Benefits of Retiring In New York (Pros & Cons)
February 24, 2022General Retirement
Are you planning to spend your post-retirement time in New York? Knowing about the benefits of retiring in New York will help you make up your mind.
New York is a dream city for the young and old alike. Young people fantasize about living an active life while the elderly long for a life full of luxuries after working hard their entire lives. What better place to be than New York – the city that never sleeps? However, you need to weigh up the pros and cons of this city.
The pros of retiring in New York include an active social life, a favorable tax structure, the age-friendly New York City initiative, and you’ll always have something to do. The cons include a high cost of living and healthcare, harsh weather conditions, and the people aren’t exactly friendly.
If you’re someone who hasn’t had a chance to enjoy life and are looking for a place to live where you can make up for the fun you lost, New York is probably the best place to be. However, at the same time, you can’t overlook the fact that the cost of living in New York is extremely high. So if you don’t mind spending all that you’ve saved up all your life, retiring in New York is the best favor you’ll do to yourself (we don’t recommend that, though).
A few of us have lived in New York all our lives, and so, we’re in the perfect position to tell you all about the city, its ups and downs, and what you need to consider if you’re planning on retiring here.
Table of contents
Set Your Expectations from the Get-Go
We don’t blame you for the ideal vision of New York that you’ve got in mind because we’re made to believe that New York is just like how we see in the movies and TV shows. Many people wish to retire in New York for this very reason. However, when the time finally comes to retire, you first need to set your expectations.
Finances are an important factor after your retirement. You probably won’t have an active source of income anymore, which means you’ve got to make it work with the limited resources that you have. Living in Midtown Manhattan might not be a possibility for you as this part of New York is very expensive. A luxury rental in this part of the city can cost you as much as $20,000 a month! If you thought you could enjoy your post-retirement days in one of the luxury apartments that you saw in a movie, you’ve got to reevaluate your decision now.
If you’ve done your homework and are still willing to retire in New York, here are all of the pros and cons of retiring in New York.
Pros of Retiring in New York
There are so many pros of living in New York, which might convince you to move post-retirement.
There Will Always Be Something to Do in New York
For someone who has worked all day long all their life, sitting idle at home may feel exhausting and even suffocating. Having a park nearby or a café where you can sit and chat with others your age might not be enough to help you spend long post-retirement days. But that’s not the case when you’re living in New York. New York has plenty to offer.
There’s no such thing as a dull day in this city. You’ll always have options. You can engage in the numerous activities being offered in every corner. For example, there are innumerable sightseeing spots in New York, and the city is full of modern and historic buildings.
You can head over to Central Park and lose track of time enjoying the massive landscape and breathtaking views, or you could head to the American Museum of Natural History or simply stroll across Times Square and take in all the sights.
An Active Social Life
One of the worst nightmares for most people is dying, spending their golden years alone – no friends, no family nearby, and no one to interact with on a daily basis. Not having to do anything or meeting people is enough to make them feel stressed about retirement. However, if you’re planning to retire in New York, you don’t have to worry about not having a social life. New York is known for its highly active social life.
There are many art galleries, bars, and restaurants in New York where you can meet new people, socialize, and make new friends. And it’s not just for young people; you’ll meet people of all ages in this thriving city. You can talk about anything and everything and go back home all refreshed! People of New York are always willing for meet-ups, so you never have to feel lonely!
You Don’t Need to Drive All the Time
Unlike other cities where you’ve got to drive wherever you want to go, you can walk about in New York City or benefit from the excellent transport system. New York City is walkable. You can walk to grocery stores, restaurants, cafes, or the doctor’s office because there are plenty of them all around the city. There might even be one near your home. Most importantly, navigation is quite easy in New York City, so walking around won’t feel like a pain.
If you’ve to go somewhere far away from where you live, you don’t need to drive even then. The transportation system of the city is massive and quite efficient. You can opt for the subway or a bus for your day-to-day commute. There are taxis and Ubers too if you want a more personalized mode of transportation. You can enjoy a hassle-free, comfortable, and cheaper commute post-retirement if you plan to retire in New York.
