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TESTIMONY
Albert Scott, Representative from the East New York Economic Society, on Addressing the Retirement Crisis and Promoting Intergenerational Services
2:36:37
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113 sec
Albert Scott testifies on the retirement crisis, emphasizing the need for research and budget increases for generation X and millennials, and the promotion of intergenerational services.
- Scott represents the East New York Economic Society, highlighting the grave retirement preparedness of generation X and millennials, with a median retirement or 401k savings of $10,000 or less.
- He urges New York City's Department of Aging and relevant council committees to increase budget lines to address the retirement crisis through research and proactive measures.
- Scott also advocates for enhanced budget allocations for intergenerational services, especially as society advances into AI technology.
- He points out the significant impact on residents of East New York and Brownsville and emphasizes the importance of educating older generations on technology usage like FaceTime.
Albert Scott
2:36:37
Okay.
2:36:38
Alright.
2:36:39
Thank you.
2:36:39
Good afternoon, Cheah Hudson.
2:36:42
My name is Albert Scott.
2:36:43
I'm with the East New York.
2:36:45
Economic society real quickly.
2:36:48
It's more of a more or less to see if you can increase a whether it's a budget line item that will encourage the New York City Department of Aging and this dynamic committee.
2:37:00
To start researching the retirement crisis in particular for generation x and millennials.
2:37:07
Regional reports has been released that majority, not the average, but the median of folks that has money in their for retirement savings or 401k is $10,000 or less.
2:37:19
And I I'm not gonna even break down the demographics as it pertains to black Hispanics and things of that nature because that becomes even more daunting.
2:37:28
And after hearing what the commissioner state commissioner is stating today about Don't know how Mondays are going to look in the future.
2:37:36
It's very important that we definitely take a proactive approach.
2:37:40
So we're just simply asking if you could a, increase a budget line item for that.
2:37:45
That will help incentivize because I heard them mention something about a cabinet.
2:37:49
And then also bring in the committee members.
2:37:51
Because this is very concerning, especially for East New York And Brownsville residents.
2:37:56
And also increase the budget item for intergenerational services as we move forward into the AI technology.
2:38:06
This would be a great opportunity for either generation alpha or z to to initiate because I heard it from someone from the divine 9.
2:38:15
Believe, Sigma Gamma Rose where they actually mentioned, know your cell phone.
2:38:19
Because believe it or not, some folks don't even know how they do FaceTime in this day, Nate.
2:38:24
So and interact with it accordingly.
2:38:26
So thank you for your time and patience, and hopefully you can definitely move forward.
2:38:30
Thank you.