Retire in New York
If you've been considering retiring in the Empire State, here is information on the best places to retire in New York. This website has useful data and opinions on the exciting active adult retirement communities in New York. The Empire State has over 19 million people and 62 counties. It includes America's most famous city, the Big Apple, to charming sea coast villages on Long Island; from wealthy New York suburbs to the vast Adirondacks; from upstate to the Finger Lakes wine region; there is definitely a New York community where you can be happy in retirement. The Wikipedia entry for New York has more facts.
New York Climate
The New York climate is called humid-continental. There are 4 seasons and the climate is influenced alternatively by the Gulf of Mexico and the Northeast. Summers are hot and winters are cold with occasional snowstorms. Western New York has a more severe climate, Long Island more moderate.
Economy and Home Prices
New York has one of the highest household incomes ($55,223) in the United States. Median home prices can range greatly - in wealthy New York City apartments routinely cost over a million dollars. In the bigger NY Metro the median home price was $368,300 in the first quarter of 2013. In Albany, however, the median home price was $194,300. Cost of living in the New York Metro is very high but differs in other regions - 135 index in New York City and 101 in Ithaca.
New York Taxes
Tax Burden: New York is generally regarded as a high tax state. Its state and local tax burden is 2nd highest in the nation. Total tax burden in New York City is the second highest in the nation at 12.3%.
Marginal Income Tax Rates. New York's top marginal income tax rate is 8.97% on the top bracket of $500,000.
Retirement Income Exemptions. When it comes to taxation of retirees, the tax situation is quite friendly. Military pensions, civil service pensions, NY State and local pensions are not taxable. Up to $20,000 of qualified pensions can be excluded if you are 59 years of age or older.
Social security exemption. Social security is not taxed.
Sales Tax: State sales tax is 4.0% but many towns and cities can and do add 5% additional tax.
Property Taxes: The worst tax problem for retirees is property tax, which is 2nd highest in the nation.
Homestead Exemption. New York has a homestead exemption.
Estate and/or Inheritance Taxes. New York has a new estate tax as of April 1, 2014. The exemption for 2014 was raised to $2.062,500 and is set to rise by just over $1 miilion each year until it reaches the federal exemption of $5.3 million (indexed for inflation) by 2017. The tax rate is 16%.
Here is more information about taxes for senior citizens in New York.
Topretirements named NY as the 8th worst state for retirement on its 2012 list.
Certified Retirement Communities
New York does not have a certified retirement community program.
Best retirement communities in New York
New York is a great state for active adults and people over 50, particularly if you live there already or hanker for "car-free" life in the Big Apple. For example, active adults looking for retirement information on the great City of New York will find vital information to help assess pros and cons of living there.
Other "best" retirement communities include the beautiful college town of Ithaca, the North Folk coastal town of Mattituck, or the state capitol in Albany. Towns like Poughkeepsie, Elmira, and Yonkers are other retirement places to consider.
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