Study: Number Of New Yorkers With Access To Retirement Plans Is Declining
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New Yorkers may not be as prepared for retirement as the rest of the country, according to a new study by the city comptroller.
The new study, which was conducted by the comptroller's office and the New School, says the number of New Yorkers with access to retirement plans through their employers dropped from 48 percent in 2000 to 40 percent in 2009.
Nationwide, more than half of Americans had access to an employer-based retirement plan.
“It needs to be said there is a growing retirement crisis across America, but even more so in the city of New York. You’ve seen the disparities. 53 percent of Americans have access to a retirement plan through their employer. That’s down from much higher a decade ago, but in the city of New York, it’s only 40 percent,” said City Comptroller John Liu.
The study also found that members of more than a third of city households will either have to live exclusively off of Social Security or not retire at all.