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How Much Does It Cost to Retire in New York, NY?

The cost of retirement is something that is on a lot of people's mind today. When it comes to planning out your retirement or that of someone you are close to, the financial implications of care costs and basic living expenses over time come into play. Good planning now will help you have a more enjoyable retirement doing some of the things you like to do instead of worrying about being able to meet your needs.

Location, Location

Like many cities, the exact location of where you are paying for accommodations is going to play a major role in your overall total cost of living. Convenience and luxury are big factors. Even making some small changes can help cut costs. Manhattan, for example, is going to have one of the highest price tags, but if you get out into one of the boroughs such as Long Island, you will see a significant reduction in rent prices.

Some seniors retiring in the greater New York City area choose to have roommates to help share with costs and household duties. This can work out very well for everyone since both will have more cash flow for other things they want to do. Also there is the added security of having someone else around if you need help. Having a roommate can also mean you both can afford more luxurious and spacious accommodations and amenities.

One bedroom apartments in New York have an average rent of $3000, and two bedroom apartment rents average $3786. Purchasing a home in New York means dealing with prices that can range from the low $200Ks to millions. It is important to make sure that you thoroughly have a home inspected before purchase, especially if it seems to be too good of a deal.

Entertainment

Parks and recreational spaces are a great way to spend time outside and take part in a variety of activities with little expense. Many seniors choose to volunteer for charitable or nonprofit groups. If you have always wanted to take part in plays, a local theater group could be just the opportunity you need to realize your dream.

A lot of retirement communities offer plenty of scheduled activities and events so you can spend time with those that live near you. You may even help plan things to do that others can attend. A group service project can be fun, and it helps those around you.

Transportation

New York transportation is based widely on mass transit and the taxi system. Seniors and disabled persons are eligible for very reduced fares on any mass transit service.

Retiring within the city may lead you to the realization that keeping a private vehicle is simply not worth the expense or hassle. There is something to be said for retirement communities that are on bus routes and that provide some private transportation services with your rent.

Assisted living and nursing care facilities are more likely to offer this than independent living communities. Be sure to consider transportation options and their value to you when putting together a realistic budget for retirement.

Learn more about New York Retirement Planning here:

What's the Cost of Living in New York, NY?

New York Financial Advisors

New York Elder Law Attorneys

New York Senior Realtors

New York Senior Movers and Downsizers

New York Neighborhood Guide

Live Like a Local in New York

New York Demographics and Lifestyle

Find assisted living in New York near you.