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- 2. Gen Xers & Boomers in New York City Worry about Saving and Retirement Planning Personal Finance Worries 2015 Survey of New York City Voters Age 35 to 69 33% 46% 49% 57% 61% 66% 26% 53% 55% 57% 70% 78% Not being able to keep or find a job because of age Having or taking on too much debt Not being able to pay your bills Having an unexpected emergency that you won’t be able to pay for Not planning enough for retirement Not saving enough Gen X Boomer
- 3. 13% 22%20% 20% 45% 36% 22% 21% Gen X Boomer Not anxious at all Not very anxious Somewhat anxious Very anxious 67% Anxious 57% Anxious 2015 Survey of New York City Voters Age 35 to 69 Anxiety Runs High About Living Comfortably in Retirement
- 4. 15% 20% 17% 15% 16% 15% 26% 30% 29% Boomer Gen X Total Extremely likely Very likely Somewhat likely Likelihood of Leaving New York 66% 56% 61% Gen X Less Likely Than Boomers to See Themselves Retiring In New York 2015 Survey of New York City Voters Age 35 to 69
- 5. 43% 41% 42% 0% 20% 40% 60% 80% 100% Early Boomers (1946-1955) Late Boomers (1956-1964) Gen Xers (1965-1980) Source: EBRI Retirement Readiness RatingTM 2014 Source for NY: Schwartz Center for Economic Policy Analysis. 2014. In New York State, 32% of near-retirees in 2014 were at risk of retiring below poverty Why Retirement Insecurity Matters: Large Shares of Boomers & Gen Xers At Risk At Risk for Financially Insecure Retirement
- 6. Percentage of New York Private Sector Workers Whose Employers Do Not Offer A Retirement Plan Large Shares of New York Workers Have No Access to Workplace Retirement Savings 2015 Survey of New York City Voters Age 35 to 69 54% 3,621,611 New Yorkers
- 7. More than One Third of New York Gen Xers and Boomers Have No Retirement Savings 2015 Survey of New York City Voters Age 35 to 69 38% 42% 34% 38% Small Business Owner or Employee Boomer Gen X Total Net Percent With No Retirement Savings
- 8. 2015 Survey of New York City Voters Age 35 to 69 Voters Support a State Facilitated Retirement Savings Option for New York 53% 59% 52% 50% 51% 23% 18% 22% 28% 25% Small Business Owner or Employee Without Access to Workplace Retirement Plan Boomer Gen X Total Strongly support Somewhat support 76% 78% 74% 77% 76%
- 9. 25% 36% 36% 44% 50% 44% 43% 59% 24% 37% 42% 49% 41% 49% 52% 65% Decreased home value Caring for an elderly parent or relative New home purchase or move Having a lot of debt to pay off Facing a major health need Losing a job or taking a big pay cut Paying for children’s education No money left after paying bills Gen X Boomer Obstacles to Saving Underscore Need for Easily Accessible Plans 2015 Survey of New York City Voters Age 35 to 69 Barriers to Saving for Retirement
- 10. NYC Communities Rely on Family Caregivers to Provide Unpaid Care and Support 46% Provides the Majority of the Care 39% 52% Caregiver in the Past 5 Years Likely in the Next 5 Years New York’s Present and Future 50+ Caregivers 2014 Survey New York City Voters Age 50+
- 11. Caregiving Responsibilities are Straining Lives of 50+ New Yorkers 26% 33% Degree of Strain of Caregiving on Quality of Life Overwhelming A Good Deal Minor or no strain 2014 Survey New York City Voters Age 50+
- 12. 65% 54% 40% Harder to save for retirement Harder to pay other bills or make ends meets Harder to afford a home Student Loan Debts' Effects Student Loan Debts Pose an Additional Financial Burden on New York’s 50+ 2015 Survey of New York City Voters Age 35 to 69
- 13. Is the Lack of Affordable Housing a “Major Problem? Yes. Total NYC 50+ Bronx 50+ 54% 57% NYC’s Lack of Affordable Housing Ranks on Top of Major Community Concerns 2014 Survey New York City Voters Age 50+ Seniors (65+) Move into Their Current Home due to Financial Reason Only One Available 28% 28%
Hinweis der Redaktion
- Gen X started turning 50 this year! How prepared are Gen Xers in New York for their financial futures? AARP New York commissioned a telephone survey of Gen X and Boomer voters in New York City to ask about their financial and retirement security. We found that anxiety over a financially secure retirement does not end with Boomers in a post-recession recovery. Gen X faces even more uncertainty about ever being able to achieve a traditional retirement, a predicament that results in heightened anxiety and foretells a reality crisis when this generation begins to reach their mid-60s.
