Anyone move to NYC for retirement? (New York, York: apartment, renting, home)
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usually its just the opposite because of the cost of living here.
the good thing about ny is New York allows residents 59½ and older to exclude up to $20,000 of private or out-of-state public pensions from taxes, regardless of their total income.
the bad thing about nyc is the tax rates on everything else.
we thought we would like the more rural life and bought a home in the pocons in pa which we were going to retire to .
but 5 years later we realize there is nothing like nyc . the things to do, the medical care, public transportation if you cant drive, not being trapped indoors all winter etc all make nyc very attractive.
it all boils down to affording the lifestyle you want to live . if you can afford it nyc is fabulous.
to me retirement should be a reward for a lifetime of working, saving and doing without while raising a family . i want to live better in retirement than we did working since the trying to save and invest aspect is over and we go from our accumulation stage to our decumulation stage.
where we chose to retire has to let us do that.
to me living a life on the cheap or dumpster diving at retirement is not how i would want to live so i would look very carefully at costs in nyc and see if it meets my goals.
it all depends on your finances and what you expect from your retirement.
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Last edited by mathjak107; 03-26-2012 at 04:16 AM..
I have a friend that moved to Manhattan as soon as her children were out of the house. NYC has lots to offer older people from convenient public transportation to lots of cultural activities.
I've read several times now that more and more older people are moving to NYC for retirement. However, as others have pointed out it is not a cheap option and typically limited to the affluent. Outside of that, you've got easy access to some great hospitals, ample public transportation, and just about everything is convenient. If you live in a single level apartment in an elevator building you can live out your whole life and could skip the nursing home in favor of a home aid.
Don't need a car
NYC is actually pretty safe for a large city
Many senior discounts, from mass transit to museums
Disadvantages:
Renting or buying is expensive.
You become much more aware of the world's problems living here, between the newspapers, the occasional protests, and so on. It may not be ideal if you want to feel the world's problems are a million miles away.
Agreed that it boils down to what kind of lifestyle you want. Big City life isn't for everybody.
I could not think of a better place for retirement...so here I am.
Last edited by Kefir King; 03-26-2012 at 06:08 PM..
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