About one third of New York City residents nearing retirement age won’t be able to quit or will have to rely entirely on Social Security because they have less than $10,000 in savings, according to a study released today by the Office of New York City Comptroller John Liu. In part, this could be due to the smaller percentage of New Yorkers that have access to an employer-sponsored plan (about 40%, compared to a national average of 53%). The implications are grim. “It’s going to mean a generation of retirees will do worse than their parents and grandparents,” said Teresa Ghilarducci, director of the New School’s Bernard Schwartz Center for Economic Policy Analysis, who conducted the study. “This means a lot more downward mobility.”
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