This Is New Jersey’s Average Retirement Savings

According to a recent study, New Jersey residents are doing better than almost every other state in America when saving for retirement.

We'll say it differently if you don't think you read that right. New Jersey ranks 2nd in America for retirement savings.

New Jersey Residents More Prepared For Retirement Than You Think

It may not be easy for the average New Jersey resident to believe, especially these days, that Garden State residents are among the most financially prepared states in America with all we are up against.

The data is provided by Yahoo! Finance and shows that New Jersey residents have, on average, a $514,245 retirement balance.

That total is enough to put us ahead of every other state in the nation, except Connecticut, where the average retirement balance is $545,754.

How Much Do You Need To Retire Comfortably?

Experts say a comfortable retirement savings balance upon retirement should be around $1 million, so most people across the nation are far from that threshold.

The state with the lowest average retirement savings balance is North Dakota where the residents have $319,609 in the retirement account.

It is so hard for me to believe that in a state where just about everything is more expensive than anywhere else, our residents can be this prepared financially for retirement, but the statistics don't lie.

It seems the only thing left to determine is how far the money we save will go during our retirement in New Jersey, or if we need to get out of the state before it eats up our retirement savings.