Feb 06, 2012
--- A growing number of New York City residents don’t
have enough money to retire, according to a new study. ---
A
report called “Are New Yorkers Ready For Retirement?”—part of a research
initiative by city Comptroller John Liu and the Schwartz Center for Economic
Policy at The New School—says that between 2000 and 2009, the percentage of
employees in the city who had access to employer-sponsored retirement plans
declined from 48% to 40%— below the U.S. average of 53. According to a news
release from Liu’s office, in 2009, only 35% of New York City workers were part
of a retirement plan offered by employers.
More
than one-third of city households in which the head is near retirement age
(55-64) have less than $10,000 in savings and will have to subsist almost
entirely on Social Security or will not be able to retire.
The
report found that employers have become less willing or able to sponsor
pensions—a trend that is true across most industries and occupations, and
affects New Yorkers of nearly all ages and income groups. The brewing
retirement crisis cuts across racial, ethnic and gender lines.
“The
deck is becoming increasing stacked against New Yorkers in their efforts to
retire,” said Teresa Ghilarducci, director of the Schwartz Center. “More and
more residents now face a choice between retirement into poverty or continuing
to work in old age. Without significant policy reforms, the economic reforms
tea leaves foretell a decrease in the standard of living for retired New Yorkers.”
More information about the survey is
available at http://www.comptroller.nyc.gov/rsnyc/.
Rebecca Moore