Prepared For Retirement? Not L.A. It Ranks Last In Look At American Cities' Readiness For Golden Years
Harry Perry, we hope you saved up: It's time.
The little old lady from Pasadena, she was an icon. And Beverly Hills, Palos Verdes, Westchester and beyond all had their days as paradise for the blue-haired masses.
But those masses might be living on borrowed ... credit.
A study of America's 30 largest metropolitan areas finds this week that L.A. people "are the most ill-prepared folks for retirement," according to Forbes.
Maybe its the taxes that that drain our wallets or the spend-it-now culture of our fine city. Or possibly it's just that we live for today, rock-'n'-roll-on-the-Sunset-Strip-style.
Whatever the case, Amerprise Financial, which conducted the study, concluded that we rank last in terms of saving money for our so-called golden days.
According to Forbes:
Los Angeles ranked at the bottom, with more than 40% of respondents saying they hadn't salted away a single dime, and one-third saying they hadn't really thought about retirement.
Grandma always did drive cool cars. Oh well.
Those frugal Midwesterners in Minneapolis-St. Paul, by the way, are the most well-prepared for the end of working life.
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