FARMINGDALE, N.Y. (CBSNewYork) — The high cost of living has Long Island’s baby boomers packing their bags.

According to a new study by the AARP, 70 percent of Long Islanders who expect to retire at some point said it’s likely they’ll leave the state, WCBS 880 Long Island Bureau Chief Mike Xirinachs reported.

“And they’ll take their $22 billion in economic vitality with them,” said Will Stoner, associate state director of AARP for Long Island.

Stoner said baby boomers’ concerns about high taxes and lack of affordable housing reflect those of younger adults. He added that progress is being made, but more must be done.

“It’s only too late if we don’t do something,” Stoner said.

Stoner said baby boomers — whom AARP defined as 50 to 64 years old — are looking to stretch their dollars even farther because the average life span is increasing.

“You’ve got to plan for almost living to 100 these days, and if you haven’t saved enough, you’re thinking: ‘I’m in trouble. I’m going to have to come up with another option,'” Stoner said. “That option, unfortunately, is to leave New York state.”

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