A new analysis indicates that Americans in nearly every state will fall far short in meeting their economic needs in retirement.
The State Financial Security Scorecards research project gauges the retirement readiness of future retirees in each of the fifty states and the District of Columbia in three key areas: anticipated retirement income; major retirement costs like housing and healthcare; and labor market conditions for older workers.
The research finds that the lowest ranking states include:
- California due to low potential retirement income, low workplace retirement plan access and high retiree costs.
- Florida due to high retiree costs, low wages for older workers and low workplace retirement plan access.
- South Carolina due to low potential retirement income and low labor market scores.
– National Institute on Retirement Security