Survey: South Floridians Bummed About Their Retirement Future

The lingering bad economy appears to have taken a toll on South Floridians' confidence that they will retire in comfort, according to a new poll released Tuesday.

Fewer than four out of 10 people living in the Miami-Fort Lauderdale area feel "happy" about retiring, according to the New Retirement Mindscape 2011 City Pulse released by the financial services firm, Ameriprise Financial.

Only 11 percent from the Miami-Fort Lauderdale area feel "empowered" about retiring, the survey found.

They're more glum about their retirement than those living in other parts of the country, including in Orlando, the survey found.

The Miami-Fort Lauderdale area ranks 24th in a survey of 30 urban communities that are scored based on residents' responses to a national online survey. The poll measures residents' likelihood to have determined how much they need to save for retirement and their actual savings habits. The index also takes into account if people have planned for a variety of activities during retirement and expressed confidence about achieving their retirement goals.

It's the second year that Ameriprise has polled Americans on their retirement planning.

Last year, Miami-Fort Lauderdale fared better and was ranked 20th.

Yet people in South Florida may be feeling more down this year than they should, suggested Gregory J. Burie, a certified financial planner in Boca Raton's Bane and Associates that is part of Ameriprise.

Most South Floridians are actually saving for their Golden Years, he said.

More than seven out of 10 South Floridians polled in the survey said they have put away money for retirement, beating out the 61 percent who said they have in Orlando, Burie pointed out. South Floridians are saving at roughly the national rate, the survey found.

Sixty percent of South Floridians also said they've made plans to stay healthy after they retire -- higher than the national average of 51 percent.

But South Floridians' pessimism has been influenced by the area's ongoing high unemployment and housing crisis, Burie said.

People in Orlando might feel more optimistic because "Orlando has seen growth in employment faster than the South Florida area,'' Burie said.

The poll was conducted online by Harris Interactive for Ameriprise. It surveyed 11,611 Americans, with residents from each metro area sampled.

Source: http://www.sun-sentinel.com/business/blogs/money-sense/sfl-retirement-planning-20111114,0,3172213.story?track=rss