It would be nice to be able to retire in a condo or sweet penthouse apartment in New York City, but unless you are the super super rich, sorry, that’s probably not going to happen. In a rental economy, half of us are dumping more than a third of our income into our rent as it is, making it damn near impossible to save money. Even saving for medical expenses is a challenge. Retirement? Forget about it!
So it’s not surprising that a new survey by the AARP found that two-thirds of Gen Xers (those born between 1965 and 1984) and a little over half of baby boomers currently living in NYC don’t plan to stay here. The survey, which asked 800 New Yorkers about their retirement plans, also found that 70 percent of the younger generation and 61 percent of the older generation were worried about not having enough future savings.
NYC ain’t for old people. But if you are hell-bent on finding a way to live in New York City into your later years, time to devise a get-rich-quick scheme or cozy up to someone who owns a rent-controlled apartment.
(Photo: Josh Liba)