Study Looks at Retirement Readiness by County

July 13, 2006 ( - Over half of the counties in the US are not prepared for retirement, and they risk not having enough income to keep up their current standard of living when they reach retirement, a recent study found.

The survey conducted by Americans for Secure Retirement polled 250 of the largest counties spanning the US and found that the six counties most in risk of not having enough money saved for retirement are all in Florida and fall under the survey’s “very high retirement risk” category.

The survey also found that thirty-two more counties fall into the next category of “High Retirement Risk” and ninety-four more in the “Elevated Retirement Risk” category, which amounts to more than half of the largest counties in the US in these top three risk categories.

“These results are due to a combination of factors such as lack of access to pensions, low income, and lack of assets that can be converted into income, which makes it difficult for individuals in these regions to extend their resources over the increasingly long span of retirement years,” said William Orzechowski, president of the economic consulting firm Orzechowski & Walker that conducted the study, in a release.

The study examines thirty economic and demographic variables for all of the counties, including cost of living, home ownership data, access to pension funds and household income.

“This study should serve as a wake up call, bringing long overdue attention to the fact that Americans need help in making their retirement savings last a lifetime,” said Shannon Hunt, Executive Director of Americans for Secure Retirement, in a release.

For the complete study, go here .