One-Third of All New Yorkers Can’t Afford To Retire, Says Liu
NEW YORK — A study released last week shows a growing number of New Yorkers don’t have enough money to retire. More than one-third of older residents are expected to either subsist on Social Security, or not be able to retire at all.
The study, titled “Are New Yorkers Ready for Retirement?” is part of a research initiative by New York City Comptroller John C. Liu and the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School.
Using recent New York City and New York state metropolitan-area data, the report examines whether New York City residents are financially prepared for their senior years. The answer, increasingly, is no.