When it comes to real estate, it's all about location, location, location. According to a new study, the same may be true of retirement preparedness. That's because the study found that one state has residents who are decidedly less prepared for their golden years than anywhere else in the country.
Not only do the folks here have less money saved for retirement, but it sounds like they are also keeping their money in the wrong types of accounts. Curious to see if you call this state home? You can find out more below.
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SmartAsset went through and ranked 40 U.S. states—Wyoming, Vermont, Rhode Island, South Dakota, North Dakota, New Hampshire, Nebraska, Maine, Delaware, and Alaska were all left out of the report due to a lack of information—to determine which were the best and worst when it came to retirement preparedness.
Unfortunately for residents of The Magnolia State, Mississippi ranked dead last in the report, largely due to a lack of savings. According to the findings, Mississippi residents had less than half the national average tucked away for retirement, with many having only about $35,000 set aside.
Related: These Are the 3 Worst-Ranked Florida Cities to Retire In
But the issues didn't stop there. SmartAsset also found that of those with retirement savings, only 41.8 percent were in a tax-advantaged account, which offers tax exemptions or deferrals on your investments, minimizing tax obligations while increasing your savings.
Mississippi Wasn't the Only State to Get Low Marks
While Mississippi was definitely at the bottom of the SmartAsset list, it wasn't alone, and several other states landed at the bottom of the list, including:
KentuckyLouisianaAlabamaOklahomaBut, the report wasn't all bad. It looks like those living in Massachusetts are doing really well with retirement planning, with a mean retirement savings of $150,000. That figure is nearly double the national average of $80,000, and 75 percent of that money was tucked away in tax-advantaged accounts.
Related: This State Was Just Named the Worst Place To Retire in the U.S.
That said, your dollar will stretch much further in Mississippi than in Massachusetts, given the cost of living in both states. And while it's easy to point at the numbers and accuse one population of being less prepared than the other, when you compare household earnings and what it costs to buy essentials in each of these areas, you're likely to see that people are on more even playing fields than it initially appears.
Of course, it's always better to have more saved for retirement than less, but the numbers aren't the only thing that you should be looking at if you live in one of the states at the bottom of the list...you may actually be doing better than you think you are when it comes to how much you'll need to spend in your golden years.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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