New York Baby Boomers Are Fleeing the City

The last of New York City's Baby Boomers will turn 50 by the end of this year.

A new report says many of these seniors do not plan on sticking around.

A new AARP report said 53% of New Yorkers ages 50 to 64 who say they can afford to retire plan on doing so outside of the city.

The majority of those polled say they are most concerned about rising housing costs.

The AARP said the loss of these seniors would account for a $54 Billion drop in spending each year.

City Council Speaker Melissa Mark Viverito says it is crucial New York becomes a more age friendly city.

Viverito spoke at a roundtable discussion Wednesday about the importance of the city's seniors.

"Connecting seniors to benefits and services is not only the moral choice, but the right economic choice," Viverito said.

Viverito said the City Council has launched a number of initiatives to make the lives of seniors easier. She says the council is working on improving legislation to create affordable rent for retirees.