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But some people are saving more than others.
The average amount saved varies widely from state to state.
In a recent press release, they shared the results of a separate study.
This one gives insight into personal finance on a state-by-state basis.
That means Connecticut residents have more money available to save.
They also rank high for average debt, though at $110,034 per consumer.
This helps preserve the value of retirement savings over time.
New Jersey: $514,245
New Jerseys average retirement savings ranks second on the list.
Residents of the Garden State can benefit from their proximity to economic hubs like New York City and Philadelphia.
That could potentially mean higher salaries for them, and, in turn, more savings.
New Hampshire has no state income tax, helping to keep it affordable.
The low inflation rate could also make it an appealing place to retire.
Alaska: $503,822
Alaskas average retirement savings puts them fourth on the list.
Alaska also hasno state income tax.
Vermont also benefits from low inflation rates, matching Connecticut, New Hampshire and Massachusetts at 17%.
At $30,933, disposable income in Vermont is lower than in other top-ranking states.
And their debt is $90,960 per consumer.
Maryland is close to Washington, D.C., meaning government jobs are plentiful.
Massachusetts: $478,947
Massachusetts ranks eighth for its average retirement savings.
The state also earned a top spot forstrong financial health, ranking ninth in the country.
Like other New England states, Massachusetts has kept inflation rates low.
The Land of 10,000 Lakes gives its residents a solid foundation for their retirement planning.
Washington: $469,987
Washington rounds out the top 10 with an average retirement savings of $469,987.
Washington also has a high disposable income per capita at $79,705 the highest in the country.
Consumers here also have a lot of debt, though.
The average is $150,462 per consumer.
Washington is also the second state on this list with no state income tax.
Altogether, high salaries and high savings make Washington one of the best states for overall financial health.
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