Retirees Build a Strong New York
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.
Retirees Live in New York State
As of March 2021, there were 496,628 retirees and beneficiaries of the New York State and Local Retirement System (NYSLRS), 79 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.
Retirees Pay Taxes in New York
- Retirees paid nearly 2 billion in real property taxes—that’s 3.1 percent of the total collected in New York.
- NYSLRS retirees paid an estimated $700 million in state and local sales taxes in 2018.
Retirees Create Jobs
- NYSLRS retirees and their beneficiaries are responsible for $15.2 billion in economic activity within New York State, thereby creating 75,000 jobs.