Study: ‘Retirement Readiness’ Down In Twin Cities
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MINNEAPOLIS (WCCO) — The Twin Cities is ranked high in lots of categories, but a new survey shows one group is pretty pessimistic.
According to a new study by Ameriprise Financial, those looking to retire or in retirement are not as confident in their finances as they were a year ago.
The study showed the area dropped from No. 1 in 2010 for retirement readiness to No. 18 this year out of 30 cities surveyed.
Rick Radder, one of those retirees, loves to play golf.
“I built a one hole course right in my front yard,” said Radder.
However, Radder also has hobbies he doesn’t want.
“I’ve been out here today doing yard work, but I have to do it, because a condominium is out of the question at this point,” says Radder.
He said he doesn’t feel he has enough equity to do things he wants to do, which was at the heart of the Ameriprise survey.
Advisor David Tysk said the rankings look at how ready Minnesotans feel they are for retirement, and how confident they are in having enough money to do what they want in retirement.
“Clearly, people are feeling more worried. They’re feeling more anxious — even depressed,” said Tysk.
Tysk said he thinks Minnesotans could almost be over-informed.
“I really don’t want the negative financial news, but if it’s in my face every day, you have to pay attention to it. But people aren’t going out of their way to find it, it’s just there,” said Tysk, who added he recommends turning off the TV.
The survey took place between Aug. 4 and Aug. 12. Tysk said that time period is significant, because it was just as our state government shutdown was ending, the national debt debate and credit downgrade happened and fears over Europe’s economy increased.
Ameriprise paid for the study and randomly selected people — between 45 years old and 70 — who are not clients of the company.
The top three cities were all located in California.