A retirement in NYC doesn’t have to mean melting out all your retirement savings for a teeny cube of an apartment. If you want to find out how to retire in NYC like a boss, you’ve come to the right place. The best places to retire in Empire State are Long Island, north of the city or way upstate as experienced local movers NYC can testify. Yes, New York taxes are through the roof. But where else in America can you have anything you want delivered at any time? Where else will you have the best doctors and hospitals available? NY is a city with the greatest cultural institutions in the world. It is a great plan to retire there, so let’s see how much do you really need?
How to live well in NYC after retiring?
Here’s the deal – two people can live very well in Manhattan or Brooklyn for $50,000 to $75,000 a year. Figure $1,500 a month for utilities, groceries and other necessities, another $1,000 for insurance and health care. And leave $500 for your savings and the emergency fund. Consequently, that leaves you with $2,000 per month in pocket money. That buys you a nice lifestyle: you will be able to eat a few times a month. Go for discounted theatre tickets, you can get a museum memberships and even MTA passes. All of these can additionally be obtained with substantial senior discounts. With a little saving habit, you can save up for Miami in the winter, and a week or two in the summer. If you check out USA Moving Reviews you will also find many discounts for senior relocations.
Should you buy housing after you retire in NYC like a boss?
Now, about housing: You shouldn’t pay cash for a new place, and it may be better for you not to buy at all. In Manhattan, $1,500-$2,000 in maintenance fees buys you a studio or a one-bedroom apartment in high-end doorman buildings. It’s a good idea to look for such buildings in Manhattan because older tenants need adequate staff around. Your reliable and reputable Upper East Side movers advise you to consider renting. If you are thinking: “I’ll pay cash to remove the mortgage from the equation and then just pay maintenance”, you’d be wrong.
The money you put into an apartment will not be producing income for you.
How come? If you invest in a New York tax-exempt bond fund, you could have 5 percent or more a year of income. That would be $37,000 a year, tax-free if you have $750, 000 saved for a Manhattan place. If you spend that money for a new place, that means paying $3,000 a month out the window. Your monthly housing would be more like $5,000 a month with maintenance charges.
So invest your money, rent and save the maintenance.
What about casting a wider net?
Manhattan is actually not the best place to retire in NYC like a boss. Cast a wider net to find your ideal place to retire after you decide to buy vs rent. It takes a number of important factors, for instance, checking the tax burden of places you’re considering. New York is only moderately tax-friendly for retirees. You need access to medical care, nice recreation centers, and retirement communities. Here are some of the best places to retire in New York like a pro.
1. Great Neck
If you’re looking to retire in one of the top retirement spots in the country, check out Great Neck, New York. It’s located on the northern side of Long Island. The number-one place to retire in New York has 18% of the population made up of seniors. Great Neck offers the best access to medical care on our list. But Great Neck has a relatively high tax burden at 18.5% so if you want to retire like a boss in NY, it’s not a big escape from Manhattan expenses.
2. New Hyde Park
A little south of Great Neck, New Hyde Park is just outside the city limits of New York. If you decide to move to New Hyde Park, you’ll be just a short commuter train ride away from the business of Big Apple. It has a good amount of recreation centers and great access to medical care.
On the other hand, you cannot expect a tax-friendly retirement here either, as it has the same tax burden as Great Neck.
This charming little town has a very inviting motto – “Where Life Is Worth Living”. Webster promises to be a fulfilling place to spend your golden years. The town offers the second-highest concentration of recreation centers on our list. Residents have an opportunity to enjoy North Ponds Park, Milton R. Case Park and many other wonderful trails. With its great medical care, Webster proves to be a highly regarded place to retire happily in NY with 6.88 medical centers per 1,000 residents available. The tax burden is 17.9%.
4. Ballston Spa
Ballston Spa doesn’t just have a relaxing-sounding name. It lives up to its name, with the beautiful Kayaderosseras Creek that runs through it. Also, the Old Iron Springs and the Ballston Spa Country Club are near, right outside the village border. There’s a good number of recreation centers and a bit lower number of medical centers per 1,000 residents in the village. However, the town is just a half-hour drive from the state capital of Albany, which has lots of hospitals and medical centers. Ballston Spa also has the lowest tax burden rate compared to the other places listed here. Nonetheless, at 17% it’s still a little higher than you’ll find in more tax-friendly states.
Last but not least on our list is the very buzzy Warwick. It is a town with several festivals, such are the annual Applefest, Summer Arts Festival and the Hudson Valley Jazz Festival. Nature-loving seniors can also enjoy of the town’s part of Sterling Forest State Park, as well as the Wallkill River National Wildlife Refuge. You’ll just fall in love with Warwick, we guarantee it. If you just cross the state border to Jersey, you can access Wawayanda State Park and Abram S. Hewitt State Forest. We know you can really retire in NYC like a boss in Warwick, so check it out and begin your next dream home hunt!