost of living for homeowners annually: $26,558
Tax on Social Security? Yes
State and local tax rate: 6.58%

39. Colorado

Average retirement savings balance: $449,719
Average home value: $569,282
Total cost of living for homeowners annually: $57,925
Tax on Social Security? Yes
State and local tax rate: 7.86%

40. Louisiana

Average retirement savings balance: $386,908
Average home value: $211,710
Total cost of living for homeowners annually: $30,471
Tax on Social Security? No
State and local tax rate: 10.11%

41. Oklahoma

Average retirement savings balance: $361,366
Average home value: $218,259
Total cost of living for homeowners annually: $29,332
Tax on Social Security? No
State and local tax rate: 9.05%

42. Arkansas

Average retirement savings balance: $364,395
Average home value: $219,012
Total cost of living for homeowners annually: $30,291
Tax on Social Security? No
State and local tax rate: 9.48%

43. Tennessee

Average retirement savings balance: $376,476
Average home value: $336,770
Total cost of living for homeowners annually: $38,642
Tax on Social Security? No
State and local tax rate: 9.61%

44. Nevada

Average retirement savings balance: $379,728
Average home value: $472,804
Total cost of living for homeowners annually: $51,900
Tax on Social Security? No
State and local tax rate: 8.24%

45. California

Average retirement savings balance: $452,135
Average home value: $811,389
Total cost of living for homeowners annually: $83,751
Tax on Social Security? No
State and local tax rate: 8.98%

46. Rhode Island

Average retirement savings balance: $392,622
Average home value: $504,012
Total cost of living for homeowners annually: $53,104
Tax on Social Security? Yes
State and local tax rate: 7.00%

Today’s Top Offers

47. North Dakota

Average retirement savings balance: $319,609
Average home value: $285,832
Total cost of living for homeowners annually: $35,104
Tax on Social Security? No
State and local tax rate: 7.08%

48. New York

Average retirement savings balance: $382,027
Average home value: $481,548
Total cost of living for homeowners annually: $57,313
Tax on Social Security? No
State and local tax rate: 8.54%

49. Hawaii

Average retirement savings balance: $366,776
Average home value: $980,272
Total cost of living for homeowners annually: $104,495
Tax on Social Security? No
State and local tax rate: 4.50%

50. Utah

Average retirement savings balance: $315,160
Average home value: $544,926
Total cost of living for homeowners annually: $56,127
Tax on Social Security? Yes
State and local tax rate: 7.42%

Discover more original studies and surveys in the GOBankingRates original research center.

Methodology: Household median income was sourced from the 2023 U.S. Census American Community Survey. Using the cost-of-living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The average single-family home value was sourced from Zillow Home Value Index for June 2025. Assuming a 10% down payment and using the national average 30-year mortgage rate, as sourced from the Federal Reserve Economic Data on Aug. 6, the average mortgage was calculated for each state. The cost-of-living indexes were sourced from Sperling’s BestPlaces; using the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for retired consumer units, the average expenditure costs were calculated for each state. The average mortgage and expenditure costs were used to calculate the overall cost of living. The state and local tax rate for each state was sourced from The Tax Foundation for 2025. The average retirement savings for retired households was sourced from Personal Capital’s 2021 report. The average retirement savings was scored and weighted at 1.50, the average total cost of living was scored and weighted at 1.00, the state and local tax rate was scored and weighted at 1.00, and the states that tax Social Security income were scored and weighted at 0.25. All the scores were summed and sorted to show retirement readiness of each state. The states were sorted to show the highest retirement readiness state first. All data was collected on and is up to date as of Aug. 8, 2025.

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