What Are the Average Retirement Savings in California?

What Are the Average Retirement Savings in California?

Although average retirement savings statistics for California are not available as of 2015, the median retirement savings balance nationwide for all working-age households in 2010 was $3000, according to the National Institute on Retirement Security.

In terms of access, 52 percent of California workers were employed at companies that lacked a retirement plan, according to Demos. Californians rank 18th in the nation in retirement savings; the average Californian has saved only 2.51 times their annual income towards retirement, according to Voya Financial.

Replacement income is another measure used to assess retirement readiness. Californians had a replacement income of 58.94 percent, while many financial experts recommend a 70 percent figure for a comfortable retirement, according to Interest.com.