When it comes to retirement readiness, most of us dont feel adequately prepared.

The number of Americans who report making financial preparations for retirement dropped to 70% in 2012, the lowest level in three years, according to Ameriprise Financial's 2012 City Pulse Index. While 63% of respondents report having set money aside for retirement, only 37% feel on track for retirement.

The study, which examined consumer retirement planning in the 30 largest U.S. metropolitan areas, highlights why would-be retirees are staying in the labor market longer to help shore up their nest eggs.

People are going to need to make more provisions to take care of themselves, not less. The whole issue is having adequate cash inflows during retirement to live the lifestyle that an individual wants, says Mark Lee, a certified public accountant with Business Legacy Consulting in Massachusetts.

The survey found that the country's most prepared and retirement-confident residents reside in Hartford-New Haven, Conn.; San Diego; and Minneapolis-St. Paul. The least prepared cities are Indianapolis, Charlotte and Washington, D.C.

The findings come at a time when rising costs of health care, Social Security, taxes and Medicare are pinnacle issues on the presidential campaign trail. In fact, all these topics were discussed at length in the first presidential debate.

More than half of survey responders indicated that President Barack Obama and Gov. Mitt Romney's positions on these topics were very likely to influence their vote. More than one- quarter said Social Security and health care changes would jeopardize their retirement plans.

With only 20% of the workforce feeling financially secure enough to retire before 65, according to the survey, the labor market and economy will continue to struggle as boomers continue to save more, spend less and remain in the workforce.

To ensure being financially prepared to retire, experts advise constantly evaluating spending and saving habits, establish and invest in an a savings vehicle and keeping up to date on new investing tools and regulations. Here are six of their best tips:

Write a detailed retirement Plan. Calculate how much money youll need to cover your essentials over the course of a 30-year retirement and then add discretionary expenses inflation and health care into your projections, says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial.

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How to Spend and Save Confidently for Retirement