New York is on track to be the seventh worst state for retirement in the U.S. in 2024, according to a recent WalletHub study.
States that fared worse than New York include Oklahoma, Rhode Island, Mississippi, New Jersey, and last-place Kentucky.
WalletHub is ranked All 50 states in the U.S. were surveyed for their ease of retirement based on three key dimensions: affordability, quality of life, and health care.
New York ranked 10th in quality of life and 12th in health care, while the Big Apple ranked as the least affordable state and the worst state for retirees.
For reference, the cost of living in New York is 30% higher overall than the national average, with departments like housing 78% higher than the national average, and basic necessities like food and clothing each about 12% higher.National average according to apartment introduction service rent cafe.
Across the river, New Jersey is even worse, ranking as the second-worst state for retirees according to WalletHub's criteria, just one spot higher than its 2022 ranking.
New Jersey has lost more residents than any other U.S. state for the sixth year in a row, according to another recent study by interstate moving company United Van Lines.
United Van Lines' national relocation survey found that an astonishing 65% of moves involving residents in the Garden State were for resident evacuations, primarily retirements.
United Van Lines spokeswoman Ailey Cummings told the Post at the time that 32% of the company's outbound traffic from New Jersey “goes to Florida, North Carolina and South Carolina.”
New Jersey has the highest property taxes in the country, with an average effective property tax rate of 2.49%, according to the mortgage company. Rocket Mortgage.
For reference, the national average is only 0.99%, while in New York State it is 1.72%.
WalletHub did not elaborate on why the worst state to retire is not ideal for retirees age 62 and older, who are eligible for Social Security retirement benefits, but noted that Florida is a “retirement paradise.” This explains why it was at the top of the list.
Florida ranks as a very tax-friendly state and a great state to retire in, as there are no state income taxes, estate taxes, or estate taxes.
Economic factors aside, the Sunshine State's beaches, golf courses, and country clubs provide an attractive and relaxing environment for retirees, WalletHub reports, and Florida has the highest death rate for people over 65 in the country. He pointed out that it is one of the countries with the lowest.
The findings confirm a study published by SmartAsset last year that found New York City residents with salaries of $650,000 are ditching exorbitant rents and taxes in the Big Apple for the sunny beaches of Miami. It was found that this could save approximately $200,000.
In New York, workers are subject to an effective tax rate of 45% after federal, state, and local taxes, which drops to 35% when they become Miami residents.
Amazon's billionaire founder Jeff Bezos recently left his longtime Seattle home for a multimillion-dollar property on Florida's ultra-luxury Indian Creek Island, also known as “The Billionaire.” He was even accused of trying to avoid paying further taxes after announcing he was buying real estate. Encampment trench. “
Meanwhile, Colorado and Virginia were ranked second and third best states for retirement, respectively, by WalletHub.
According to WalletHub, Colorado earned the top spot due to its taxpayer-friendly conditions (no estate or estate taxes) and high concentration of top-ranked geriatric hospitals.
Virginia isn't a particularly nice state to live in, but it ranks 11th in terms of affordability, according to WalletHub. The personal finance company says it has some of the highest protections against elder abuse in the nation and crime rates are low.
