May 14, 2008
Retirement Worries
Most people in our area think a comfortable retirement is out of reach and plan to delay their retirement to maintain their standard of living: As residents in the New York metropolitan area face rising costs and tough economic times, many are not optimistic about their ability to maintain even their current economic standing when they retire. 59% believe their standard of living will decline at retirement. 27% are hopeful they will be able to maintain the lifestyle they now have, and only 8% believe their economic situation will improve after retirement. In addition, most residents believe they will need to delay their retirement to a later age than they expected in order to maintain their standard of living. Although this opinion is shared across all age groups, more people under 35 hold this view than those 35 and older.