Thoughts on retiring to NYC (pension, relocating, community, state)
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I am still several years away from retirement, but lately I have been playing with the idea of relocating to NYC from FL to retire. My thoughts are as follows: I am a single woman, native of FL and like the idea of mass transit that could get me all over the city and have access to transportation to other areas, such as Boston, etc. -- all without the need of driving a car. I also like the idea of no longer owning a SFH so when something breaks I can call the super/landlord instead of worrying about it myself. I don't have any close relatives in NYC though I do have a couple of cousins who live there and a couple of others who live in Connecticut. I Have an adult daughter who currently lives in FL but who knows what she will be doing in a few years. I realize that the winters are cold in NYC, but I have been thinking that since I would be retired I would have the option of staying inside on the coldest days.
I am not wealthy but I would have a reasonable pension in addition to SS to cover living expenses, etc. I would be willing to downsize to even a studio apartment since I do not need much space. In addition, I am thinking that the increased housing expense might be offset by the money I would be saving on car insurance, car payments, car insurance and even homeowners insurance.
I have not been to NYC for about 30 years so I realize that I would need to visit and give it a try before doing anything permanent and I also realize that I could live there for a couple of years and relocate again if I decided to do so.
I am wondering if anyone here as any thoughts that they would like to share with me concerning this idea. I searched but did not find any posts on this specific topic. Am I crazy for even considering this idea?
well, it's nothing I'd want to do but if that's what you want, go for it.
I'm thinking even the money you save on car expenses wouldn't be enough to compensate the increased cost of living. You might look into cities close and/or easy access to NYC, such as Poughkeepsie. Others, I'm sure but that's the one that comes to mind.
Personally I would consider retirement in NYC, because I'm a native-speaker of Russian, and crave immersion in a Russian-speaking (immigrant) community. New York offers the largest such community in the Western Hemisphere. Were it not for that factor, I'd look for other large cities, with urban amenities but lower costs. Why? Because the principal downside of NYC is the high state and local income taxes. We've had innumerable debates on this Forum regarding what drives cost of living. For every person the situation is different. For me, it's taxes.
While there is no consensus, the preponderance of opinion seems to be that long-distance moves are profoundly stressful, and merit careful consideration before making the plunge.
To the OP: No, I don't think you're crazy at all. Congratulations for thinking outside of the box. The cost of housing is going to be an important consideration; please check out what even a studio apartment will cost - it may surprise you (and not in the good sense). As PAhippo wrote, the money you save not owning a car may be less than the additional money you spend on housing in NYC.
I hope you are drawn to the cultural richness of NYC - the opera, the live theatre, etc. Otherwise I wonder what does draw you there, except the lure of life without a car.
Best of luck, and again, I am favorably impressed that you are considering swimming against the tide.
OP, it's actually a great city to be retired in if you can afford it & the winter doesn't phase you (this last one was particularly awful). It's one of the best walking cities in the country & there is always something interesting going on & Central Park is wonderful. There are a lot of free or senior citizen discount activities that can include some real cultural or intellectual events. Great healthcare & you can get around easily without a car. New Yorkers are some of the healthiest seniors in the country believe it or not because of all the walking we do daily, including multiple stories of steps going up & down to subway stations.
There is also a sizable population of seniors, but I think one has to find out where to meet simpatico others thru activities & organizations. You didn't mention if you are renting or buying, each has it's own challenges. If you are well off you are set. If you are middle-class & have to keep an eye on $$ I might suggest living just outside Manhattan: Sunnyside, Long Island City, Astoria, Jackson Heights historic district, Jersey City... just make sure you are reasonably near the subway.
we lived in the boroughs our entie live. we bought a 2nd home in the poconos thinking we would like a more downsized life.
5 years later we sold the house and realized in retirement with so much free time there is nothing like retiring here in nyc . it is costly but i think it is worth every penny ,especially because this is where our kids and grandkids are.
OP Seeing as though I hate the Yankees, might I suggest Boston as a better location. First there is a new vibrancy to the city. Housing prices are a bit less then NYC and we have nearly the same infrastructure and culture attractions with a slight edge in historical locations. Our medical facilities are world class and we have a can do spirit that is hard to beat. Boston is a walkable city and we have the Red Sox (currently the cellar dwellers but last years "World Champs").
Before you settle on NYC you should take a look in Boston as well.
Good for you to even entertain the thought. I would be very interested in hearing(reading) what sorts of rents you find. I have thought about returning to Manhattan to my old neighborhood. Some of the rents are not so bad actually and everything is very convienent.
NYC housing though in a decent neighborhood is going to cost you $$$$
You do have some options of Brooklyn a tad cheaper than NYC
Also across the Hudson in downtown Jersey City, PATH into NY right there. A studio in downtown JC will more than likely run you 1200-1500
And as another poster suggested if the urban vibe is what you want don't rule out Boston
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