Q:

What are the average retirement savings in California?

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Quick Answer

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.

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Full Answer

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.

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