When it comes to saving for retirement, Connecticut workers are second best in the country. Overall, the East Coast has the highest amount of funds set aside for retirement.
Personal Capital, a California-based financial advisor, said Connecticut workers, on average, have saved $279,367 toward their retirement. That ranks the Nutmeg State second. Delaware is No. 1with an average of $286,277.
To obtain this data, Personal Capital analyzed the retirement accounts of users on a completely anonymized basis. Retirement savings figures were compiled from 134,022 Personal Capital users.
Beyond overall retirement savings, education and charity are top of mind as future goals:
- Education is the No. 1 goal for the majority of Personal Capital users – 60 percent plan to save $149,956 on average for the four-year expense.
- Users plan to spend an average of $345,772 on charitable gifts over the next 35 years, making it one of the top three financial goals.
- This is higher than users’ anticipated costs for health care ($303,440), home purchases ($295,631) and weddings ($34,677).
- Millennials are ranked as the most generous generation, with a goal to contribute $382,485 on average to charity.
However, Millennials are also counting heavily on inheritance getting them through to their retirement years, which apparently are going to be after only 15 years of working. The report says the average Millennial expecting an inheritance anticipates an average of $1.06 million — twice as much income as from their paychecks.
“Millennials face significant financial challenges, but they’re also carving a new path for themselves,” said Bill Harris, CEO of Personal Capital. “Our data shows that Millennials plan to work fewer years and spend less money on major purchases like owning a home, while at the same time they plan to donate more to charity than other generations.”