Favorable Taxes for Retirees
Another reason retiring in New York is worth a shot is that the state offers favorable taxes for retirees. However, not all retirees get the same benefits. Tax benefits depend on your age, income, and property ownership. If you’ve retired from civil or military service, you can enjoy a tax-free life in New York with your pension. If you’re more than 59 years of age, you can have up to $20,000 of private or out-of-state pension excluded from taxation. Moreover, retirees of age 65 and above are eligible for property tax exemption.
Age-Friendly New York City Initiative
The initiative, Age-Friendly NYC is another catch for retirees. With this initiative, the state aims to become the first of its kind – an age-friendly state. From housing to social and health services, public transportation to public safety, the Age-Friendly NYC aims to make life for the elderly in New York City a lot more comfortable, simple, and enjoyable. Under this initiative, the state helps the older residents enjoy the city life and not feel left out of the fun and excitement that surrounds New York. So, if you’re looking for a healthier and more fulfilling life experience after you retire, New York might just be the place for you!
Cons of Retiring in New York
Remember, all that glitters is not gold. As much as retiring in New York seems like the best thing to do, some cons may influence your decision. It’s better to know what these are before you move to a state that many people around the world dream about.
Cost of Living Is High
New York is one of the most expensive places to live in all of the United States. You may not know this, but the cost of living in New York is about 68% more than the average cost of living in the United States. Some of the most popular and highly recommended retirement destinations in New York are only for well-off people.
We don’t mean to discourage you, but the average cost of living in the Hamptons is 140% higher than the average. If you still want to move to New York after retirement, you can consider Glen Cove or Deer Park, where the cost of living is not as high as Hamptons. It’s about 50% more than the national average (which is still pretty high).
High Cost of Senior Healthcare
Healthcare in New York is quite a challenge in that it’s incredibly expensive. What makes seeking senior healthcare in New York more difficult is the high cost of living. Most senior citizens in New York cannot seek the medical help they need because they’re so caught up with making ends meet that they just can’t afford medical expenses.
If you want to have easy access to senior healthcare in New York, you’ve got to be financially sound and stable. One way to make sure you don’t have to compromise on healthcare during your post-retirement time in New York is to invest in healthcare insurance with good coverage.
The Weather can be Harsh
New York experiences all four seasons throughout the year. However, one thing that not many people consider is the fact that New York often experiences some of the toughest weather conditions. If retiring in New York is on your list of life goals, you’d better be prepared to face extreme weather. Fall and spring are quite pleasant, but the heat of summers and the cold of the winters can become unbearable.
The summers are hot and tough, especially for elders. Winters might make you regret retiring in New York. They’re that bad! Sometimes, there is so much snow that you just can’t go on with your life. The blood-chilling cold might make you yearn to go back to the city you came from. It’s so cold that you may not be able to leave your house for many days.
New York isn’t Very Friendly and Calm
This is something you’ll experience only after you’ve moved to New York. The city has plenty in store for people of all ages, but when it comes to the overall vibe, it’s not the most welcoming. You’ll come across some incredibly rude people here. This is because the city is so busy, and the residents are always in a hurry and on edge that they can’t help being impatient and rude.
About 8.5 million people live in New York, which makes it very crowded. There’s traffic on the roads all the time. If you’re short-tempered or not the most patient person, you might not want to get caught up with the vibe of New York, which is so much more than just the lights, music, and high-life!
Not the Best City for Veterans
If you’ve served in the military, New York might not be the best place for you. It has been ranked quite low in terms of its friendliness to veterans. New York doesn’t offer veterans the best quality of life and economic environment, so you might want to reconsider. It has been ranked 41st for quality of life and 49th for the economic environment in all 50 states.
Although New York has been ranked 2nd spot when it comes to veteran healthcare, quality of life and a good economic environment are equally critical factors that you must consider before making your decision.
About THE AUTHOR
With multiple family members currently in senior living facilities, David is in the trenches every week, learning the ins and outs of nursing homes, assisted living, memory care, and general senior living.Read more about David Bolton
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We love planning for retirement. It's somewhat of a hobby, and we want to share what we've learned with you. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that.