New Jersey Ranks In The Top 10 Of Most Educated States

The Garden State certainly comes to mind when you think of great boardwalk beaches, bagels, and the Boss. However, New Jersey should also be top of mind when discussing the top states for education in the country.

WalletHub recently detailed the most educated states across America, and New Jersey ranked #7.

"It’s certainly worth living in one of the most educated states, which offers high-quality learning from childhood all the way through the university level," said WalletHub analyst Cassandra Happe. In this report, WalletHub studied the quality of education and educational attainment in each state. Within those categories, 18 different metrics were examined. This includes enrollment, the quality of the school system, and the percentage of adults over the age of 25 who have college experience or an associate's degree.

According to NewJersey.com, the state has college or university options in every county. This includes community colleges, branch campuses, and major universities like Rutgers. Regardless, New Jersey has some very impressive educational statistics, according to WalletHub.

Overall, the state's total report score was just under 70 points. For context, this was just one point below Virginia and Colorado, who finished sixth and fifth, respectively. As for educational attainment, New Jersey finished 10th.

In the percentage of bachelor's degree holders across the country, New Jersey ranks third. Furthermore, in all of the segments WalletHub broke down, you won't see us in the lowest five at all.

If you are curious who is joining New Jersey among the best states for education, many of them are also on the east coast. Massachusetts finished number one. Then, Connecticut was four points ahead, ranking fourth.

Last summer, WalletHub compiled a similar report where they detailed the most educated cities in America. Trenton-Princeton was the first metro area to crack this list, ranking as the 15th most educated city.

As workers get older and continue on their career paths, in theory, their 401K should reflect that and go up. So, the average and median amount of money that people have in their 401Ks end up being a factor of how long they've worked (their age). It's also, of course, a factor of how much money they make and put into their 401Ks. So, have you ever wondered if you have more or less in your 401K than most people your age?

Let's get into retirement details. According to Fidelity, "The age you plan to retire can have a big impact on the amount you need to save, and your milestones along the way," they state on their website. "The longer you can postpone retirement, the lower your savings factor can be." They add that if you delay saving, your savings will take a longer time to grow.

Also, if you're wondering how much money you need to retire comfortably, that really is different for everyone. You have to look at how you want to live in your retirement. Do you want to have lots of extra money to travel? Or, would you rather retire earlier with less and live a less elaborate lifestyle?

According to Citizensbank.com, you want to have enough money to make up 60% to 100% of your pre-retirement annual income. "This rule of thumb aims to maintain a quality of life similar to the one you enjoy immediately prior to retirement, while keeping in mind the realities of different budget levels per line item, like lower work-related and housing costs likely offset by higher healthcare costs," they explain. They also say that "becoming a 'millionaire' is still an impressive financial milestone, but $1 million today doesn't go nearly as far as it did in 1980, when $1 million had the same buying power as $3.1 million today."

Now, let's get into the question at hand. How does your retirement savings hold up to those in your age group? Here are some details from Vanguard.

In this age group, the average 401K balance is $5,236 and the median is $1,948. You're obviously just getting your feet wet in investing. Some people fresh out of high school or college probably don't have anything in their 401Ks at this point.

In this age group, the average 401K balance is $30,017 and the median is $11,357. This is significantly higher than the under 25 age range. But, it's definitely not enough to retire on. So, keep grinding.

In this age group, the average 401K balance is $76,354 and the median is $28,318. Notice the big difference between average and median. Obviously, with the median, that means half of people in that age group have less than $28,318 and half have more.

In this age group, the average 401K balance is $142,069 and the median is $48,301. This is another one where the average and median are very different. Half of people in that age group have less than $48,301 and half have more.

In this age group, the average 401K balance is $207,874 and the median is $71,168. Some people "early retire" in this age group. But, only if you have enough cash. People with pensions are sometimes able to retire in this age group. Also, you can receive Social Security retirement benefits as early as age 62.

In this age group, the average 401K balance is $232,710 and the median is $70,620. Since you can receive Social Security retirement benefits as early as age 62, many people do choose to retire when they hit 65.

So, there you have it, the average and median 401K balance by age. The stats are from Vanguard's "How America Saves 2023" report, which offers data on the average and median 401K account balances by age. Find the full report here.