Whether you yearn for the whirlwind of arts and culture that envelop New York City, or prefer a quieter existence, say in one of Long Island’s coastal towns, or in a quaint town in the Hudson Valley, Adirondacks or Finger Lakes region, the state offers all manner of lifestyles to those willing to pay the price.
There are also financial benefits for those retiring in New York. The first $20,000 dollars of IRA withdrawals aren’t taxed (as long as you start withdrawing after age 59 ½), and military pensions, civil service pensions, NY State and local pensions, and Social Security aren’t taxed at all. Additionally, although property taxes in the state are notoriously high, it’s possible for some seniors to get a 50 percent property taxes based on income (this is decided at a local level).
Con: High cost of living
Best For: City lovers, nature lovers
Cost of Living: 27% higher than national average
Median Home Cost: $459,400
Top State Income Tax: 8.82%
There’s no shortage of activities in New York to sate all manner of interests. From the bright lights and brilliant play’s of Broadway, to world-class museums, like the Metropolitan Museum of Art and Museum of Modern Art, and the vast swath of greenery that is Central Park, New York City offers endless sources of entertainment.
Elsewhere, retirees can enjoy the beaches, boating and fishing found throughout Long Island, or hike or hit the slopes skiing in the state’s mountains.