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Old 03-31-2015, 06:55 PM
 
15,759 posts, read 14,364,128 times
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The difference between Nassau County and a city in NC and KY, is not nearly as big as the difference between NYC and the same places. If you live in a car centric, suburban model area, what the article says make more sense.

In a lot or ways, NYC makes a lot of sense for the elderly. However in one huge way, affordability, it doesn't.

Quote:
Originally Posted by SeventhFloor View Post
What's happening to many retirees is that the cost of property taxes make it too prohibitive to retire here. This is mostly true for Nassau and Suffolk counties however, not NYC. Go take a look over in the Long Island forum and see what most of their posts are about...It's not uncommon to be retired and have a paid off house, but 13K property tax for the year in Nassau County. Some of them are relocating to North Carolina, Kentucky, etc.
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Old 03-31-2015, 07:35 PM
 
33,402 posts, read 46,840,103 times
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Quote:
Originally Posted by BBMW View Post
The difference between Nassau County and a city in NC and KY, is not nearly as big as the difference between NYC and the same places. If you live in a car centric, suburban model area, what the article says make more sense.

In a lot or ways, NYC makes a lot of sense for the elderly. However in one huge way, affordability, it doesn't.
What you're saying has absolutely no relation to the point I made which was the property taxes are forcing them to move elsewhere. What does car-centric have to do with that...
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Old 03-31-2015, 08:28 PM
 
31,652 posts, read 26,506,721 times
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Quote:
Originally Posted by NyWriterdude View Post
Many high tail it out of here because they can't afford it. That's the true bottom line. If your house isn't paid for by the time you retire, many can no longer afford to service the mortgage. And if they never bought property upon retirement may cannot afford to pay the RENT.

Retirees with sufficient amounts of money stay in NYC. Bloomberg and Giuliani aren't given up their NYC residences. An old person with a fully paid for house isn't given up their NYC resident. A retiree whose retirement income and assets are sufficient to cover their mortgage isn't leaving NYC.

Does income go further in Georgia than in NYC?

On a daily basis when you have to buy food, pay utilities, DRIVE (and deal with all the auto related costs, including insurance)?

NO!

The only way you might make out is if you bought property in a part of NYC before gentrification and sold post gentrification. Yes you could then buy cheaply in the South. Have fun driving an hour or two to go the doctor. The cheap places in the South are far from everything (you get what you pay for). Have fun driving long distances just go to the grocery store. And what happens when you're too old to drive (but you can still walk and take care of yourself?) It's straight to a nursing home as you cannot stay home alone if you are homebound (unless you have a younger relative taking care of you).

Nobody leaves a place because of the taxes IF they can afford to pay taxes (along with other expenses) and maintain a quality life. NYC dumps it's old poor people out of the state (have fun paying out all those medicaid expenses when those old people get really sick Florida!)
Sometimes you really are dense.

Now you are comparing all retirees to Bloomberg (a multi-billionaire) and R. Giuliani (a multi-millionaire)? You do realize there is a *HUGE* difference between those two demographics and your average New Yorker much less retired household.

Owning a home outright does *NOT* release one from the obligations of paying property taxes. Either directly in case of homeowners/ co-op shareholders or monthly rents for everyone else. Either way you still are paying.

You also ignore the fact for many who are *NOT* worth millions or billions a bulk of their retirement planning is invested in their home. That selling the property to release the equity which has built up over the years.
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Old 03-31-2015, 09:09 PM
 
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They shouldn't lump the entire state of New York into one.

Somebody retiring upstate would fare MUCH MUCH MUCH MUCH MUCH better than somebody retiring downstate

they should seperate it by Metropolitan area
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Old 04-01-2015, 01:53 AM
 
25,556 posts, read 23,831,511 times
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Quote:
Originally Posted by BugsyPal View Post
Sometimes you really are dense.

Now you are comparing all retirees to Bloomberg (a multi-billionaire) and R. Giuliani (a multi-millionaire)? You do realize there is a *HUGE* difference between those two demographics and your average New Yorker much less retired household.

Owning a home outright does *NOT* release one from the obligations of paying property taxes. Either directly in case of homeowners/ co-op shareholders or monthly rents for everyone else. Either way you still are paying.

