Why Boomers & Their Billions Are Fleeing NYC & What Can Be Done About it

AARP & City & State Boomtown Forum to Take In-depth Look at Issue with NYC Comp. Stringer, Leaders from NYC Labor and Financial Sectors

***MEDIA ADVISORY***

News provided by

AARP New York

Aug 06, 2014, 06:50 ET

NEW YORK, Aug. 6, 2014 /PRNewswire-USNewswire/ -- The group responsible for electing Bill de Blasio Mayor, Baby Boomers, say they are planning a mass exodus from New York City in their retirement, taking tens of billions of dollars a year with them. 53% of NYC's 1.5 million Baby Boomers report they'll spend their golden years away from the Big Apple taking more than $53 billion a year with them, according to AARP. This Thursday, AARP and City & State will host Boomtown, a forum with local leaders, including NYC Comptroller Scott Stringer, to provide an in-depth analysis of the problem and what needs to be done about it.

Who: Scott Stringer, New York City Comptroller
Rebecca Gillan, Senior Vice President, AARP's Research Center
Beth Finkel, State Director, AARP New York
Mitra Behroozi, Executive Director, 1199SEIU
Jason Bram, Research Officer, New York Federal Reserve Bank
Lesley Hirsch, Director, NYC Labor Market Information Service, CUNY
Tom Wright, Executive Director, Regional Plan Association

When: Thursday, August 7^th
8:30 AM: Opening Remarks by New York City Comptroller, Scott Stringer
9:00 AM: Rebecca Gillian, AARP SVP Research Center gives overview of key findings from the New York City Survey and the implications for the boomer population.
9:15 AM: Panelists will discuss the importance of the 50+ community to New York City's economy and the negative effects NYC will face if boomers leave the city when they retire. Topics to be discussed include: retirement and financial security; employment and workforce shifts; and city livability for Boomers.

Where: Baruch College – Newman Conference Center
151 East 25^th Street, 7^th Floor

Why: 75% of Baby Boomers in NYC voted for Mayor de Blasio (accounting for 35% of all ballots cast) and, according to an AARP survey, 53% say they'll retire elsewhere, among working Boomers who are confident they'll be able to retire the number soars to 64%. From affordable housing and utility prices to safety concerns, the group cites a number of reasons driving them from NYC. With an average retiree income of $28,000 (x a $1.64 economic multiplier) the group could take an estimated $53 billion with them and out of NYC's economy. The Boomtown forum will take a look at the reasons behind the looming Boomer flight and what can be done to address it.

SOURCE AARP New York