Two national studies on the worst places to retire won’t make you feel better about spending your “Golden Years” in New York.
“HireAHelper” released its annual report showing California and New York had the dubious distinction of losing the most retirees to other states. The Golden State lost 18% of retirees to new states while here in the Empire State 11% of every person that retired hit the road for greener pastures.
The top two destinations for Suffolk County and New York retirees are Florida and South Carolina.
Another national study from WalletHub shed light on the reasons why so many retirees leave and don’t want to stay in New York.
According to their data, NYS is the seventh worst state in America for retirees and the worst in the nation for retiree affordability, listing a number of negative factors on why people don’t want to stay here. When factoring in various levels of taxes and money taken out of your paycheck, New York State residents in essence pay on average more than 40% of their income in taxes.
“You should retire in a state where the cost of living and tax rates are friendly to retirees,” encouraged WalletHub analyst Cassandra Happe.
That place most definitely is not New York State according to their findings.
Many taxpayers and lawmakers took to Twitter, the social media platform now known as “X” to express their dismay and frustration at high taxes people pay here.
“High taxes and job-killing regulations are stifling opportunity in New York State. Employment flatlined last month and people are leaving the state in droves. We must change direction before it's too late,” wrote Congressman Mike Lawler on Twitter.
“I left New York State in 1985 when I graduated college. It was bad then but I never thought it could get this bad. They sure love their high taxes,” wrote Twitter user @pauliemurr.
“New York State is broke and willingly will write their own laws to fleece the individuals that once made the City functional and remain profitable,” stated @Jamsbuildameri1 on Twitter.
Lower taxes in Florida, which does not have an income tax, is the main reason why so many folks flee New York for the Sunshine State. Plenty of sunshine helps as well, considering the annual average temperature in Florida is a balmy 72-degrees, while here in New York is approximately 45-degrees.
“Florida has the second most shoreline of any state, allowing for plenty of relaxing at the beach. It also ranks among the top states for adult volunteer activities, theater companies, golf courses and country clubs,” wrote WalletHub when releasing its findings.
WalletHub analyzed three data points to determine the best and worst places in America to retire: affordability, quality of life, and healthcare.