AARP: NYC Baby Boomers Stuck Struggling to Save for Retirement

Assoc. Commends NYC Public Advocate & City Council for Taking a Hard Look at Worsening Problem

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Feb 26, 2015, 01:32 ET

NEW YORK, Feb. 26, 2015 /PRNewswire-USNewswire/ -- For many New Yorkers, retirement may seem like little more than a pipe dream, with half of Baby Boomers in the city lacking access to a way to save for retirement at work.

AARP New York is calling this group the "working worried" and cites that lack of access to any kind of employer-sponsored retirement savings plan as a key reason nearly half of all NYC Baby Boomers say they'll delay retirement for financial reasons. The Association says it's time for things to change in the Big Apple.

The proof is in the pudding, says AARP: workers are 15 times more likely to save for retirement if their employer offers some kind of savings plan.

Today, NYC Public Advocate Letitia James and City Council Members Daneek Miller, Rory Lancman and Ben Kellos introduced a bill that will take a hard look at just how NYC residents are faring as they try to save for their retirement and what the city can do to help them. AARP says it looks forward to broadening this critical conversation.

"New Yorkers are struggling right now - they aren't saving for their retirement, mainly because many employers don't offer them access to any way to save for the long run," said Beth Finkel, State Director for AARP in New York State. "AARP commends Public Advocate James and City Council Members Miller, Lancman and Kellos for putting this crucial issue on their radar and starting a long overdue conversation about how to tackle this issue that's plaguing so many in the workforce."

AARP research shows 37% of NYC Boomers aren't confident they'll ever be able to retire. The Association says getting the group access to a retirement savings vehicle at the city level along the lines of New York State's 529 college savings plan would give them a crucial tool, and plans to work with NYC lawmakers this year to establish just such a tool

"It's time to provide New Yorkers with real solutions to their looming retirement woes," added Finkel. "People who've worked all their lives shouldn't lack a savings option to help them get to and enjoy their retirement years. We know that if Baby Boomers are struggling to save for retirement, most other age groups will be or are already in the same boat. We're looking forward to working to change this in New York City."

One-third of those approaching retirement in the city have less than $10,000 in retirement savings, according to the NYC Comptroller's office.

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. AARP Foundation is an affiliated charity of AARP that is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.

SOURCE AARP New York