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.
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.
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