The age of retirement is one that many people look forward to for the majority of their working lives. It is a time of knowing that you can relax and enjoy the rest of your life without worrying about your children or other responsibilities. It is a time in which you will decide to travel, spend more time with the grandchildren, and just focus more on your relationship and yourself. It is basically your ‘me’ time, in which you have had coming for a long time. This is why many people decide to relocate when they retire so that they can have all new experience in their lives. Relocating to New York when you retire is becoming more and more popular. The state of New York offers more than city life that is full of people, it also has many laid back retirement places for a person to choose from that will appeal to those who are wanting privacy and quiet in the years after their work. However, before making the leap to retire to New York, there a few aspects that you should know first so that you are fully prepared to live out the rest of your life in New York.
Why Choose New York as Your Place of Retirement?
There are many reasons why people choose to retire in New York. For one, the weather in New York is not as humid as the more popular retirement locations such as Florida. The weather in New York has a definite four seasons that do involve some rough winters for those that are looking into retiring to the area. Sometimes these winters may include snow fall that can be into measurable feet of accumulation each year. In addition to the weather, many people love that New York is not your typical retirement area. Which means that there are still things to do that many other retirement places cannot offer, such as taking in Broadway shows, traveling to see the Statue of Liberty when family members come to visit as well as other sight seeing attractions, plus there are still those activities that seniors can participate in and enjoy. They can enjoy taking walks through many of the parks that are known throughout the world as some of the best parks in the United Sates, as well as taking part in water sports since New York is on the coast. Boating and swimming are very popular activities in all of the coastal towns in New York.
Tax Benefits
There are also reasons related to taxes as to why people retire to New York. For example, those that are receiving social security or railroad retirement do not have to subject this money to taxation, which is good news for those that are retired as it means more money in their pocket. For those that receive some sort of pension from the military are not subject to have the state tax that money. In addition, many cities are no longer taking taxes out on this income as well.
Health Care Options
Another reason that many people choose to retire to New York is simply because New York is home to some of the best health care system in the United States. With numerous hospitals and doctors to choose from that are considered to be the way that many other states strive to become, those with health problems, having top notch officials near their home is always a huge benefit. Plus, there are numerous benefits that the state of New York gives its retirees that are constantly being updated yearly and put in as a trial and error as a sort of preview to see how it would work elsewhere in the United States.
Public Transport
Many people to move to New York simply because some of the best public transportation systems can be found in the state. Meaning that many people simply sell their car and no longer need to worry about another bill and can enjoy the freedom of having more money, as well as knowing that they are making a difference in the environment. Keep in mind though that this will only work for those that are planning to stay in a heavily populated area. Those in a rural area will still need some form of transportation.
How Much Retirement Savings Do You Need in Order to Live in New York?
The amount that each individual will need in order to cover their expenses so that they have a yearly income that is suitable for living in New York will depend on many factors. First, if the person is living alone or with someone else. Those part of a couple, should expect to have a larger amount needed than those who are single. In addition, you should also consider just what kind of living conditions that the person will require. For example, those that want to live the life of a high rolling celebrity are going to need more money than those who are willing to live a normal, but not as extravagant type of lifestyle. However, a good rule of thumb is that you should expect to need around seventy percent of your current income in order to live the same sort of life that you are living before retirement.
Most of those who retire in New York have on average around one million dollar retirement fund in which they have invested into various other avenues in order to get the most out of their investment. For those that choose to live in a more popular are of New York, such as New York City, then they can expect the cost of living to be higher. Likewise, those living in more rural areas in New York will find that the cost of living may not be as high, thus they are able to afford more.
The best way that you can ensure that your retirement is going to work out the way that you want it to, you should work with a retirement planning professional who can give you a detailed analysis of just how much you will need on a yearly basis in order to have the life that you want to have when you do retire. For a list of professionals that you can use when retiring to New York, these can be found below.
What are Some Popular Retirement Locations in New York?
Though the state of New York is fairly small on the map, there are still numerous locations in the state in which people retire to. For starters, there is New York City. However, this is more commonly thought to be a place for those that never sleep, not those who are retiring. But, in recent years this has become a fad that is becoming more and more popular. The reason is that people want to stay in the city that they have come to love and adore. They want to finally enjoy some of the things that the city has to offer that they may have missed out on in the past due to the various other commitments. Others, are retiring to the city in order to engulf themselves in culture and the option to have anything whenever they want it no matter the time of the day in the city that never sleeps. Others enjoy the fact that they no longer have to worry about transportation, as the public transportation found in the city is some of the best in the world. So who would enjoy retiring to the city of New York? Those that like the hustle and bustle of city life. For those that are looking for something more low key and laid-back, then they are not going to find this at the Big Apple. However, there are numerous other locations that these people should consider.
