skip to main content
skip to newscasts

Thursday, September 19, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Post-presidential debate poll shows a shift in WI; Teamsters won't endorse in presidential race after releasing internal polling showing most members support Trump; IL energy jobs growth is strong but lacks female workers; Pregnant, Black Coloradans twice as likely to die than the overall population.

view newscast page
play newscast audioPlay

The Teamsters choose not to endorse a presidential candidate, county officials in Texas fight back against state moves to limit voter registration efforts, and the FBI investigate suspicious packages sent to elections offices in at least 17 states.

view newscast page
play newscast audioPlay

A USDA report shows a widening gap in rural versus urban health, a North Carolina county remains divided over a LGBTQ library display, and Minnesota Gov. Tim Walz' policies are spotlighted after his elevation to the Democratic presidential ticket.

As 'Gen X' Turns 50, Retirement Fears Set In

play audio
Play

Wednesday, September 2, 2015   

NEW YORK - The first wave of "Generation X" New Yorkers turns 50 this year, and many are panicking about saving enough money for retirement, according to a statewide survey.

Commissioned by AARP, the survey found that Gen Xers are even more worried about retirement savings than are Baby Boomers.

Beth Finkel, state director of AARP New York, said that between the stagnant economy, student debt and the decline of job-based pensions, many people between ages 35 and 50 feel as though they are caught in a real bind.

"They're probably the first generation that is really experiencing this as they go through the workplace," she said. "Earlier generations started to see the writing on the wall - but for them, it's their reality."

Two thirds of the Gen Xers surveyed said the cost of living in New York is so high that they are likely to leave the state once they retire, if they can retire at all.

James Born, 37, an electrician living in Brooklyn with his wife, a small-business owner, said that for his generation, the economy is so tight that it's difficult to imagine saving for retirement, let alone for his daughter's education.

"It feels like it doesn't allow people room for error, or even accident," he said. "It takes very little to become financially submerged - and that's terrifying."

The AARP survey found that 34 percent of Gen Xers and 42 percent of Baby Boomers have no retirement savings account. More than half of people employed by private companies in New York state have no payroll-based pension or 401(k) plan, AARP said, making them 15 times less likely to save for retirement.

In the coming year, Finkel said, New York needs to adopt a payroll-deduction savings plan similar to the state's college savings program, so more workers can secure their futures.

"They could be starting to put money away to secure their own secure retirement," she said. "That would be an amazing gift that the governor and this administration could give us."

In the coming weeks, she said, AARP will release results of localized surveys about retirement savings in six cities around the state.

The AARP survey is online at aarp.org.


get more stories like this via email

more stories
Recipients of the Greenhouse Gas Reduction Grant can now access funding to drive financing for thousands of climate-focused and clean energy initiatives. (bilanol/Adobe Stock)

Environment

play sound

Michigan's most vulnerable communities are receiving federal funding to fight the devastating effects of climate change. It's part of the $27 billion …


Health and Wellness

play sound

September is Health Literacy Month, and a Denver-based group is working to help health professionals break a persistent pattern of discrimination …

Environment

play sound

A new report contends fossil fuel funding has biased Columbia University's climate research. The report, by two Columbia students, shows the …


Alabama releases roughly 220,279 men and 78,247 women from its prisons and jails each year. (Chad Robertson/Adobe Stock)

Social Issues

play sound

An Alabama woman is on a mission to help people who've been incarcerated for decades successfully transition back into society. The mission to …

Health and Wellness

play sound

In North Carolina, the gap between Medicaid reimbursement rates and the actual cost of dental care has reached a crisis point, impacting both …

So far in 2024, community health centers in North Dakota have screened 11,580 patients for food insecurity. Through those screenings, more than three thousand box meals have been distributed. (Adobe Stock)

Social Issues

play sound

September is Hunger Action Month. In North Dakota, it isn't just food banks trying to help underserved populations get nutritious items. Health …

Environment

play sound

Marine biologists conducting deep dives near five California islands are collecting data they hope will strengthen the case for ending gillnet fishing…

Environment

play sound

Researchers at Iowa State University are taking aim at the huge amount of energy used by data centers, now and in the future. They have developed a …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021