Prepared For Retirement? Not L.A. It Ranks Last In Look At American Cities' Readiness For Golden Years
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.
Harry Perry, we hope you saved up: It's time.
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.