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)