Fewer and fewer Americans living in big cities across the county are stockpiling cash in preparation for retirement, finds a new index from http://www.ameriprise.com/default-home.asp">Ameriprise Financial. The study shows that only 70 percent of consumers, the lowest percentage in the past three years, are preparing for retirement.
But residents of San Diego appear to be thinking ahead a bit more than in other areas. San Diego has the second highest percentage of people who feel they are financially set for their golden years.
"Residents of these areas are significantly more likely to be making financial preparations, including setting aside money for retirement, determining how much they need to save and consulting with a professional financial advisor. Perhaps as a result, they are also much more likely to feel on track and financially prepared for retirement, reads the http://newsroom.ameriprise.com/images/20018/CityPulseReport_Final%209-12.pdf">report. "
The City has always done well in this category. It has appeared in the top ten for the past three years. In 2010, the City of San Diego was ranked 6. Last year, it jumped up three spots to third on the list.
Coming in second is not without some bad news.
"...Despite the efforts they’ve made from a financial standpoint, people in the top three metros are only on par with the rest of the nation with regard to planning for the activities they hope to pursue – a fact which may leave them less prepared than they actually feel."
The top five areas with the best retirement planners were:
- New Haven/Hartford
- San Diego
- Minneapolis/Saint Paul
- San Francisco/Oakland/San Jose