The 401(k) blues are louder in Massachusetts
Massachusetts has a disproportionate number of workers nervously checking their 401(k) numbers this fall, according to new data from the Employee Benefit Research Institute. The state ranks 13th in the nation in the percentage of workers who participate in a 401(k) or other employer-sponsored retirement plan. Last year, 62 percent of full-time workers in Massachusetts between ages 21 and 64 participated in such a plan, well above the national average of 55 percent.Wisconsin had the highest participation rate (68 percent), and four other New England states ranked highly: Connecticut was 4th (65 percent), New Hampshire was 7th (64 percent), Maine was 9th (63 percent), and Vermont was 21th (60 percent). Curiously, Rhode Island was well below its neighbors, ranking 31st with a participation rate of 58 percent.
Florida had the lowest participation rate in the US (42 percent).