Tags: Retirement | retirement in new york | cost | living

Retirement Cost of Living in New York

By    |   Friday, 12 Jun 2015 10:44 AM

The Empire State is home to the nation’s largest and busiest city, New York. It’s difficult to think of the entire state without envisioning miles of traffic, crammed sidewalks, and noise. However, in certain corners of New York are retirement havens for seniors looking to escape the busy life.

As it turns out, a number of cities in New York feature plenty of culture, gorgeous scenery, and a chance to escape the fast life. That is, if retirees can afford to live there.

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Unfortunately, the cost of living in New York State is 26 percent higher than the national average, according to Kay Conheady, a financial planner at Apropos Financial Planning. The Hamptons, a popular retirement destination for years, has one of the higher costs of living in New York with the median cost of a home totaling more than $1.1 million.

Marketwatch indicates that “the cost of living is 167 percent higher [in the Hamptons] than average.”

Pressconnects figures that the high cost of living is preventing
the state from holding on to its seniors. As stated in a 2014 article, “New York State is increasingly driving away one of the most powerful economic assets to come along in generations — Baby Boomers in their retirement years.”

The site goes on to blame high taxes and the high cost of living. From 2004 to 2011 the state lost billions of dollars ($20.5 billion to be exact) due to retirees moving out of the state and to places like Florida, where the taxes are much more reasonable.

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Meanwhile, U.S. News pegs two New York cities in its 2014 list of “The Worst Places to Retire in the U.S.” As one might expect, New York City was one of the cities. However, another more inconspicuous city is Poughkeepsie, which is situated in between New York City and Albany.

What makes Poughkeepsie a regrettable retirement destination is its housing, which is nearly as expensive as New York City. In addition, health care expenses are quite high. Long-term care median expenses are “$371 per day for a nursing home or $3900 monthly for an assisted living facility.”

There are some perks for retirees living in New York State that could help offset the high cost of living. While the state’s taxes are generally high, there are a number of tax exemptions.

Military pensions, civil service pensions, and state and local pensions are all exempt. In addition, up to 20,000 of qualified pensions can be excluded for those aged 59 and older.

With such a high cost of living, retirees in New York State will have to try and search for other things to offset it. Fortunately, New York does offer a great deal by way of culture, amenities, and setting. It’s up to individuals to determine whether those pros are enough to cancel out the cons.

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The Empire State is home to the nation's largest and busiest city, New York.It's difficult to think of the entire state without envisioning miles of traffic, crammed sidewalks, and noise. However, in certain corners of New York are retirement havens for seniors looking to escape the busy life.
retirement in new york, cost, living
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2015-44-12
Friday, 12 Jun 2015 10:44 AM
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