Seniors living in Utah, Delaware, and Indiana are the most prepared for retirement, according to a new national study by SmartAsset.
The Midwest was the best for retirement preparedness in the study, as five of the top 10 states are in this region. The highest ranking state is Indiana, third, with Michigan right behind in the four spot of the SmartAsset ranking. By contrast, the Northeast had several states in the bottom 10: Maine, Massachusetts, New York, Rhode Island, and Vermont; attributed to the high cost of living in the region. The average senior retirement income for highest-ranked Utah was $51,505, whereas the income for the worst state, New York, was $47,880.
The key to a financially secure retirement is the planning. Whether with the steadying hand of a financial advisor to guide you to your golden years, or strategizing on your own, planning your retirement does take time and can be difficult. Some seniors, knowing they have not saved enough to retire in their current locale, plan to move to lower cost of living areas. Some seniors on the other hand have prepared themselves to live in more expensive states and can afford the higher cost of living without slipping into poverty.
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