"New York exemplifies how high living costs can undermine even solid savings. When your daily expenses are 23-percent above the national average, the same retirement nest egg simply doesn't stretch as far."
"The result is a revealing snapshot of where retirement nerves are most frayed-and surprise, surprise, the Empire State came out on top. More than any other state, New Yorkers are fretting over their golden years."
A recent study reveals that New Yorkers experience the highest retirement anxiety in the United States, scoring 81.08. Factors contributing to this anxiety include high living costs, inconsistent savings, and a pervasive culture of financial stress. Despite having average retirement savings of $382,000—23% more than the national average—many are still unsettled. The study highlights that 16.9% of residents aged 55+ have no retirement savings, and a concerning 14.3% live in poverty. The findings provide insight into the crucial impact that geographic location has on retirement confidence.
Read at Time Out New York
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