If you live in New York and plan on retiring any time soon, you're probably going to need to move out of the state. New York has landed pretty high up on the list of worst states to retire in. If you're living in the state, it's probably no surprise since it is expensive to live in many parts of the state. New Yorkers pay a hefty amount of state income tax; among the highest in America at 8.82%.
According to WalletHub, more than a quarter, 27 percent, of non-retired adults don't have any money saved for retirement.
To determine the best states to retire, WalletHub compared the 50 states across 47 key indicators of retirement-friendliness. Our analysis examines affordability, health-related factors and overall quality of life.
Some of the indicators that WalletHub used were - retired taxpayer-friendliness, the annual cost of in-home care, and the elderly food insecurity rate.
Not surprisingly, Florida tops the list of the best states to retire in. Senior Living says there are 8.6 million people ages 50 and older living in the state.
As for New York, it's the third worst state to retire in, ranking #48 on the list. The only two other states more horrible than New York when it comes to retirement are #49, Mississippi, and #50, New Jersey.
Retiring in New York Snapshot (1=Best; 25=Avg.):
48th – Adjusted Cost of Living
29th – Annual Cost of In-Home Services
48th – WalletHub ‘Taxpayer’ Ranking
39th – Elderly-Friendly Labor Market
25th – % of Population Aged 65 & Older
41st – Health-Care Facilities per Capita
The 9 Richest People in New York State