Middle Class Retirement in NY
New York’s middle class is struggling to afford basic necessities as retirement is becoming an illusion for them, with Generation Xers even worse off than Baby Boomers.
That’s according to a new statewide Siena College telephone survey of 806 New Yorkers age 35 to 70, which found the cost of food is having a serious impact on the financial condition of 59% of middle class Gen Xers and 39% of middle class Boomers, as are utility (68% Gen X, 58% Boomer) and housing costs (81% Gen X, 70% Boomer).
Countdown: New York’s Vanishing Middle Class also reveals a “trust gap,” with Gen Xers far less confident than Boomers that they’ll have the means or receive promised benefits to live comfortably in retirement. In fact, 48% of middle-class Gen Xers say they don’t plan to live in New York at all in retirement. And research suggests Millennials face an even more uncertain financial future.