- As you can see, for both Gen X and Boomers, the top two financial worries are Not Saving Enough and Not Planning Enough for Retirement. Gen Xers are more likely than Boomers to worry about all items except job security for older workers. The largest anxiety gap observed between Gen X and Boomers are on: Saving (there is a 12% gap) and Retirement planning (there is a 9% gap). Hispanic and African American voters skew even higher on current affordability concerns – paying bills (six in ten) and being able to pay for emergencies (two thirds have that concern). Asian American and Pacific Islander voters exhibit more concern for older worker job security. [Survey Q. How often do you worry about …. when it comes to your personal financial situation? Showing % often and sometimes]
- As you can see, a majority of both Gen X and Boomers are anxious about having enough money to sustain a comfortable retirement. Gen Xers are even more likely than Boomers to be anxious. In addition to data shown here: one fourth of Gen Xers and Boomers currently in the labor force are not confident they will ever be able to retire and another one-third are only somewhat confident. [Survey Q. How anxious do you feel about having enough money to live comfortably through your retirement years?] [Survey Q: How confident are you that you will be able to retire at some point and no longer work for money?]
- New York’s cost of living, including the highest utility bills in the country, in addition to weak retirement confidence may lead to a “Gen-Xodus” for New York in the future. Nearly two thirds of Gen X (64%) and six in ten Boomers (59%) are concerned about being able to afford their rent or mortgage in the future. Retiree flight to more affordable locales is common today and increasingly may become a foregone conclusion for future generations of retirees. Two-thirds of Gen X say that they are likely to leave New York in their retirement years compared to 56% of Boomers. Stated intent to leave New York is particularly high among African American and Hispanic Gen X – seven in ten are likely to leave. Survey Q: How likely are you to leave New York State and live somewhere else once you retire/in the future? Base: New York State Voters Age 35 to 69]
- According to the Schwartz Center for Economic Policy Analysis, 32 percent of New York State’s present day near retirees are at risk of retiring with incomes below the poverty level. This high level is unacceptable. (Background: NY’s strong public pension system is likely contributing to better outcomes relative to other states, but for private workers across the state of NY, 52% have no access to a retirement savings plan through their employer.) What’s contributing to this? Many do not have access to retirement savings plans at work AND More Americans are taking on debt and Gen X in particular is saddled with student loan debt which is in effect a savings barrier.
