The survey found just 28% of Houston residents felt optimistic about retirement. That’s down from 40% last year. It’s also well below the average for the nation’s largest metro areas this year — also 40%.
Scott Tiras is president of Houston-based Tiras, Pennington and Associates and an Ameriprise financial advisor.
“We have seen some of the larger corporations in Houston announcing some layoffs, and so some individuals think, ‘Well, maybe I’m next.’ And with the unemployment rate ticking up a little bit, again, it has us on edge.”
On the positive side, Tiras says, Houston residents are well ahead of the national average in terms of making financial preparations for retirement, particularly when it comes to setting aside money for savings and investments.
The survey ranked the retirement readiness of the thirty largest U.S. metro areas. Houston slipped a notch this year to 16th place. It’s the city’s third year near the middle of the index.