Retirement Readiness

AARP to Promote Mayor's Retirement Savings Plan for Private Sector Workers

Gen-X, Boomers woefully under-prepared

NEW YORK, Mar. 8, 2016 /PRNewswire-USNewswire/ — AARP has released a statement from its New York State Director Beth Finkel:

“Helping Americans achieve and enjoy financial independence is central to AARP’s mission, and we applaud Mayor de Blasio for proposing that New York become the first city in the nation to ensure that private sector employees have the option to save for retirement through payroll deduction.”

“As fewer people have pensions or 401(k)s, AARP is urging our elected officials to fill the gap by passing laws to establish plans that are voluntary and carry no ongoing costs to taxpayers – but enormous potential benefit to all. Mayor de Blasio, Council Speaker Mark-Viverito, Comptroller Stringer and Public Advocate James are showing true leadership on this issue.

“People are 15 times more likely to save if they can do so through payroll deduction. AARP intends to work with our city leaders to make that option available, and to ensure that New Yorkers are informed about the choice they will have to take control of their own financial futures and put themselves in position to enjoy this great city for the rest of their lives.

“In New York City, nearly 60 percent of private sector workers between the ages of 25 and 64 lack workplace retirement savings options – up from just over half a decade ago, according to the New School.

Worsening Problem

“This problem is getting worse, and must be addressed. “The overwhelming majority of the city’s Generation X and Baby Boomer voters are stressed and worried about affording retirement, according to “High Anxiety” surveys AARP commissioned last year.

“In fact, 34 percent of city Gen Xers and 42 percent of Boomers have no retirement savings at all, the surveys found. Two thirds of Gen Xers and nearly six in 10 Boomers worry about being able to live comfortably in retirement.

“About three quarters support the kind of plan the Mayor is developing – including 76% of small business owners and employees. And 73% of small business owners and employees said they would take advantage of a plan to save for retirement if one were available to them through work.

34 percent of city Gen Xers and 42 percent of Boomers have no retirement savings at al

“Just last week, AARP joined with Young Invincibles and dozens of Millennials to address this very issue at a Happy Hour in Greenwich Village. Young Invincibles conducted its own national survey of Millennial voters and found 85 percent support this approach.

“Social Security provides a critical safety net, but it’s not enough. The average Social Security benefit in New York state is about $16,000 – in other words, below the federal poverty line.

“Everyone should have an effective way to save for their own futures, and AARP is committed to ensuring they do.”




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