You also ignore the fact for many who are *NOT* worth millions or billions a bulk of their retirement planning is invested in their home. That selling the property to release the equity which has built up over the years.
So people were too POOR to service the property tax on their places (insufficient income and/or savings). So they are really leaving due to POVERTY..............

Yes I understand that and that is my point. But for some reason people can't go out and say it.

An old person who has sufficient money to live in NYC after retirement would stay here and pay the taxes and all. The poor have to leave to go to some crappy Southern state.
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Old 04-01-2015, 02:41 AM
 
105,824 posts, read 107,799,717 times
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Quote:
Originally Posted by BugsyPal View Post
You are so wrong.

New York State has a vast and bewildering array of taxes that will affect your happy behind just from living here, regardless of retirement.

Property taxes on your home be it a rental or owned.

Estate/Death Taxes after your death

If your income post retirement is large enough and depending upon its source, yes you will be paying taxes.

Everything your purchase and or use from a gallon of milk to electricity is effected by NYS/NYC taxes.

Once again why do you think so many retirees even with pensions (civil or private) high-tail it out of NYS/NYC. Their income and savings will go much further in say Florida or Georgia than New York. Now if your situation is like *that* and such things don't cause worry then that is another matter.
for most new yorkers , new york has no estate taxes's anymore . in fact as of today , april 1st 2015 you can pass 3 million bucks tax free without even a trust . 6 million as husband and wife with trusts. next year it is 4 million and 8 million with trusts.

new york does not tax social security nor does it tax the first 20k in pension income from private pensions.

federal gov't and local ny gov't pensions are not taxed at all. ny gives us a 1600.00 tax credit for having a long term care policy . the ny standard deduction is higher than the federal .

new york is expensive but it does have it's perks.

income in retirement is like water , it will always seek its own level.

no matter how much folks have they end up making do. we have folks living on ss by room sharing in ny and we have wealthy people and some how everyone manages.

we have friends who retired last year to florida because their finances didn't let them live the life they wanted in ny . but what they found is the bar just shifts and now they live a better lifestyle but they still don't have enough to live how they want. the money gets allocated differently.

up here they had a 1 bedroom apartment . down there they got a whole house . they need 3 bedrooms now since all the kids visit and stay over. they have 24/7 ac going , expensive home insurance , landscaping and eating out all the time with friends.

no matter how much you have , unless you are really wealthy there will always be to much month at the end of the monwey no matter where you go.

many of the biggest expense's stays the same regardless . healthcare for retirees even with medicare can be insane . medicare , an f-plan medigap policy , drug coverage and long term care insurance will cost us almost 18k .

buying a car is about the same , want to go to a local college , about the same . clothes , not much difference. nyc has low real estate taxes , lower than many areas outside of nyc . while we have a state and local income tax a lot of retiree income is not taxed at all.

in fact our first year in retirement a 6 figure income will have us paying about 2400 bucks ,if that much in local taxes. just real estate taxes in florida can run that much. in fact we were paying 3k for real estate taxes in the poconos.


nyc has lots of money grabbers though like tolls and even parking meters . we put a few hunderd bucks a year in meters alone going to the gym. tolls to see the kids run 100 a month.

there may be lower cost cities but they generally lack something nyc has that one wants or needs in retirement .


retirees can find it very difficult finding any work elsewhere that pays them well or even offers more than low wage jobs.

but of course the biggest issue is whether you want to be a part of the daily lives of family and friends.

Last edited by mathjak107; 04-01-2015 at 03:52 AM..
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Old 04-01-2015, 06:38 AM
 
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I believe NYC is a good place to retire but the rest of the NY might not be.
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Old 04-01-2015, 08:19 AM
 
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You mean to tell me retired people just wanna live in nice, quiet areas where they're not reamed with property taxes? WHAAAT??
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Old 04-01-2015, 08:25 AM
 
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some do. we found out by trying it that that quiet rural life was not our idea of how we want to spend retirement.
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Old 04-01-2015, 08:42 AM
 
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I think there's a difference between a quiet life and a quiet home.

Elderly minds typically react much more adversely to overstimulation and living in a cheap, rural area to relax between the adventures/vacations they're able to now save money to go on within their own schedule is much more preferential (typically, that is).
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