Where You Live May Impact How You Retire

Ameriprise Financial’s New Retirement MindscapeŒ¬ 2010 City Pulse Index examined the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement. Minneapolis-St. Paul claimed the top spot on the retirement readiness index, followed by Raleigh-Durham (#2) and Nashville (#3); Los Angeles (#30) ranked last with Indianapolis (#29) and Orlando (#28) rounding out the bottom three.

Metropolitan areas were scored based on responses to a national survey which measured consumersäó» 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.

In top ranked cities, residents make retirement planning a priority. In Minneapolis-St. Paul for example, 83% of survey respondents say they have set aside money for retirement, compared to a national average of 69%. In Raleigh, 80% of people surveyed say theyäó»ve given a lot of thought to the activities theyäó»d like to pursue during retirement.

Does where you live influence how you prepare for retirement? It’s an interesting question. What do you think?