AARP Lauds Stringer for Move to Help Struggling Workers Save for Retirement

AARP NY Commends NYC Comptroller for Tackling Worsening Problem

NEW YORK, New York – Statement by Beth Finkel, New York State Director for AARP:

“It’s disturbing that 59 percent of New York City residents ages 25 to 64 lack access to a retirement savings plan through their employer, and it’s shocking that 40 percent of city dwellers 55-64 have less than $10,000 in liquid assets for retirement, as research from The New School shows. This is a crisis that threatens millions of people’s independence - and taxpayers, who foot the bill whenever any of us is unable to support ourselves in retirement.

“AARP strongly commends City Comptroller Scott Stringer for launching the savings options for those without employer-sponsored retirement plans.

“The comptroller has enlisted an impressive and accomplished group to undertake this critical task.

“AARP’s research shows 45% of the city’s Baby Boomers aren’t confident they’ll ever be able to retire, and we are strongly encouraged that two citywide elected officials and three City Council members have now taken action. Last week, Public Advocate Letitia James and Council Members Daneek Miller, Rory Lancman and Ben Kallos introduced a bill to take a hard look at how city residents are faring as they try to save for retirement and what the city can do to help them.

“Workers are 15 times more likely to save when their employer offers a retirement savings plan. We look forward to working with any and all elected officials who want to ensure that everyone has such an option.”

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Contacts: Erik Kriss, ekriss@aarp.org; Chaunda Ball, cball@aarp.org

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services.  A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin;  www.aarp.org ; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. AARP Foundation is an affiliated charity of AARP that is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at  www.aarp.org .

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