Retiring in NYC (New York, York, Wyoming: houses, buying, theater)

[SeventhFloor]

Originally Posted by Kefir King

Manhattan is a far more enjoyable place to be retired in than to be working in. I speak from experience. I know many retired people who would sooner have their throats cut than be forced to move out.
Not having to drive or depend on others to be driven is a blessing for elderly people.
Where else can you go anywhere in a metropolis with a walker or a wheelchair lifted on and off a bus for $1.10 (seniors pay half fare.)
Where else do you 2 or more doctors in every City block?


You need food? My neighborhood has 10 restaurants per block...pick up a phone and a kid on a bike will have it to you in 1/2 hour. All you need do is know how to read menus.

Estate tax? You get a million exemption? Many states had "inheritance tax" which is far worse and often from the first dollar.

Income tax? Social Security is not taxed by the state, perhaps $20,000 each and the first $20,000 of pension and annuity income is exempt and each person gets a $7500 personal exemption. Double all these for a married couple and a couple can get almost $100,000 a year free of state income tax.

Real Estate taxes...not high compared to surrounding states.

You want a hospital? Close your eyes and throw a rock...you'll hit a hospital.

And nothing in the United States beats an afternoon in the Metropolitan Museum for a $1 donation.

It's a GOOD place to retire, perhaps the best unless you are the type who wants to spend the last 30 years of your life on a golf course and in a car.

Of course you HAVE to have your housing settled first before you tell your boss what a miserable bastard he is, click your heels, and do that last commute home.

/thread

[skinnayyy]

Originally Posted by jcoltrane

Again, the OP makes NO notation of ownership in NYC!

Originally Posted by MikeNigh

Does it financially make sense to retire in NYC? Location wise I mean retiring in the same home you bought that let you work 30 minutes from the lower half of Manhattan. It seems that if you are within 30 minutes of the lower part of Manhattan either taxes or maintenance fees are high enough that retiring there doesn't make sense. Therefore I guess, working in manhattan is only for people who will be there during their prime and leave when they retire?

I'm pretty sure right there...

it's ok... numnut.

[11KAP]

yeah if you can afford it.

[jcoltrane]

Originally Posted by MikeNigh

Does it financially make sense to retire in NYC?

That is the gist of the question, which you, and others, fail to comprehend.

Location wise I mean retiring in the same home you bought that let you work 30 minutes from the lower half of Manhattan.

Key word, "BOUGHT"! Not, buying...

Does that mean he is considering buying?

Or, is he implying a typical *native* NYer circumstance?

People, who, having lived and worked here all their lives, raised their families, and are now contemplating RETIREMENT! Do theey, and can they retire in NYC? What issues are a consideration, SPECIFICALLY *taxes*!

In regard to taxes, any knowledgable person would know and realize that TAXES are a serious issue for Retirees, on a fixed income and/or middle income, and, depending upon location, even those with a upper middle retirement income.

I wonder, does your life position cause you to have such concerns?

Retirees in most suburban locales have a real issues with the high cost of real property taxes. Those with midlin incomes often find, in retirement, they cannot afford the taxes on the home the have lived in for decades!!

Are you aware of this?

It is clear to any KNOWING intelligence that THIS is the issue which concerned the OP.

It is also apparent that he was unaware of the fairly UNIQUE tax circumstance of NYC. I believe he *presumed* real property taxes to be similar as MOST locales in the nation.

If you didn't know, virtually all locales, other than NYC, are dependant upon property taxes to fund government services, most particularly SCHOOLS.

Sooo, the OP, I imagined was under the impression that residential property taxes are ASTRONOMICAL, particularly, in relation to the cost of homes!!

It is quite reasonable, for someone unknowing of NYC, would think that, in retirement, residential taxes w/b unaffordable!

I believe I aptly informed the OP on the reality of the circumstance.

It seems that if you are within 30 minutes of the lower part of Manhattan....

Now, I do not comprehend what is so confusing in this regard!!

WHAT are the MAJORITY incomes of those living within that perimeter? Please, can you respond?

Perhaps, YOU think it is a cornocopia of *incomes*. Sorry, but it is NOT, and it is and will become more and more expensive every year.

