NYC Black Baby Boomers & Gen X’ers Stressed About Finance According To New Report From AARP
New York City’s tough economic climate is sending it’s black residents out in droves.
More than two thirds of New York’s black Generation X’ers said they plan to leave the city once they retire because they won’t be able to afford the cost of living.
Nearly 70 percent of African-American New Yorkers part of Generation X – born between 1961 and 1979 – said they’re worried about saving enough for retirement, while 73 percent said they’re anxious about their current and future student loan debt and 32 percent reported they don’t have any retirement savings.
That’s according to a new AARP report, “High Anxiety: New York City,” which surveyed the city’s black voters aged 35 to 69 about their struggle to save for a secure retirement.
“We have a Generation X’odus on our hands,” Beth Finkel, AARP’s New York state director said Oct. 27 at Harlem’s Red Rooster at a luncheon to release the data.
Baby Boomers didn’t fare much better, with 66 percent reporting that they’re worried about not saving enough, while 61 percent said they were anxious about having a comfortable retirement.
“This is a potential retirement security crisis for the country and for New York state,” said Brittne Nelson, an AARP senior research advisor.
The AARP wants New York to create a state-managed savings plan to encourage all residents to put money away and offset the cost to small businesses.
Finkel said once those residents leave, that tax base goes too while shrinking the city’s middle class.
“That’s not what we want,” she said. “These are people building our communities. This is human capital.”