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New York's Retirees: Falling into Poverty

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Abstract

The financial security of the next generation of New York retirees is at risk. If current trends persist, 37% or close to 750,000 workers approaching retirement who live in metropolitan areas of New York State, are projected to be poor or near poor in retirement. This report looks at workers who are currently ages 25-64 and are living in metropolitan areas of New York State (46% of whom live in New York City), and projects the income stream that will be available to them when they reach age 65. Results show that if current trends persist, many middle and low income workers will experience downward mobility or a steep drop in their living standards when they retire, and several will face severe economic hardship.

Suggested Citation

  • Teresa Ghilarducci & Joelle Saad-Lessler & Lauren Schmitz, 2012. "New York's Retirees: Falling into Poverty," SCEPA publication series. 2012-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2012-02
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    File URL: https://www.economicpolicyresearch.org/images/docs/research/retirement_security/Downward%20Mobility%20Amongst%20New%20Yorkers%20FINAL.pdf
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    More about this item

    Keywords

    Retirement; Social Security; New York City;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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