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I wouldn't recommend it unless you have money to burn. The only thing that I think NYC has a remote advantage over most places for retirees is the quality medical care at some hospitals.
Outside of that it seems like it would put limits on your QOL.
A lot of NYCers move out when they retire.
My in laws are from LIsland and are soon to retire...and they are definitely thinking of going down south....their reason? The property taxes. And with their kids all grown up, they don't see the point of chewing up their savings on taxes once they retire.
I would say NYC also has the best restaurants, performing arts, and visual arts in the Western Hemisphere, all of which are relevant to many retirees.
That's kind of a stretch.
London has more 3-star Michelin restaurants than NYC.
Paris in terms of arts (musems, performing arts, etc) could arguably be better than NY's.
Your statement makes sense nationally but not necessary for the western hemisphere.
In NYC is all about the Benjamins so ultimately that's what's gonna be the determining factor when considering if retiring here is a good idea.
I think retirement in the early years would be a good experience for nyc. you get to do all the things that you couldn't have done because you were too busy, or they were only open during the week so you couldn't go on the weekend, etc. and NYC has easy access to all of the different transportation methods.
but when you are towards the end of your retirement (70's 80's 90's) I don't think it would be a great idea due to getting around. Imagine having to walk around to a subway or bus to go to the doctors when you have to use a walker. Even having a car wouldn't be condusive either as having to deal with traffic and walking to and from your car once you finally do find parking is going to be a chore too.
At that stage, one would use car service to get around such as to go to and from the doctors' offices, etc. I have seen it done.
OP was asking if it would be financially sound as well though.
OP asked in regard to a 30 minute perrimeter of downtown and uptown, but ALL of you seem to have a slight reading deficiency, which is par for the course in this forum!!!
I wouldn't recommend it unless you have money to burn. The only thing that I think NYC has a remote advantage over most places for retirees is the quality medical care at some hospitals.
Outside of that it seems like it would put limits on your QOL.
A lot of NYCers move out when they retire.
My in laws are from LIsland and are soon to retire...and they are definitely thinking of going down south....their reason? The property taxes. And with their kids all grown up, they don't see the point of chewing up their savings on taxes once they retire.
When did Long Island become NYC???
Real Estate Taxes on Long Island are FAR more onerous than within the five boroughs. Just to give a point of reference, about 1/3 on average for NYC residents.
Double or triple taxes is a serious consideraton when thinking of moving to the suburbs. The bulk of suburban taxes serves the school system. For suburban retirees, the question is whether to continue paying high taxes (if one can afford to do so) during retirement for a school system they no longer use, nor need!
Moving into NYC, or to places with lower taxes, can greatly improve a retiree's QOL. Moving to the City can pay off for financially *well* retirees.
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