economy -- September 24, 2013 at 1:58 PM ET
Live in Detroit or San Francisco? You're more likely to say you're prepared for retirement than anywhere else in the U.S.
Residents of the San Fransico, Detroit and Hartford/New Haven metro areas say they are the most prepared for retirement, according to a survey released Tuesday by Ameriprise Financial.
However, Americans are still lagging when it comes to preparing for their retirement, including knowing how much money they'll actually need to live on.
"One of the biggest challenges for individuals preparing for retirement is to determine how much they need to save. Only one-fourth of respondents this year report that they've calculated this number.
Surveying the 30 largest U.S. metro areas, Nashville, L.A. and Orlando-Daytona Beach-Melbourne were the bottom three in terms of financial preparedness. The study was conducted online by Harris Interactive in June among 10,045 U.S. retired and non-retired adults ages 40-75.
For an in-depth and interactive look at retirement preparedness and where you fit in, see our project New Adventures for Older Workers.