Staten Island
A great alternative to New York City is Staten Island. The reason being is that Staten Island is much less expensive than New York City, however, still is close enough to New York City in order to attend all those major events that the retiree would love to attend. The only drawback is that for those looking for such a lively atmosphere, Staten Island is much more laid-back, plus many people complain that the location of Staten Island makes it hard to get to. In addition, to get to New York City from Staten Island, the trip only involves a short ferry ride, which means the idea of completely relying on public transportation can be obtained by staying in this area.
Carmel
Though the state of New York is small, there are numerous communities that are considered retiree friendly. Carmel, New York is probably one of the better known communities in which people retire to. The reason is that it is a great location to New York City, without having to deal with the stress that accompanies living in a big city. Those who live in this area are those that want to live in New York, while still living in a relaxing and peaceful environment. Another huge benefit of this area is that the crime rate is relatively low considering the state of New York, which does lead to the higher cost of living than in some other areas, however, well worth it for most people. The housing costs are considered to be significantly higher than other houses in the nation, so those wanting this area should consider then when planning for their retirement.
Ithaca
Ithaca is widely known as a college town since it is home to Cornell University, however, it is also a popular destination for those that are retiring to the area. The reason is that retirees are loving the atmosphere. During the summer the feeling is more laid back since the college is empty, however, once the year starts over again, it becomes a very crowded small town that is full of culture and education, which is something that many people thrive in. Those who would not find this area very beneficial will be those who hate crowds, which is a given during the school year. There is also stiff competition for part-time jobs, if retirees are looking into that option after retirement to make ends meet much more easily. However, there are many benefits to living close to a college, such as having programs that are hosted by the college in which residents in the town can attend.
Upstate New York
In upper New York state there are many rural areas that are actually home to houses that are on quite a number of acres. Meaning that those who have always wanted to dabble in gardening, could find a masterpiece in many of these areas. There are also many farms in these areas that go up for sale, which means that retirees can make an investment that could become a great hobby farm.
It is important to note that all of these communities and towns that are listen are for those seniors who are active and do not need assisted living facilities. However, there are assisted living facilities that are located in New York for those that are looking for a family member or whatnot.
Retirement Planners in New York
There are many retirement planners in New York, this is due to the sheer population of the state and the increasing number of people that are reaching the retirement age in which has spurred many people to enter the retirement planning field. However, when looking for a professional to help you plan out your retirement, you must be sure to work with one that is professional and legitimate. Too many times people are trying to take advantage of those reaching the age of retirement in order to invest their money into some pyramid scheme that means that these people lose their money and end up having to go back to work just to make ends meet. This is why you should work with someone who is associated with a company that is a member of the Better Business Bureau, as well as has a reputation as being honest and helpful. Asking others who they use to plan their retirement is a great way to make sure that you are getting someone that is trustworthy and more importantly, knows their information and just how to make the most of your retirement investment. Some of the more popular retirement planners in the state of New York are:
TIAA-CREF
730 3rd Avenue
New York, NY 10017
(212) 490-9000
Those who utilized this service often say that this company is a great way in which to save money now, but still plan for the future. They have even been termed ‘financial geniuses’.
Mogiil Organization Incorporation
116 East 27th Street
New York, NY 10016
(212) 252-7100
This company is devoted to giving couples, families and individuals financial planning for all stages of their lives, including retirement.
Morgan Stanley Smith Barney
522 5th Avenue
New York, NY
(212) 903-7600
This company has a hand in almost every aspect of financial advice and planning, including planning for retirement. Most people comment that one of the best features about this company is their loyal customer service and ability to utilize all the tools that come along with the company online through a private account.
MassMutual Financial Group
One Penn Plaza
250 West 34th Street Suite 2035
New York, NY 10119
(646) 473-4100
This company is widely popular with most everyone and is one of the most recognized companies for those that are traveling to the New York area. The reason is that they have been involved in some great financial investments that have led to many people making the investment of a lifetime, something that could come in very handy for those planning for retirement.
In conclusion, those that want to retire to New York are in luck, as there is a little something of everything for anyone. For those that want the benefits of living in a city that is full of life and never-ending action, there is a place for them. For those that are looking for a more rural setting, with the benefit of living near the city, then they can also have a community to call their own. Those who are looking for a place to retire than can offer them more than just a community full of retirees, should seriously consider New York, and talk to their financial advisor to find out what they can do to ensure that their retirement in New York is what they have always dreamed it would be.
Though when people think of the word retirement, they may not think of New York, slowly the state of New York is becoming more popular for those citizens wanting to go to the area. And more than likely in a few years, the idea of retiring to New York is going to be mainstream, and one that future generations are going to think is an ideal location for retirement.