Players competing at a two-day tournament hosted by the Florida Shuffleboard Association. Dec. 19, 2022 © KAILA JONES/TCPALM / USA TODAY NETWORK
Syndication: Treasure Coast
(New York, NY) – According to a study released earlier this year, the Tri-state is a pretty terrible place to retire – at least in terms of making ends meet with your nest egg. WalletHub’s survey ranked New York dead last in the affordability category for retirees. That said, the Empire State did rank inside the top 10 in terms of quality of life, and 16/50 for health care.
Digging deeper into New York’s affordability issues, the state’s cost of living score checked in at the second highest spot, trailing only Alaska. New York’s tax rate is also third-highest. The average retired person living in New York would only have enough funds to cover 14 years.
Over in New Jersey, things aren’t much better. The Garden State ranked 49 out of 50 in the affordability category. New Jersey and New York, as well as Kentucky, Mississippi, and Oklahoma, make up the “bottom five” in terms of the worst states to retire in. Connecticut is in the bottom 10 in terms of affordability – meaning for people retiring in the Tri-state, your spending power is sapped, at least in comparison to the rest of the country. Jill Gonzalez from Wallet Hub explains below how the retirement survey is done.
