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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 2019, there were 481,795 retirees 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

  • In 2018, retirees paid $1.95 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 in the New York State and Local Retirement System (NYSLRS) as of March 2019
Have chosen to live here in New York
Real property taxes paid by retirees in 2018
State and local sales tax paid by retirees in 2018

Retirees Create Jobs

  • 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.
  • NYSLRS retirees and their beneficiaries were responsible for $12.6 billion in economic activity within New York State in 2018, thereby creating 76,100 jobs.
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