Study: Baby boomers, Gen X not saving enough for retirement

An AARP New York and Siena College poll shows that nine out of 10 baby boomers and Generation Xers are struggling to save enough for

The study also shows that some are not participating in savings programs through their employers. Investment advisor Michael Kresh says this has been a problem since more employers stopped providing pensions.

The study also shows that some are not participating in savings programs through their employers. Investment advisor Michael Kresh says this has been a problem since more employers stopped providing pensions. (10/18/16)

WOODBURY - An AARP New York and Siena College poll shows that nine out of 10 baby boomers and Generation Xers are struggling to save enough for retirement.

The study also shows that some are not participating in savings programs through their employers. Investment advisor Michael Kresh says this has been a problem since more employers stopped providing pensions.

"Their savings rate is perceived to be coming directly out of your pocket," says Kresh. "It's not a benefit from the employer and the vast majority of people who are saving won't put in a penny more than what their employer matches."

What's even more concerning to experts is that nearly a quarter of both generations expect to rely on Social Security during their retirement years.

Kresh says if a person is earning more than $120,000 each year, the most they can expect in Social Security is $30,000.

"I can't think of that many places, even in this country, where you can really get by on $50,000 a year," says Kresh.

The poll cited the high cost of living as the main reason why Long Islanders aren't saving enough for retirement.

advertisement | advertise on News 12

Top 5 Must See

Community activists in Brentwood are supporting a proposed 1 Sen. Croci proposes crackdown on gang violence
2 SBU lax player on pace to break NCAA scoring record
The men and women at a Hauppauge studio 3 Brushstrokes: Program helps adults with disabilities
4 Scholar Athlete: Lissette Palomo
The LGBT Network hosted a conference on bullying 5 LGBT Network hosts anti-bullying conference at SBU

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE