MONROE COUNTY, N.Y. -- A new American Association of Retired Persons survey shows that Gen X'ers and Baby Boomers are facing major retirement savings challenges. The statistics have prompted AARP tp push for a statewide workplace retirement plan to help people save money.
The first Gen X'ers turn 50 this year, and many are caught between caring for aging parents and caring for their own children. Meanwhile Baby Boomers are preparing to retire.
AARP said the majority of people surveyed are worried about retirement savings. AARP NY rolled out some survey numbers today that shows 70% of Monroe County Gen X'ers and 57% of Baby Boomers are worried they're not saving enough.
AARP even called this survey "High Anxiety" as millions struggle to save for retirement. A survey of 800 voters in Monroe County showed that one in four lack any kind of retirement savings account.
AARP NY is proposing a state facilitated payroll deduction option to help New Yorkers save money. Two states already have it, 14 other states are in the process.
"People are 15 times more likely to save if it is pulled directly out of their paycheck so that is what AARP was looking at in terms of a mechanism that would have that," said Beth Finkel, Director of AARP NY. "If we do not get people who are starting in the workforce to start taking money and putting into savings they will never catch up."
AARP surveyed each major metropolitan area in the state. The organization is pushing to get the Governor and lawmakers behind this workplace savings plan in time for next year's budget.