Close Close
ThinkAdvisor

Top 10 States for Household IRA Assets

X
Your article was successfully shared with the contacts you provided.
X
Your article was successfully shared with the contacts you provided.

People in some states have set aside a lot more for retirement than others.

The U.S. Census Bureau makes the uneven nature of U.S. wealth clear in its new state-level wealth and asset ownership data tables.

In four states, the typical household with an IRA or a Keogh plan has less than $40,000 in assets in those plans. The Census Bureau includes assets in Keogh plans — 401(k)-like plans for very small businesses — along with the IRA asset totals.

In three other states, the typical IRA/Keogh plan asset total is over $80,000.

For a look at the states with the highest median IRA/Keogh plan asset levels, see the gallery above.

For more state-level IRA/Keogh plan data, see the table below.

The Survey of Income and Program Participation

In the past, curious observers had to download giant data files to get Census Bureau asset ownership breakdowns by state.

This year, the Census Bureau has released easy-to-use state-level asset ownership data tables.

The Census Bureau gathered the data in 2020, through the Survey of Income and Program Participation. Respondents were asked to provide data for 2019.

The bureau released the state-level tables in March, and those tables provide the freshest available look at 2019 asset totals.

The Numbers

The tables show, for example, the median household net worth by state.

The tables also show the median levels of certain types of assets, such as the amount held in the typical checking account, by state, for the residents of the state that have that kind of asset.

For financial professionals interested in retirement planning, the state-level table set gives state-level medians for net worth, net worth excluding the value of home equity, cash held in checking accounts, home equity, motor vehicle equity and defined contribution retirement plan assets, as well as IRA and Keogh plan assets.

IRA Assets, Keogh Plan Assets and Net Worth, by State

Household Net Worth Percentage of Households… Median Value of IRA and Keogh Assets Median IRA and Keogh Assets as Percentage of Total Net Worth, Excluding Home Equity
(excluding equity in home) Without an Individual or Employer-Sponsored Retirement Account With an IRA or Keogh (for households with IRA or Keogh assets) (for households with IRA or Keogh assets)
Alabama $25,630 49.3 23.4 $50,000 195.1
Alaska NA 31.4 31.8 NA NA
Arizona $39,840 42.3 29.5 $53,000 133.0
Arkansas $18,710 54.9 20.6 NA NA
California $59,270 41.4 34.6 $61,500 103.8
Colorado $78,970 30.9 42.1 $55,000 69.6
Connecticut $66,480 32.3 40.5 $75,000 112.8
Delaware $43,730 43.5 30.0 NA NA
District of Columbia $19,500 36.5 32.2 NA NA
Florida $26,130 47.6 29.7 $54,000 206.7
Georgia $21,730 45.5 28.8 $50,000 230.1
Hawaii $44,040 38.3 37.6 NA NA
Idaho $54,960 37.8 29.8 NA NA
Illinois $42,500 37.9 33.9 $50,800 119.5
Indiana $31,750 37.8 32.8 $45,900 144.6
Iowa $95,410 33.3 40.4 $55,000 57.6
Kansas $39,930 39.6 30.7 $72,800 182.3
Kentucky $25,810 48.6 27.2 $42,000 162.7
Louisiana $21,450 56.2 26.2 $50,000 233.1
Maine $41,200 45.4 31.3 NA NA
Maryland $68,000 29.9 36.8 $58,000 85.3
Massachusetts $96,080 32.2 43.2 $48,000 50.0
Michigan $45,070 36.8 31.9 $50,000 110.9
Minnesota $126,000 26.6 45.0 $70,000 55.6
Mississippi $7,310 62.2 19.8 $30,000 410.4
Missouri $29,100 41.2 33.1 $30,000 103.1
Montana $63,230 33.6 42.9 $40,400 63.9
Nebraska $43,890 32.8 39.8 $52,000 118.5
Nevada $29,200 44.9 38.4 $25,080 85.9
New Hampshire $99,340 26.4 43.2 NA NA
New Jersey $65,000 37.5 34.3 $90,000 138.5
New Mexico $15,010 54.1 24.1 NA NA
New York $53,000 42.7 34.9 $50,000 94.3
North Carolina $36,100 42.0 33.9 $55,000 152.4
North Dakota $114,300 18.5 57.9 NA NA
Ohio $32,910 42.9 33.2 $65,000 197.5
Oklahoma $27,170 45.2 30.9 $50,000 184.0
Oregon $56,200 36.3 38.6 $84,000 149.5
Pennsylvania $57,800 33.8 35.1 $45,500 78.7
Rhode Island $27,000 45.1 30.8 NA NA
South Carolina $20,780 48.5 28.2 $82,000 394.6
South Dakota $131,600 21.4 48.6 NA NA
Tennessee $22,410 49.0 21.9 $50,000 223.1
Texas $25,390 48.1 26.4 $38,000 149.7
Utah $59,160 36.0 32.8 $55,300 93.5
Vermont NA 37.0 25.0 NA NA
Virginia $65,910 35.2 31.6 $60,000 91.0
Washington $63,140 35.1 39.0 $40,000 63.4
West Virginia $9,830 57.2 22.2 NA NA
Wisconsin $48,510 31.8 37.3 $79,900 164.7
Wyoming $84,200 14.2 51.1 NA NA
TOTAL $41,200 20.2 32.7 $50,800 123.3
Source: U.S. Census Bureau, Survey of Income and Program Participation, Survey Year 2020, Public Use Data

(Image: denisismagilov/Adobe Stock)