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Sound Off: Are the Golden Years Tarnished for NY Retirees?

TopRetirement.com doesn't think highly of New York as a place for retirees. Do you agree?

New York is among the top 10 states to raise your kids, according to the Foundation for Child Development, but you better skedaddle before your golden years.

The state is the eighth worst place to retire, according to rankings from TopRetirements.com.

For his research, Top Retirements President John Brady awarded states with the highest cost of living one negative point.

"Surprisingly, New York did not earn any negative points for income taxes, since it offers generous exemptions for Social Security, pensions, along with a high standard deduction," Brady said.

Top Retirements used a combination of fiscal health, taxes, cost of living and climate to come up with the worst states to retire list.

The big issue for New York: the high cost of living. It's the fourth most expensive place in the country to reside in, according to Top Retirements.

If you’re leaving New York in retirement, you might want to avoid the other states in the top 10 as well:

1. Connecticut

2. Illinois

3. Rhode Island

4. Vermont

5. Massachusetts

6. New Jersey

7. Minnesota

8. New York

9. Maine

10. Wisconsin

Do you plan to spend your twilight years in the Empire State? If not, tell us where! Vote in the poll and share your thoughts in the comments section.

WARREN February 16, 2012 at 05:46 PM
Myfamily lives here and I'm not leaving my loved ones.Municipal bonds are the best investment.....may sure you diversify them.......govt keeping interest rates so low hurts people who retire..............living in long island with a HOUSE.....TAXES ARE SO HIGH............SCHOOL SYSTEM NEEDS TO WAKE UP....ENOUGH ALREADY.....401K FOR ALL LOCAL,STATE AND FEDERAL WORKERS....WE HAVE NO CHOICE BUT TO CUT THEIR BENEFITS......THEY ARE MAKING A GREAT SALARY HERE ........ENOUGH IS ENOUGH.........
Hope Jackson February 17, 2012 at 03:43 PM
I am a state worker and have worked for many years. Yes, I am expecting a SMALL pension when I retire that I paid into all these years. Hopefully, with my social security, it will be enough to stay here in NY, where the cost of living is way too high, and no perks at all. I have heard that PA is a great place to retire, and not too far from the kids and grandkids so if I just can't make it here after I retire, I may go to PA.
Steve February 17, 2012 at 10:25 PM
Left nine years ago for the Tampa area in Florida. Living far larger than we could have ever imagined. Retired from NYC and now already earned and working further towards second pension here in Florida. However, with that being said, I miss Sayville tremendously and the ability to get together with friends and family at any given time. Everyone looks at housing costs, crime, schools, taxes, etc when making the long distance move however no one including ourselves ever thought about friends and family not close to you. If you value friends and family that much, stay.
Jean February 23, 2012 at 08:36 PM
Retired and moved to Arizona. Sunshine 340 days a year, low taxes....annual property taxes here would have been a month's worth on LI. We do miss what's left of our family there...but friends are also moving out of state. We miss the LI of long ago when taxes were $300 a year!!!
Steve February 23, 2012 at 09:35 PM
@Jean. I hear you on the low property taxes. Ours are $2400 a year for a 4000 sq ft home on .60 acreage with three car garage, pool, country club and all its amenities. I could see this being near $20000 on Long Island. Sayville will always be home though and we visit 3-4 times a year. Can't replace all those memories from the 60s and 70s growing up there.


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