As baby boomers reach retirement age, a growing segment of our population is giving back to our state: public service retirees. The pension money paid to retired state and local employees flows directly back into our communities, stimulating and growing our local economies.
As of March 2016, there were 441,000 retirees of the New York State and Local Retirement System (NYSLRS), 78 percent of whom have chosen to live here in New York. As former employees of New York State, the university system, public authorities, local governments, and schools, many of them give back to their community as volunteers and supporters of charitable causes.
Business sectors that cater to the needs of retired consumers are booming. In the coming decades, industries such as health care, restaurants, and entertainment are predicted to be areas primed for growth – and retired public employees will be an important part of its customer base.