Thursday, December 15, 2005

Nest Egg Savings Index? Are you on the list!

A.G. Edwards Nest Egg Index Overview
What Is the Nest Egg Index?
The A.G. Edwards Nest Egg Index assesses and compares the relative strength of the nation's states and major metropolitan areas in building and nurturing their "nest eggs" of financial and retirement assets. Our goal is to show Americans the importance of saving and encourage them to take at least one simple step toward building a nest egg that will meet their future financial needs, such as retirement, college, homeownership and emergencies.

How Well Are You Saving?
Following are some compelling reasons why you should take time every year to check the state of your personal savings:
America's average personal savings rate plummeted to negative 0.7% in October 2005, which is down from 12.5% in 1981 and one of the lowest personal savings rates since the Great Depression.1
Our negative 0.7% savings rate is the lowest in the industrialized world.2
Only 53% of Americans have a retirement plan in place,3 and half of American households nearing retirement have $10,000 or less in an employment-based 401(k)-type plan or IRA.4
While the average personal savings rate is falling, costs are skyrocketing for things people typically need to save for, such as college tuition and medical expenses.

Highest-Scoring Communities in the 2005 A.G. Edwards Nest Egg Index
This year San Jose in California's Silicon Valley topped the A.G. Edwards Nest Egg Index with a score of 128.37, barely edging out Long Island's Nassau-Suffolk counties in New York, which had a 128.17 reading. (Results are indexed to a national average score of 100.)
Rounding out the top 10 highest-scoring communities are:
Middlesex-Somerset-Hunterdon, N.J. (125.67)
San Francisco (122.13)
Bergen-Passaic, N.J. (119.81)
Minneapolis-St. Paul (119.59)
Monmouth-Ocean, N.J. (118.62)
Barnstable-Yarmouth, Mass., in the Cape Cod area (117.33)
Ann Arbor, Mich. (116.76)
Rochester, Minn. (116.69)

Large cities lagged medium-sized communities for savings. New York, Miami, Los Angeles and San Antonio did not register in the top 200

Is your city area on this list?

The county next to me Barnstable-Yarmouth MA on the list.

No comments: