The “Best and Worst States to Retire (2024)” list New York as the most costly state to retire in, in addition to having one of the world’s most expensive cities (NYC). While the Empire State scored higher in quality of life and healthcare, it ranked worst in affordability in the 50 US states. GOBankingRates says a $1 million retirement investment lasts 14 years, 1 month, and 15 days.
New Jersey, the second most costly state to retire in, costs $1 million for 16 years, 9 months, and 25 days. New Jersey’s cost of living is usually lower than New York’s.
New Jersey retirees can enjoy small-town charm (like New York, especially in the quaint and lovely Hudson River towns) and large-city conveniences in areas like Atlantic City, which rival New York City’s energy while being cheaper. These New Jersey retirement variables don’t make choosing between the two easier.
So, the verdict? Is New York or New Jersey better for retirement? New York’s diversified landscapes and well-being may make it a better retirement choice than New Jersey’s attraction and slightly greater affordability. There are several reasons to retire in New York rather than New Jersey.
New York Has Better Life Quality
New Jersey rated 35th in WalletHub’s current rankings, whereas New York ranked 10th due to its strong quality of life scores. The state’s excellent infrastructure and public resources improve inhabitants’ quality of life, making it a better retirement location.
Although New Jersey is safer and cheaper, the Empire State is ideal for seniors seeking a better quality of life.
Albany, Syracuse, Rochester, Buffalo, and New York City have the finest quality of life.
New York Nature Is More Beautiful
Science shows that greenery and nature improve mental and emotional well-being. When shopping for a retirement home, a stunning natural landscape is crucial.
While New York City’s Central Park comes to mind, the Empire State has many natural spaces and vegetation that are suitable for retirement.
New York is one of the most beautiful states in the US due to its landscape, including the Adirondacks, Catskills, lakes, and Niagara Falls.
New York placed 10th in AirportParkingReservation’s natural beauty assessment. New Jersey was not among the top 25! Many reasons exist to retire in New York, not New Jersey, including the stunning countryside.
Niagara Falls, Adirondack Mountains, Finger Lakes, and Catskills are among New York’s most spectacular natural wonders.
Jersey Has Fewer Senior Living Communities Than New York
Every senior wants to retire in a multi-living area. Fortunately, New York has over 500 amazing senior living places. New York offers more retirement possibilities than New Jersey, whether you choose to retire by the lake, in a huge metropolis, or in ideal small mountain communities Upstate.
Brandywine Living at Huntington Terrace, Woodland Pond in New Paltz, and The Savoy are popular New York senior living complexes.
New York senior communities average $3,120 for independent living and $4,580 for assisted living.
READ MORE: 7 Best River Towns for Retirement in The South US
NYC Has The Most Reliable Public Transit
According to public transit usage, road quality, and average travel time, New York is the best state for transportation, ahead of New Jersey in fifth. Its public transit is among the best in the US and the globe.
New York City, is one of the US cities with the strongest public transport networks, with 472 subway stations and an abundance of buses and subways for seniors.
Best New York Cities with Good Public Transportation: NYC, Buffalo, and New Rochelle
NY Retirement Income Is Higher Than NJ
New York’s $66,266 retirement income ranks fifth in the nation. The average New York retiree’s hourly wage is $31.62.
New Jersey ranks 20th with a $59,685 retirement pay and $28.70 hourly wage. This makes NY a better retirement destination than NJ.
New York retirees get pensions, dividends, annuities, reverse mortgages, rental income, and more.
Read More:
- Uncovering 9 Perfect Retirement Cities in the US for Affordable Living
- These 8 Signs Indicate You Will Retire Wealthy
New York Offers Better Long-Term Care
Long-term care has been improved by the federal government, including Medicaid’s $597.6 billion spending, 30% of which went to it.
MedicareGuide ranked US long-term care by cost, access, and quality. New York, the 5th best state for long-term care, is a better retirement location than New Jersey, the 12th.
New York’s Property Tax Rate Is Lower Than NJ’s
New York is one of the states with the highest income taxes, although retirees benefit from no Social Security taxes, partial withdrawal taxes, and normal salary rates. Despite having high property taxes, New Jersey is more pricey.
New Jersey has the highest property taxes of the two states, averaging 2.47%, depending on home valuation. An average median-priced home in New Jersey costs seniors $8,796 in property taxes each year. This is $2,268 more than New York’s $5,732 average.
Property taxes vary by area in New York, with Hamilton having the lowest at $1,834. The lower property tax rate is one motivation to retire in New York instead of New Jersey.
source: WalletHub