Readiness to retire may depend on where you live.
An Ameriprise Financial survey titled “Retirement Mindscape 2010 City Pulse” examined the 30 largest metro areas in the U.S., asking those who live in those areas about retirement preparedness and confidence. It found those in Minneapolis-St. Paul were most ready and those in Los Angeles were least prepared. Other high-ranking areas were Raleigh-Durham (#2) and Nashville (#3); low ranking areas include Indianapolis (#29) and Orlando (#28).
Specifically, areas were ranked according to how likely their residents were to have determined the amount of money needed for retirement, as well as their saving habits. The confidence of respondents and their retirement activity plans were also taken into consideration.
“Our latest research allows us to take the pulse of each major metropolitan area to see where there is alignment–or significant discrepancies–in how people have planned for and feel about retirement,” said Craig Brimhall, vice president of retirement wealth strategies at Ameriprise Financial. “In some cases, local economic conditions have had such a substantial impact on people that their levels of preparation and confidence appear a bit out of sync.”
Those economic conditions appear to have taken a large toll for Los Angeles residents, for example, where more than a third of those surveyed said they had experienced a recent career setback or layoff. In Indianapolis, 30 percent of those interviewed report that the economy has impacted retirement plans, compared with a national average of 25 percent. In well-prepared areas like Nashville and Raleigh-Durham, respondents said they had given a lot of thought to retirement activities. Key findings by Ameriprise suggest that the sunny weather in San Diego (ranked #6) could have an effect on the general feelings associated with retirement, where 74 percent reported their view was positive.
See the full report and key findings.
Written by Elizabeth Ecker