Tuesday, September 9, 2014

60 Percent Of NY Baby Boomers Will Likely Move Out Of State Upon Retirement: High Taxes And Utility Costs A Factor

From The Washington Post, "New York’s Baby Boomers might give up on their state for retirement, study finds" by Niraj Chokshi:
Among working, voting New York Baby Boomers, 73 percent said they’re more confident than not that they will be able to retire, according to an AARP study published Monday. Of that group, exactly 3 in 5 say it’s likely they will retire out of state.
The study estimates the impact of their departure at $105 billion annually—the sum of the estimated 1.6 million retirees likely to leave, an average retirement income of $28,000 and a retirement-dollar economic multiplier of $2.36.
About half of the 50+ population—52 percent—noted a high level of concern over property taxes and utilities costs, while slightly more than one in three were concerned about monthly rent or mortgage payments.

NYS County Population Percentage Over 50
Source: The Washington Post

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