- In New York State, 54% of all private workers, or 3.6 million people, are not offered a workplace retirement plan through their employer. In our survey of Gen X and Boomer voters, which included workers in both public and private sectors, we found that nearly a quarter of NYC workers do not have access to a workplace retirement savings plan. Among small businesses in the City, the share of workers without access to a workplace retirement plan is on par with the data we know about the private sector: 52% of owners and employees are without a way to save for retirement at work. [Survey Q. Which of the following ways to save for retirement does your current employer provide?] Base: Currently Employed New York State Voters Age 35 to 69)
- After taking into account retirement plan participation rates [background: about 80% in our survey] and personal savings in retirement accounts outside of work (such as IRAs) – more than one-third of Gen Xers and Boomers have no retirement account savings at all. Lack of savings is highest among Hispanics in New York City. According to survey responses, 46% of Hispanic Gen X and 58% of Hispanic Boomers have no retirement savings. From other AARP Research we know that workers are 15 times more likely to save if their employer offers a plan. [Net No Retirement Savings (All Voters) in Workplace Retirement Plan Or Personal Retirement Account (e.g. IRA) Base: New York City Voters Age 35 to 69]
- Across the board, there is strong support for Work and Save – a state facilitated savings option. Support is particularly high among those without current access to plans at work. There are several different prototypes under consideration in more than two dozen states, for which AARP uses the umbrella term “Work and Save”. Some models, including one recently passed in Washington State, function as marketplaces, putting small businesses in touch with private sector providers that are vetted by the state to improve transparency and lower costs. The Illinois Secure Choice Program, which you’ll hear more about today, gives 2.5 million state residents a way to save for their future at work. It requires businesses with 25 or more employees that have been in business for two years or more to offer their employees a way to save for retirement at work. To help them meet this requirement, Illinois is creating an auto IRA program known as Secure Choice. All of these models have two things in common. First, they increase access to payroll deduction at work. Second, their design is flexible to state specific needs. There are potential savings to taxpayers and the state if we act now. Every dollar that States spend on safety net services for older adultswho cannot afford basic living and medical expenses is a dollar that will not be spent on other essential services like education and public safety. By helping people plan for self-sufficiency in retirement, states will ultimately save money. A recent study in Utah found that a 10% increase in the net worth of the one-third least prepared for retirement would save taxpayers $194 million through 2030. Work and Save plans are win-wins for business owners, workers, and taxpayers alike. They are designed to be plug-and-play, ready-made options that reduce administrative burdens for business owners. Accounts are voluntary and portable. It is up to employees to decide if they want to participate and at what rate. And when workers switch jobs they can take their Work and Save accounts with them. Survey Q: How Strongly do you support or oppose the proposal for a state retirement savings plan? Base: New York State Voters in the Labor Force Age 35 to 69
- We know that these generations are worried about saving and retirement planning so the awareness of its importance is there. But, Gen X and Boomers cite day-to-day and short term expenses among their obstacles to saving. This underscores the importance of needing an automatic and easy way to save for retirement through more easily accessible plans. For Gen X in particular, education and debt are more likely to be barriers to saving for the future. Now is the time for them to be saving, during peak and increasing earning years. Facing a major health need is more likely to be an obstacle for Boomers. For Hispanics, the numbers are significant- 56% Gen X and 64% Boomers say that facing a major health need is an obstacle. All multicultural communities in large percentages mentioned family caregiving as an obstacle to saving.
- In a 2014 survey of NYC Voters 50+ … Among all NYC 50+ Voters, 39% have been caregivers in the past 5 years or currently are providing care to a friend or family member. Over the next 5 years, NYC do not see a decrease, but in an increase in their caregiving responsibilities. 52% believe they are likely to provide care within the next 5 years. Another 12% (not shown here) are not sure. Nearly half of all 50+ caregivers are the primary caregiver, taking on a host of responsibilities and shouldering the majority of the strain.
- In a 2014 survey of NYC Voters 50+ … Nearly 6 out of 10 (59%) of 50+ caregivers say providing care puts an overwhelming or a good deal of strain on their quality of life.
- About one-fourth (24%) of Gen X and Boomer voters currently have student loan debt. When asked how paying off student loan debt would affect them, about two-thirds of current loan holders say that it would make it harder to save for retirement. Over half say that student loans will make it harder to pay other bills or make ends meet. 4 out of 10 Gen X and Boomers say that student loan debt will make it harder for them to afford a home.
- Over half of New Yorkers 50+ say that the lack of housing is a major concern, bypassing concerns such as heavy traffic and crime. 50+ New Yorkers in the Bronx agree. 57% say that housing is a major concern. In a 2014 survey, AARP found that nearly 3 out of 10 NYC residents aged 65+ moved into their current home in the past year because of financial reasons, not necessarily by choice.. The same number of seniors 65+ moved to their current home because it was the only one available.