There are NO "stereotypes", it is just the way it is! Within a very few short years, ONLY upper middle incomes will be capable of affording to live within a 30 minute radius. The only poor or even middle income persons will be living in *subsodizedJ housing. The only people with less than a upper middle income, and NOT li ing in subsidized housing will be *singles* crammed into *roommate* situations.

The MAJORITY *areJ and will be 'upper middle' and above. You may think that to be presumptuous, but it is reality. To ignore reality is senseless! Even if you don't like it.

...either taxes or maintenance fees are high enough that retiring there doesn't make sense. Therefore I guess, working in manhattan is only for people who will be there during their prime and leave when they retire?

I think THAT says it all!

Is that, or will that be, the case for the MAJORITY living within the 30 minute parimeter?

****

I am coming more and more to think that despite this being the NYC forum, the members here are NOT representative of the wealth that exist in NYC; nor rpresentative of the changing income demographic which are RAPIDLY overtaking life in NYC; and, that MOST of you, despite living in NYC, with the opportunity to interact with the whole cornicopia of lifestyles which exists in the five boroughs, too many appear surprisingly unaware of the reality of lifestyles outside of the radius of your personal lives!!

I mean really, like there is a zillion people in that perimeter earning $50K owning property! Or, even $75K!

That's ridiculous!

What is the income average of property owners within a 30 minute perimeter?

You are grossly unaware, if you do not realize that literally everyone, not subsidize or not bought in decades ago, has a upper middle income or better.

Correct, correct, correct!

[jcoltrane]

Originally Posted by Airborneguy

LOL! I literally read one of his posts and was counting the assumptions in my head. Sometimes when I'm bored, I actually read jcoltrane rants just for the comedic value. Most of the time, I skip them. This thread is actually one of his best, there's a clear devolution as it goes on.

Oh, good grief, what do you know of life?

You live on SI, and your moniker is "Airbourne"!

Why is it the least knowing individuals make the most argument?

NYC is supposed to be a center of education, intelligence and worldliness.

You'd hardly know it in this forum....

Are there any **thinkers** about?

[Airborneguy]

Originally Posted by jcoltrane

You live on SI, and your moniker is "Airbourne"!

Can you explain this one? I'm interested in knowing what you're getting at here. The two facts don't seem to have any connection to me.

[skinnayyy]

Originally Posted by Airborneguy

Can you explain this one? I'm interested in knowing what you're getting at here. The two facts don't seem to have any connection to me.

Well if you take in the fact that you live on SI, throw in 10 assumptions, and then throw in that your handle is airborneguy, then throw in a few more assumptions, they all link together to show that you know nothing. I thought that was pretty self explanatory lol

[skinnayyy]

Originally Posted by jcoltrane

You are grossly unaware, if you do not realize that literally everyone, not subsidize or not bought in decades ago, has a upper middle income or better.

Correct, correct, correct!

Without any given details of the OP, how do you know that OP hasn't. How do you know that the OP isn't finally retiring at 65, and bought a place 30 years ago... how do you know any of that?

You're making the assumption yet again, that the OP will be buying, or has bought recently, in that 30 minute mark from lower manhattan. And not only that, The OP never said how either, 30 minutes by car or by subway?

You are the most all knowing person ever when your assumptions pan out to work your way. Since obviously that is the only way the world works, you should be a scientist of some kind. We would have no questions unsolved, string theory would be string fact, and you would win a nobel award 7 times a year.

[MikeNigh]

It is actually a hypothetical question considering a more less normal scenario with the conditions given...

For instance assuming the person could properly afford to live there while they did, and since they bought a place that they spent at least 15 years working there.

But if the question has to be about me and whether "I'm worthy to ask such a question" then I'm wondering if I buy a condo in that 30 minute area that I'll have to end up just selling it anyways.

[likeminas]

Coltrane is good....for laughs and to provide comedic relief in what otherwise would be a dull forum.
Coltrane sporadically does give good advice. Most other times he's is a just a rambling lunatic with hundreds of assumptions and prejudices.
I think he's on meds but forgets to take them, that's why you see such a volatile swings in mood.
He's a interesting character, though.
you gotta give him that.