Slightly less than a quarter of those polled in the five core Bay Area counties rated this as an excellent or good place to retire. “I do think that we are starting to see a crisis,” said Nari Rhee, director of the Retirement Security Program at UC Berkeley’s Center for Labor Research and Education, “in terms of seniors not being able to stay in Silicon Valley and the Bay Area.” And some seniors who rely on Social Security already are ending up on the streets. Experts fear waves of older residents will be forced to flee the region where they grew up. Even relatively high earners like Chang aren’t exempt, though the fallout will be far worse for low-income seniors.
During the COVID-19 pandemic, not having enough money to retire, as well as a general lack of savings, were residents’ top two financial worries - overshadowing concerns about debt, paying for rent or a mortgage, and affording health care.Īs the population ages, the result is potentially a disaster in the making. Despite the gorgeous weather, stunning views and top-notch food and entertainment offerings, half of Bay Area residents say the region is a poor place to retire, according to a recent poll by the Bay Area News Group and Joint Venture Silicon Valley.
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