Young New Yorkers Are Really Stressing About Retirement

Thanks to the COVID-19 pandemic from a couple of years ago, people in New York are really stressing about retirement. The surprising part is how the younger people seem to be worrying about it the most.

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A poll by CreditNinja.com found that the average New Yorker starts freaking out about retirement around 22 years old! With so much ahead of them, I find this to be a little bit of a surprise.

The poll surveyed 3,000 Americans and found that one in five had to really rethink about when they would be able to retire. Everything seemed to change once the pandemic hit and brought more financial stress into their lives.

This surprises me a little because it seems that some of the younger people don't want to work. NOT ALL, just some. However, they aren't the only ones that are stressing out about it. 1/3 of the people over 55 had their plans to move after retirement put on hold because of the pandemic.

Worries About Retirement

It seems like people are getting worried about being able to completely retire. Over half of the people surveyed said that they don't even think it will be possible to retire at all. The same people think that they'll have to pick up part-time work instead. That's what I think I'm going to do, although I want to work part-time to give me something to do.

Scary stuff, especially since nearly 90% of people said they would rather deal with being alone in their retirement days than having financial issues. I don't know if that's a good idea because loneliness is all that it's cracked up to be.

Let's end on a good note. Late Gen Xers and Baby Boomers have offered some advice to the younger generation. Their advice is to start saving for retirement in their twenties, build up emergency funds, and learn about the stock market. That sounds like a great idea to me.