Those other 49 states have it easy. New York has the highest property taxes and the highest marginal tax rate in the nation. Budget cuts are slashing the amount of teachers and Medicaid programs. If that’s not enough, due to expenses, the older population is watching their retirement dreams evaporate right before their eyes.
A survey by the AARP discovered that New Yorkers 50 and over either plan to work longer or never retire, as New Yorkers in this age bracket find it harder to secure themselves financially.
In addition to high unemployment rates and mounting credit card debt, 40 percent of New Yorkers age 50 and over are struggling to pay their monthly bills on time. Seventy percent are worried about how to maintain the lifestyle that they have grown accustomed to during retirement.
“Almost 50 percent of households headed by someone between 55 and 64 carry credit card debt,” said Roman Shteyn CEO of Credit-Land.com. ”It’s impossible to plan for retirement, or even imagine not working when debt is looming over the consumers head.”
Fifty eight percent of working New Yorkers conclude that if the economy doesn’t improve, they will delay retirement. Out of those who plan to delay retirement, 43 percent explained that they would delay retirement for five or more years, and 16 percent expected to never to retire.
“I’ve been working for 33 years, and I still don’t think I’m going to be able to retire at the age I would like. I am not confident in the government or how long my money will stretch once I retire,” said Belinda Johnson, 52, a clerk at the Hunt’s Point Post Office.
A major concern of New Yorkers aged 50 and up, is their declining confidence that they would be able to provide for their children. Sixty-four percent were concerned about saving for the future, and 51 percent were concerned about managing debt.
“In the wake of the national recession, older adults don’t have what they need to accomplish their most important goals due to growing concerns over health care and financial issues,” said Lois Wagh Aronstein, AARP New York State Director in a press release. “While mid-life and older adults would prefer enjoying a secure retirement, the reality shows those dreams are being replaced by real concerns about having enough money to retire and stay healthy.”