According to the findings of a new American Association for Retired Persons (AARP) report, 27 percent of individuals who are 50 years-of-age or older and currently working in New York State are not confident they will ever be able to retire. More than half of those surveyed say their retirement will be delayed for financial reasons, and 26 percent said they do not have any access to a retirement savings plan through their employer. What’s most alarming is that out of those confident they will retire, 60 percent said they’d be likely to leave New York after retiring.
“Retirement security is eroding day by day,” said New York State Comptroller Thomas P. DiNapoli, one of the panelists at last month’s Boomer Flight Conference sponsored by AARP and City and State in Albany. “Failure to act now will only make the problem worse for the baby boomers and the generations to follow.”
Watch more of the Comptroller’s remarks from the Boomer Flight Conference.
Boomers Help Stimulate the New York Economy
AARP reported that baby boomers retired from New York’s workforce would deliver $179 billion a year to the state’s economy. According to research done by AARP and Oxford Economics, the total economic impact of New York’s 50 and older is nearly $600 billion, supporting 53 percent of the state’s jobs and 44 percent of the state taxes. But AARP also revealed that if 60% of working boomers headed out of state, they would carry with them over $105 billion annually.
New York may still have a chance at retaining the boomer population, if improvements are made. Out of those surveyed by AARP, the following said they’d be more likely to stay in New York as they age if the following areas were improved:
- Health (77 percent)
- Housing (70 percent)
- Transportation (66 percent)
- Jobs for older residents (61 percent)
“Without a long-term strategy on retirement security,” DiNapoli continued, “we risk condemning an increasing percentage of hardworking New Yorkers and Americans to poverty in their senior years.”