Many future residents may be unable to cover their senior living costs, if a new Bankrate.com study is to be believed. Retirees in all but three states will be unable to generate 70% of their pre-retirement income, investigators found.

“These numbers help illustrate how underprepared many Americans are,” said Greg McBride, CFA, Bankrate.com’s chief financial analyst.

Although many financial experts believe retirees need at least 70% of their working-years income, only seniors in Hawaii, Alaska and South Carolina meet that threshold.

McBride speculated that the large number of pensioned military retirees in Hawaii and South Carolina might help explain why their states fared relatively well. Moreover, Alaskans receive dividends from a state fund that invests in oil and other revenue-producing products.

Massachusetts had the lowest income replacement rate, at 48%.

“That kind of drop-off is alarming,” McBride added.