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New Yorkers unprepared, unconfident for retirement

The New York City area continues to rank near the bottom in retirement readiness among the nation’s 30 largest cities.

The Big Apple ranks 25th in the poll, which measures consumer attitudes toward retirement, says advisory firm Ameriprise Financial.

“For the fourth straight year, the New York City metro area has yet to break out of the bottom five,” according to the survey.

New Yorkers not only have not been preparing effectively for retirements, but they also lack the confidence to do so, the survey said.

Only 45 percent of metro-area residents participate in an employer-sponsored retirement plan. And just 47 percent have contributed to any retirement plan.

One problem cited in the study is that the New York City area has some of the highest costs in the country.

“It can be hard to prioritize spending your time on finances. But it’s important that residents really think through their retirement goals and start to plan accordingly,” Katie Coleman, an Ameriprise adviser, said.

An independent financial planner on Long Island added that he was unsurprised by the results.

“My first reaction is that this area is so expensive that it can suck away any or all of your discretionary income that you would use to save for retirement,” Charles Hughes said.

Hughes adds that, even with a plan and money consistently put aside for retirement each pay period, there is a reality that numerous aging New Yorkers will have to face: “Many people, even though they don’t want to do it, are going to have to look at moving to cheaper regions in their retirement years.”

The top city in the retirement survey, with residents who are doing the best job of preparing for the golden years, was the San Francisco/Oakland Bay Area, Ameriprise officials said.

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Source: NY Post

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Posted by on October 6, 2013. Filed under NY News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.