When it comes to mobility post-retirement, most people between the ages of 40 and 75 in the 30 major metropolitan areas plan to stay put, according to Ameriprise Financial’s New Retirement Mindscape 2011 City Pulse index.
Choosing where to live after retirement depends heavily on an area’s cost of living, with 42% of Americans citing that as the leading factor for their decision. The national average of those who plan to reside in the same metro area both before and during retirement is 65%, with the desire to stick around reaching as high as 75% in some metro areas.
Other factors that determine whether or not someone wants to stay in their area include availability of health care options, which 35% rated as “very important,” proximity to family (34%), and state and local tax rates (28%).
Three out of four Americans surveyed say they’ve taken steps to financially prepare for retirement, but only 34% feel optimistic about this stage of life, while 24% are worried, and 21% consider themselves anxious about retirement.
The study found residents of San Francisco, Sacramento, and San Diego, Ca., to be the most prepared and confident about retirement, while Indianapolis, Ind. took last place, with New York, NY, and Atlanta, Ga. rounding out the bottom three.
View the 30 metro rankings and the study’s key findings here.
Written by Alyssa Gerace