While the number of Americans who claim to be preparing financially for retirement has remained relatively steady during the past 12 months, employees in many of the nation’s largest metropolitan areas report feeling significantly less confident than they did a year ago, according to a retirement readiness index released today by Ameriprise Financial. In its second year, they examine the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement, and also track national and local retirement trends over time.
The top three spots on this year’s index were all claimed by California metros: San Francisco, Sacramento and San Diego. Indianapolis ranked last, with New York City and Atlanta rounding out the bottom three. Metropolitan areas were scored based on responses to a national survey that 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.
