15 Best Places to Retire in Mississippi

Ghazal Ahmed
9 min read

In This Article:

This article takes a look at the 15 best places to retire in Mississippi. If you wish to skip our detailed analysis on retiring non-traditionally, you may go to the 5 Best Places to Retire in Mississippi.

On Retiring Non-Traditionally

The COVID pandemic is long gone, but its impacts still seem to linger upon us. In a State of Retirement Study by Fidelity Investments, 66% of the respondents have revealed that the pandemic has made them more intentional in terms of focusing on their passions and dreams in retirement. According to the study, traditional retirement is no longer appealing to retirees. Instead, 60% of Gen Z and 58% of Millennials would love to retire somewhere scenic abroad, engage in remote work, or even start their own business.

When it comes to Baby Boomers, many don’t have retirement savings and rely on their Social Security checks. However, a study by T. Rowe Price Group, Inc. (NASDAQ:TROW) affirms that those who do, are significantly faring well. A quantitative national study called the First Look: Assessing the New Retiree Experience sheds insights on the spending behavior and patterns of people who were a part of the 401(k) system and are now three years on retirement, on average. According to the T. Rowe Price Group, Inc. (NASDAQ:TROW) Study, many participants have entered retirement with substantial household assets, around $1,303,000. Nearly 90% of them state that they are quite satisfied with how things are faring, and almost three-quarters even believe they are financially better off than their parents were.

"While we know there are people with little or no retirement savings, our sample indicates that many who saved in a 401(k) plan are entering retirement with considerable assets. What's more, we are also seeing some evidence of financial discipline in budgeting and spending."

While it is true that the economic environment has been quite challenging in recent times, it is evident that potential retirees have become more vigilant when it comes to savings. In the Fidelity Investments study, three-quarters of respondents expressed confidence about retiring when and how they want. Similarly, a Bank of America Corporation (NYSE:BAC) study has revealed that 401(k) account balances increased by 15% in 2023 to $86,280; from $75,045 at the end of 2022. The Bank of America Corporation (NYSE:BAC) survey reveals that nearly 18% of plan participants increased their contribution rates last quarter, up from 9% in Quarter 3.

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