Every day, an estimated 10,000 Americans baby boomers retire – and unfortunately many of them will spend their golden years pinching pennies. According to a recent estimate released by the U.S. Government Accountability Office, nearly half of all Americans 55 and older have no retirement savings.
Still, despite having no retirement savings, many retirees are expected to be relatively financially secure over the course of their retirement. In addition to monthly Social Security payments, millions of older retired Americans – including former teachers, firefighters, police officers, and other state and local government employees – are also expected to receive pensions.
According to the U.S. Census Bureau’s 2017 Annual Survey of Public Pensions, state and local governments contributed $144.6 billion to employee pension programs in 2017. Not all states, however, spend equally on retirement programs. 24/7 Wall St. reviewed annual pension fund contributions at the state and local level to identify the states that are spending the most to fund their residents’ retirement. States are ranked based on total 2017 pension fund contributions per current state and local government employee.
This article quotes selections from “Here’s how much your state spends on retirement” by Samuel Stebbins, published in USA Today, August 6, 2019.