Retirement Readiness Varies in America’s 30 Largest Metropolitan Areas
Metropolitan areas were scored based on responses to a national survey which measured consumers’ likelihood to have determined the amount of money they need to save for retirement and their actual saving habits. The index also takes into account if people have planned for a variety of activities during retirement and expressed confidence about achieving their retirement goals.
“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
Preparation helped metro areas secure a top ranking, but emotions play an important role, too
What is the biggest similarity between the top-ranked metro areas? Their residents make retirement planning a priority – and not just from a financial perspective. While it was a tight race for the top spot on this index,
Raleigh-Durham does have a slight edge from one standpoint. In addition to being financially prepared, 80% of people surveyed say they’ve given a lot of thought to the activities they’d like to pursue during retirement.
A similar trend is seen among
Economy appears to be significant factor in lowest ranked metros
If retirement is a priority in the top three metropolitan areas, the opposite could be said for those at the bottom. Recent economic conditions could be to blame.
Findings suggest that, at least in
The sentiment is similar in
Meanwhile, a mere 20% of those surveyed in
Preparation and confidence appear misaligned in some major metros
The story may be clearer in
Similar discrepancies are noted in
Overall rankings
Based on composite scores, the 30 metropolitan areas surveyed are ranked as follows:
1. | Minneapolis-St. Paul |
16. |
Phoenix |
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2. | Raleigh-Durham |
17. |
St. Louis |
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3. | Nashville |
18. |
Pittsburgh |
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4. | Sacramento-Stockton-Modesto |
19. |
Tampa-St. Petersburg |
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5. | Seattle-Tacoma |
20. |
Miami-Ft. Lauderdale |
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6. | San Diego |
21. |
Detroit |
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7. | Hartford-New Haven |
22. |
Philadelphia |
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8. | Denver |
23. |
Washington D.C. |
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9. | Baltimore |
24. |
Portland |
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10. | Boston |
25. |
Cleveland-Akron |
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11. | Dallas-Ft. Worth |
26. |
New York |
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12. | San Francisco-Oakland-San Jose |
27. |
Charlotte |
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13. | Chicago |
28. |
Orlando-Daytona Beach-Melbourne |
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14. | Houston |
29. |
Indianapolis |
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15. | Atlanta |
30. |
Los Angeles |
Additional highlights for each metropolitan area, including its individual preparation and confidence ranking, are available on the Ameriprise newsroom.
About the survey
The New Retirement Mindscape 2010 City Pulse indexwas created by
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