New York Retirement Guide


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 just under 19.8 million people  in 2015 with a median age of 38.1. 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. Updated Dec. 2016.


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 had one of the highest household incomes ($58,687) in the United States in 2010-2014. Cost of living is the 6th highest of all the states (MERIC), but varies by region. Statewide the Zillow Home Value Index was $273,700. 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 $383,300 in late 2016, although in the city proper they were probably double that. In Buffalo, however, the median home price was $138,900.

New York Taxes

Tax Burden: New York is generally regarded as a high tax state. Total tax burden in New York is the highest in the nation at 12.7%.

Marginal Income Tax Rates.  New York's top marginal income tax rate is 8.82% on the top bracket just over $1,000,000.

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 private or out of state pensions can be excluded if you are 59 1/2 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, and New York has the 4th highest of those in the nation. Per capita property taxes were $2494 in 2013.

Homestead Exemption. New York has property tax exemptions for people over 65 who meet certain income restrictions. See this page for more about tax exemptions for seniors in NY State

Estate and/or Inheritance Taxes. New York has a new estate tax as of April 1, 2014. The federal exemption will be $5.25 million (indexed for inflation) by 2017. The tax rate is 16%. See NY Estate Tax

Here is more information about taxes for senior citizens in New York.

Topretirements named NY as one of the worst states for retirement on its 2014 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.

Get started with reviews of the best retirement communities.



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