It's well-known that New York City is one of the most expensive environments in the United States. And those high costs of living mean that a third of New Yorkers simply won't be able to afford to retire, according to a new study.
New York City comptroller John C. Liu's study, "Are New Yorkers Ready for Retirement," conducted in association with the Schwartz Center for Economic Policy Analysis at The New School, suggests NYC residents are in for a tough time as they contemplate retirement.
The study's starkest finding: More than a third of New York City households where the head is near retirement age will have to subsist almost entirely on Social Security income or will not be able to retire at all due to the fact that they have less than $10,000 in savings.
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