Many survey results always show that millions of Americans have not saved anywhere near enough.The recent results show that 57% of the population has less than $1000 saved while 39% have saving balances of $0. Here are the top 10 states, ranked by saving amounts.
- New Jersey
New Jersey is the smallest state in the US but has the largest population. It tops the list with the employed population standing at 4,293,747.This ranks 10th out of the 52 states. The gross state product is close to $5 billion with the unemployment rate at only 4.5%.How does New Jersey top the list? This can be attributed to the high number of millionaires in the state and the existence of many industries.
There are tax exemptions in New Jersey on most clothing, medications, footwear, and disposable paper.The median family income for its residents is $73,973 and the average earnings for male full-time workers is $51,855. Online Installment loans
are a reliable source of money in New Jersey and they offer high low amounts at high interest rates.
Connecticut is the 3rd smallest state in the US by area. The gross state product is $187 billion and the total tax burden per capita is $2941.21. The income tax rates on the residents are divided into six tax brackets of 3% to 6.7%.
The number of employed individuals is 1,746,713 and the median family income is $73,458. 7.6% of the total population is below the poverty level. Just like New Jersey, residents in Connecticut also enjoy installment loans to cater for their financial needs.
Minnesota’s economy has transformed with emphasis on finished products and services hence it is by no surprise that it comes third on the list. It has a gross state product of $225 billion. The employed individuals are 2,826,204 and the median family income is $62,538.Minnesota is among the 42 US states with their own lottery with games including Mega Millions, Powerball, Gopher 5, and NorthstarCash.
This state has a progressive income tax structure with the four brackets of 5.35, 7.05, 7.85 and 9.85.Like in New Jersey, Minnesota has tax exemptions on prescription drug medications, clothing, and food items for home consumption.
- New Hampshire
New Hampshire has a gross state product of $52 billion. The average family income is $67,848 and the number of employed individuals is 712,404.Its agricultural outputs include nursery stock, cattle, and dairy products while the industrial outputs are electric equipment, rubber and plastic products, andmachinery. Taxation in this state is controversial because there is a property tax but no income tax or sales tax. However, it still has a low tax burden per capita and the unemployment rate is just 3.4%.
Massachusetts’ employed population is 3,190,128, ranking 13th out of the 50 states. The gross state product is $317 billion and average family income is $68,701.The state’s economy has been boosted bysectors such as biotechnology, finance, tourism, healthcare, highereducation, anddefence.There is a tax exemption below a threshold which varies everyyear. Residents of Massachusetts enjoy installment loans which are provided for any needs and for people with bad credit too.
Maryland is ranked sixth, with a gross state product of $226 billion. The employed residents are 2,874,468, ranking it 18th out of all the states. The average annual earnings for male workers is $47,971 and the unemployed population takes 3.4%.The total tax burden per capita is $2,214.49.Maryland’s economy benefits from the state’s closeness to the federal government in Washington, D.C.
The major activities include transportation, agriculture and fishing, biotechnology, andtourism. There are five income tax brackets in Maryland ranging from 2 to 6.25% of the personal income. All property is subject to the property tax but with exemptions on the properties owned by charitable, educational or religious organizations.
Delaware has a gross state product of $54 billion and the employed population is 425,571.The median family income is $60,352 while the median household income is $50,315.The state’s agricultural output includes nursery stock, soya beans, and poultry, corn, and dairy products.
The largest employers in the state are government, education, pharmaceutical, healthcare, banking, farming, retail, and the Dover Air Force Base. There is no limitation to installment loans for Delaware residents too. An example is the ACE Cash Express which is a well-known lender in this state.
With a gross state product of $372 billion and an average family income of $55,778, Michigan comes next after Delaware in terms of savings. Its economy majorly relies on automobiles, information technology, furniture, mining, food products, and aerospace for its stability. The state is also the third leading grower of Christmas trees. The personal income tax is set at a flat rate of 4.25%.
Besides, cities impose income tax rates at 1% for residents and 0.5% for non-residents. The sales tax is 6% with exemptions on medication and food. The average income for a family is $55,778 and the number of employed individuals is 4,781,978 and this leaves 6.8% of the population unemployed. The total tax burden is estimated at $24 billion.
Wisconsin has a gross state product of $211 billion making it 19th out of all the states. Its economy is propelled by agriculture, healthcare, and manufacturing industries. It is 16th in terms of employment rate with the number of employed individuals at 2,931,040.This leaves 4.7% of the population unemployed. The median family income is $55,780 while the total tax burden per capita is $2,296.20.The nest egg index stands at 107.41 and it is ranked 9th out of all the states.
The top 10 list is completed by Colorado with a gross state product of $199 billion. Colorado’s agricultural products are wheat, cattle, dairyproducts, hay, andcorn. The federal government is another major economic force in the state. The state has a flat income tax at 4.63% regardless of the income level. It is a unique state in terms of tax calculation.
Colorado taxes are based on taxable income as opposed to other states where taxes are calculated based on federal adjusted gross income. The sales tax is 2.9% on retail taxes. Personal business and real estate property in Colorado are taxable. The total tax burden is $7 billion and the median family income is $58,849.The unemployment rate is 4.3% while the employed population is 2,498,775.
It is evident from this list that a solid economy is a key to better savings in all the states. The rate may still not be appealing but at least it shows the desire of the residents of these states to have a better future with good financial stability.