New York has undergone many changes over the last few years, but it remains an attractive place to retire. There are many things to its credit when it comes to being a prime place for retirement. Its culture, surrounding scenic areas, as well as its unique character certainly serve as an appealing backdrop to one’s later years.
Retiring in NYC does not have to remain a dream. But it does make sense to consider some key factors when it comes to making a move. This is to make sure that everything is as comfortable as possible for one’s retirement. Read on to find out some things to consider before you make your move to New York.
New York Climate
The entire state of New York is beautiful across all seasons, whether it’s spring in Central Park or winter skiing in the Adirondacks. Across the five boroughs and the rest of the state, the temperatures can vary widely, and you will never run out of options to spend your time as you wish.
In the New York City area, one may opt to stroll around Central Spark for spring, summer, and autumn or visit Brooklyn to enjoy Coney Island. Temperatures cool considerably upstate, featuring many mountains, lakes, rivers, and parks, while Long Island is full of beaches where many water sports activities can be enjoyed.
New York State Taxes for Seniors and Retirees
A key consideration for retirees in New York is its unique tax structure. Retirees must examine the provisions for property taxes, retirement income taxes, and whatever tax exemptions are available.
There are indicators that New York remains tax-friendly for retirees. There are no taxes on Social Security income, although withdrawals if they are from retirement accounts. Depending on your income, pension and annuity income can be taxable, though there can be exemptions. After a certain amount, private pensions and retirement savings are taxable, too.
However, New Yorkers 65 years and up may qualify for reductions on their property taxes, which is dependent on the local government’s own provisions.
New York Health Care
New York is also a premium destination for healthcare, both private and public. It is known for having the most expansive public health system while having top-tier hospitals such as the New York Presbyterian Hospital and Mount Sinai Hospital. Many respected hospitals are found all over the state, too, should this be a consideration when you are traveling across the state.
We hope this article has helped you think of considerations when it comes to retirement in New York. As you can see, there are several pros and cons to this move. A move to New York for retirement, however, will prove to be beneficial in terms of tax exemptions and health care. All this is on top of the city’s unique character, its culture, interesting personalities, and multiple activities which can make your retirement life richer. Be sure to keep all the useful things that we have mentioned in mind once you make the final decision when you retire.
If you are looking for apartments in the Upper West Side, with a fully-staffed security team and is just a stone’s throw away from everything you need, Lincoln Towers New York has got you covered. For more information, visit our website today!