Retirement ready? No, but Minnesotans are closer than most

Author:
Updated:
Original:

A new state-by-state scorecard looks at who is financially ready for retirement. And guess who's ready?

Uh, ... nobody.

But the analysis by the National Institute on Retirement Security found Minnesotans to be in better shape than residents of nearly any other state, USA Today reports.

The group looked primarily at the anticipated income of retirees, the costs they'll face, and the labor market for older workers. As Financial Adviser magazine reports, only Wyoming and Alaska came up with a higher score than Minnesota. North Dakota ranked fourth.

But the report's bottom line is that Americans in every state have some work to do to be ready for retirement, and every state has room for improvement in helping them prepare.

The institute's executive director tells USA Today some states are considering policies that would encourage workers to save more for retirement. The newspaper also spoke with a financial planner who says those future retirees also need to do all they can by eliminating debt and taking extraneous spending out of their budgets.

Taking part in retirement plans is another important step. Pensions & Investments notes the institute's analysis found the average participation rate in workplace retirement plans was 46 percent in 2012 and in no state was participation better than 54 percent.

Cox Newspapers looked last month at Baby Boomers' poor preparedness for retirement and cited a National Institute on Retirement Security figure that only 57 percent of the U.S. workforce has access to an employer-sponsored retirement plan.

Pensions & Investments says the top four states on the scorecard all offer comparatively strong labor markets and low retiree costs. Overall, the report found that for older workers the unemployment rate is going up and wages are going down.

The institute says the scorecard is designed for policymakers to help states identify policies that would improve Americans' retirement prospects.

Read a summary here or find the full report here.

Next Up

127266986_2766399800267634_3587849554502438415_n

West-central MN cops warn kids to stay off ice, or 'Santa won't come'

This comes amid repeated ice warnings across the state.

covid-19, coronavirus, PPE

Nov. 29 COVID-19 update: 57 deaths, nearly 9,000 more cases

Nearly 100,000 tests were included in Sunday's report.

jim ramstad

Watch former Rep. Jim Ramstad's memorial service online

The ceremony will be live-streamed for the public on Sunday.

EDL1LeKXsAEeH32

How high can Rashod Bateman go in the 2021 NFL Draft?

The Gophers star receiver has plenty of praise heading into next April.

TCF Bank Stadium

15 more from Gopher football team test positive for COVID-19

That brings the total number of cases from this outbreak to 40.

Teddy Bridgewater

5 questions for Vikings-Panthers Week 12 NFC battle

The Vikings welcome Teddy Bridgewater back to U.S. Bank Stadium on Sunday.

police lights

Shelter-in-place in Albert Lea after police officer shot in the chest

The officer was able to drive to an emergency room.

En-KfRaXEAEbuE7

St. Paul officer shoots man who got out of dumpster, ran towards police

A report says the man was naked and had a steak knife.

Screen Shot 2020-11-28 at 6.58.11 PM

Gophers dominate second half to defeat Loyola-Marymount

Marcus Carr scored 26 to send the Gophers to 2-0.

Ambulance hospital emergency

Kandiyohi Co. man airlifted after hand caught in corn picker

Corn pickers are a common cause of farm accidents.

White tail deer

DNR: Passenger shot at deer out of driver's side window

The DNR said 'all sense of safety was disregarded.'

Related