A new poll has stated that Baby Boomers and Gen Xers in New York are not saving enough towards retirement benefits because they are just getting by. Many of them are worried that social security benefits won’t be enough in retirement and still, they haven’t done anything about it. The cost of food, utility bills, and housing costs are a problem for many of the people as it takes out a major chunk of their salaries.
The Poll on Living Expenses and Retirement Benefits
The poll which states that around 70 percent of Gen Xers and baby boomers admitted that saving towards retirement benefits is a significant problem was conducted by AARP in New York. The Siena College survey for AARP was done on more than 800 New Yorkers between the ages of 35 to 70. The aim of the poll was to help AARP in pressing for federal and state solutions that would solve the problem of the lack of retirement options for all the aging New Yorkers. It concluded that New Yorkers have serious concerns regarding their retirement expenses and income but they are hardly doing anything about it.
The Director of Siena College Polling Institute Don Levy stated that about half of the Gen Xers and Baby Boomers are just getting by and it the best they can do. He added that most Xers and about a third of baby boomers were concerned regarding the social security benefits but only a few of them were doing anything about it.
The Vital Results
The survey also found that 59 percent of Gen Xers have admitted that constantly increasing food costs are negatively impacting the finance of the middle-class people. It also highlighted that the numbers of middle-class Gen Xers who were facing difficulties in managing their finances are three times the number of baby boomers facing the same problems and with similar income.
About 39 percent of baby boomers accepted that cost of food is a problem for them. About 58 percent of baby boomers and 68 percent of Gen Xers also said that utility bills were a problem for them. Housing costs were a big problem for 70 percent of baby boomers and 81 percent of Gen Xers. It’s no secret that New York is among the highest costs of living in the nation so the challenge of saving towards retirement benefits is also more complicated.