Top 10 States for Household IRA Assets

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)