Average Retirement Savings in the United States

1 min readLast updated September 26, 2023by Charlie Barton

Explore average retirement savings in the United States across different categories such as state, age, race, and gender.

The average retirement savings by state

The table presents the average retirement savings by state, based on data from SoFi. Connecticut leads the list with an average retirement balance of $545,754, followed closely by Alaska at $503,822 and Vermont at $494,569. The data indicates that these states have higher average retirement savings compared to others. On the other hand, North Dakota has the lowest average retirement savings at $319,609, with Utah slightly above at $315,160. The table offers insights into the variations in retirement savings across different states, highlighting the importance of financial planning and preparation for retirement. 

StateAverage Retirement Balance
Connecticut $545,754
Alaska $503,822
Vermont $494,569
Virginia $492,965
New Jersey $514,245
New Hampshire $512,781
Maryland $485,501
Massachusetts $478,947
Minnesota $470,549
Washington $469,987
Iowa $465,127
North Carolina $464,104
Pennsylvania $462,075
Oregon $452,558
Colorado $449,719
South Dakota $449,628
South Carolina $449,486
Wisconsin $448,975
Georgia $435,254
Idaho $437,396
Texas $434,328
Arizona $427,418
Ohio $427,462
Florida $428,997
New Mexico $428,041
Indiana $405,732
Nebraska $404,650
Maine $403,751
Delaware $454,679
Michigan $439,568
Kentucky $441,757
Montana $390,768
Louisiana $386,908
New York $382,027
Wyoming $381,133
Rhode Island $392,622
Mississippi $347,884
Hawaii $366,776
Arkansas $364,395
Oklahoma $361,366
West Virginia $370,532
Nevada $379,728
North Dakota $319,609
Utah $315,160
D.C., Washington $347,582

The average retirement savings by state (Sofi data)

Average retirement savings by age

A June 2022 study conducted by Vanguard, titled "How America Saves 2022," provides valuable insights into the average and median retirement account balances of Vanguard account holders across different age brackets. This study offers a snapshot of the retirement savings landscape, shedding light on the financial preparedness of individuals at various stages of their lives. 

By examining the average and median balances, we can gain a deeper understanding of the trends and patterns in retirement savings among Vanguard's account holders. 

The table below presents the average and median retirement account balances categorized by age bracket, providing valuable information for individuals and financial planners alike to evaluate their retirement savings strategies.

Age BracketAverage BalanceMedian Balance
25 and younger $6,264 $1,786
25 – 34 $37,211 $14,068
35 – 44 $97,020 $36,117
45 – 54 $179,200 $61,530
55 – 64 $256,244 $89,716
65 and older $279,997 $87,725

Average retirement savings by age(Data from Vanguard)

Average retirement saving by race

Investopedia's report on median retirement savings for households aged 25 to 61 in the United States by race reveals significant disparities. White households have the highest median retirement savings at $79,500, while Latinx households have the lowest median savings at $23,000. 

RaceMedian Retirement Savings
White $79,500
Asian-American $67,025
Black $29,200
Latinx $23,000

Average retirement saving in us by race (Data from Investopedia)

Average retirement saving by gender

According to data from SoFi and Investopedia, there is a notable difference in retirement savings between women and men. On average, women have a range of $23,000 to $62,000 in retirement savings, with a median of $43,000. In contrast, men have a range of $76,000 to $98,000, with a higher median of $91,000. These findings suggest that men tend to have higher retirement savings compared to women. 

GenderAverage Retirement SavingsMedian Retirement Savings
Women $23,000 - $62,000 $43,000
Men $76,000 - $98,000 $91,000

Average retirement saving in us by gender (Data from SoFi and Investopedia)


Charlie Barton

Charlie Barton is a writer at Unbiased. He has been writing about personal finance and investing since 2017, with extensive knowledge of platforms and products. Charlie has a first-class degree from the London School of Economics.