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Financial Concerns Could Drive Retiring Baby Boomers Out Of NYC

AARP Survey Finds City Is Becoming Too Expensive For Many
The midtown New York City skyline, including the Empire State Building, is seen from the air over New York   (Photo credit: SAUL LOEB/AFP/Getty Images)

The midtown New York City skyline, including the Empire State Building, is seen from the air over New York (Photo credit: SAUL LOEB/AFP/Getty Images)

NEW YORK (CBSNewYork) — Retiring baby boomers are moving out of New York.

A recent AARP survey found that nearly two-thirds of baby boomers preparing for retirement will move out of the city because it is too expensive, WCBS 880’s Rich Lamb reported Friday.

“Fifty-eight percent are extremely concerned about their ability to pay rent in the coming years. One-third tell us that they’re not confident they’re going to be able to pay their utility bill,” the AARP’s David Irwin said.

Irwin noted that in an election year candidates need to mind the boomers.

“Let’s remember this is the most powerful voting demographic in New York City and they have major kitchen table concerns that we’re really hoping come to the attention of those people asking for their votes,” Irwin said.

Irwin said that guidance specifically applied to those running for mayor and city council.

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