The Capital Region’s Gen-Xers and Baby Boomers
\nface major retirement savings hurdles that
\ncould deprive them of financial independence in
\ntheir golden years, while increasing the need for
\ntaxpayer-funded public assistance, an AARP survey
\nof voters in the two generations has found.<\/p>\n
AARP commissioned the survey of voters
\nages 35-69 in Albany, Schenectady, Saratoga and
\nRensselaer counties.<\/p>\n
“High Anxiety: New York Capital Region Gen-X
\nand Boomers Struggle with Stress, Savings and Security”
\nfound majorities of voters are worried about
\nnot saving or planning enough for retirement, and
\nwith good reason, since around a quarter of them
\nhave neither a work-sponsored nor personal retirement
\nsavings account, AARP reported recently.<\/p>\n
This high anxiety portends a potential exodus
\nfrom Capital Region. According to the report, 72
\npercent of the area respondents said they are “at
\nleast somewhat likely to leave the state in retirement,”
\nas do 61 percent of Boomers.<\/p>\n
The survey, which parallels an AARP statewide
\nsurvey, was released in October during a roundtable
\ndiscussion at the Glen Sanders Mansion in
\nScotia that included Adam D. McNeill, principal,
\nTrue Living Financial, and Chuck Bell, programs
\ndirector, Consumers Union.<\/p>\n
It found:<\/p>\n
\u2022 71 percent of Gen-Xers and 55 percent of
\nBoomers worry about not saving enough.<\/p>\n
\u2022 58 percent of Gen-Xers and 50 percent of
\nBoomers worry about not planning enough for
\nretirement.<\/p>\n
\u2022 20 percent of Gen-Xers and 27 percent of
\nBoomers lack any kind of retirement savings account.<\/p>\n
\u2022 18 percent of working Gen-Xers and 20 percent
\nof working Boomers are not confident they’ll ever
\nbe able to retire.<\/p>\n
\u2022 53 percent of Gen-Xers and 52 percent of
\nBoomers feel anxious about achieving a comfortable
\nretirement.<\/p>\n
The AARP said that among working survey
\nrespondents, 12 percent of Gen-Xers, 22 percent
\nof Boomers and 41 percent of small business
\nowners and employees lack access to any kind of
\nemployer-sponsored savings plan, either a pension
\nor a 401(k) type account.<\/p>\n
This lack of coverage is much worse for younger
\ngenerations and private sector employees; statewide,
\n52 percent of private sector workers aged 18
\nto 64–over 3.5 million New Yorkers–lack access
\nto any kind of retirement savings plan through their
\nemployer, according to AARP research.<\/p>\n
The organization said workplace savings plans
\nare critical since Americans are generally 15 times
\nmore likely to save for retirement when they have
\nan option available for them to do so at work.<\/p>\n
AARP NY is proposing a state-facilitated,
\npayroll-deduction retirement savings option with
\nno ongoing taxpayer costs that could help millions
\nof New Yorkers help themselves achieve financial
\nindependence in retirement and avoid the need for
\ntaxpayer-funded public assistance.<\/p>\n
According to AARP, the plan has the backing
\nof 68 percent of Gen-X and 65 percent of Baby
\nBoomer voters in the Capital Region. At a summer
\nWhite House Conference on Aging, President
\nObama directed the U.S. Labor Department to
\ndevelop guidelines by the end of the year for states
\nto design and enact their own workplace retirement
\nsavings plans.<\/p>\n
Gen-Xers “are juggling multiple responsibilities–
\ncaring for aging parents, trying to pay
\nfor their own or their children’s college educations,
\nand working long hours,” said Beth Finkel,
\ndirector of AARP in New York state. “Lost is the
\ntime to manage their finances. A state-facilitated
\nretirement plan would ease worries and promote
\nsavings among those whose employers offer no
\n401(k) or pension.”<\/p>\n
Despite their specific worries, 73 percent of
\nworking Gen-X voters confident they’ll be able to
\nretire expect to do so by age 65, reflecting a reality
\ngap paralleling national trends and underscoring
\nthe need for solutions, AARP said. But a lack of
\nsolutions could have dire consequences. Some 80
\npercent of survey respondents worry insufficient
\nsavings will make some New Yorkers reliant on
\npublic assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Capital Region’s Gen-Xers and Baby Boomers face major retirement savings hurdles that could deprive them of financial independence in their golden years, while increasing the need for taxpayer-funded public assistance, an AARP survey of voters in the two generations…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,22],"tags":[57,70],"class_list":["post-18206","post","type-post","status-publish","format-standard","hentry","category-business-news","category-financial-planning-investments","tag-business-news","tag-financial"],"yoast_head":"\r\n