The AARP is traveling through New York State this week to share the findings of a survey it recently completed about preparedness for retirement. If finds that significant numbers of Erie County's 'baby boomer' and 'Generation X' populations are feeling unprepared - and expect to one day leave New York State.
AARP's New York Division hosted a breakfast meeting in Lancaster on Monday to share its findings and offer some ideas to promote better preparation for retirement.
According to the organization's survey, 59 percent of baby boomers in Erie County responding to the study say they're worried about not saving enough money for retirement. The number jumps to 67 percent for members of Generation X.
"Gen Xers are kind of like the original latchkey kids. They were brought up to be very self-reliant," said Beth Finkel, Director of AARP's New York Division. "They hit 50 this year, and now they find themselves as they're hitting their fifties that they're part of that sandwich generation. They've got their kids. They've got their parents to take care of. And they also have to worry about, maybe still, having student debt, and maybe having student debt for their kids."
Worry about being able to afford living in New York State after retirement has a significant number of Generation Xers and baby boomers thinking about moving out of the Empire State, the survey suggests. The number of Gen Xers who said they are likely to leave New York is 57 percent, while 48 percent of baby boomers anticipate moving away one day.
The AARP, which will also visit Rochester, Syracuse, Albany and New York to present its findings, offers a proposal to ease concerns: a state-backed but professionally managed retirement plan.
According to the study's findings, 63 percent of Generation Xers would support a state-facilitated savings plan while 64 percent of baby boomers back the idea. The plan would, according to Finkel, be especially useful to workers who are employed by smaller companies who cannot afford to host their own 401k plans.
"Government needs to figure out the policy to do this," Finkel said. "Illinois has already passed a law that has a state-facilitated savings mechanism. Washington State already has it. New Jersey and Connecticut are looking at it. We need New York to move forward on this and keep New Yorkers right where they want to be."
