New York – Retirement Guide

New York   Retirement Guide

Top Retirement Cities in New York: 

Ithaca

Retiring to New York can be a pricey alternative for many retirees; the top state income tax rate is 8.82%, median home prices have ballooned to over $450,000 and the cost of living here is 27% higher than the national average, but can be far greater in neighborhoods in and around New York City. Still, for those who can afford to make New York their home, the rewards are ample.

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).

Pros: Access to some of the world finest arts and culture, beautiful natural scenery
Con: High cost of living

At a Glance
Best For: City lovers, nature lovers
Population: 19,465,197
Cost of Living: 27% higher than national average
Median Home Cost: $459,400
Unemployment: 8.2%
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.

Top Retirement Cities in New York:  Ithaca

Photo by Sue Elias via Flickr. All statistics were up to date as of publication. See these sources for the most current data.