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New York City workers face retirement crisis

It's the most expensive metropolitan setting in the United States, and the results may be grim for hard-working New Yorkers, more than a third of whom can't afford to retire.

By Andy Stonehouse | Updated on January 26, 2012

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.

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