Planning To Retire In New York? New Study Says Don’t
If you're planning for retirement, you should probably plan on leaving New York State. Although, if Nimarata Randhawa aka Nikki Haley has her way you won't have to worry about retiring until after turning 70 years old. At whatever age you do end up leaving the workforce to enjoy a little time for yourself, New York probably isn't the best place for you to do it.
If you live in New York and plan on retiring any time soon, you're probably going to need to move out of the state. New York has landed pretty high on the list of worst states to retire in. If you're living in the state, it's probably no surprise since it is expensive to live in many parts of the state. New Yorkers pay a hefty amount of state income tax; among the highest in America at 10.9%.
According to WalletHub, 28% of working adults haven't put a dime away for retirement. Those relying on Social Security benefits may place themselves in a horrible predicament since Social Security benefits replace only about 37% of a worker's income.
To determine the best states to retire, WalletHub compared the 50 states across 46 key indicators of retirement-friendliness, from financial factors like tax rates and the cost of living to things like access to quality medical care and fun activities.
Not surprisingly, Florida tops the list of the best states to retire in. Senior Living says there are 8.6 million people ages 50 and older living in the state.
As for New York, it's the seventh worst state to retire in, ranking #44 on the list.
Retiring in New York Snapshot (1=Best; 25=Average):
46th – Adjusted Cost of Living
25th – Annual Cost of In-Home Services
48th – WalletHub ‘Taxpayer’ Ranking
35th – Elderly-Friendly Labor Market
26th – % of Population Aged 65 & Older
22nd – Property-Crime Rate
43rd – Health-Care Facilities per Capita
WalletHub's Best and Worst States to Retire (2024)
