Why New York Is One of the Worst States to Retire in

Those living in New York City and planning a well-deserved retirement should consider moving. According to a recent study by Retirement Living, New York City will be ranked the second worst state for retirees in 2025. This was reported by SecretNYC.

If you're dreaming of spending your quiet years relaxing and enjoying life, you'll have to say goodbye to New York City. The 2025 Retirement Living study assessed all US states across a variety of metrics to determine which are the best and worst places for retirees to live. And, as many might have expected, the results for New York City were disappointing.

Using data from the U.S. Census Bureau, the Centers for Disease Control and Prevention (CDC), the Tax Foundation, and other authoritative sources, experts assessed three key categories:

• quality of life;
• availability and cost level;
• economic stability.

The analysis found that New York was the second worst state to retire in, behind Hawaii.

This result is due to the high cost of living. To retire comfortably in New York City, you need more than $1,5 million—enough for approximately 29 years.

On the subject: Loneliness and Lack of Money: How Retirees Live in New York

However, most retirees do not have such savings: the poverty rate among elderly residents of the state is 14,3%.

Safety is another weak point: New York's violent and property crime rates are higher than many other states. In specific categories, the state ranked as follows:

• availability: 46th place;
• economic sustainability: 50th place;
• Quality of life: 24th place.

The ranking's authors note: "For affluent retirees, New York City can offer a rich cultural life and a wide range of places to live, but for most, the financial challenges outweigh the benefits."

Best States to Retire in 2025:

1. Wyoming
2. West Virginia
3. Florida
4. Montana
5. Delaware
6. Maine
7. Pennsylvania
8. Mississippi
9. Idaho
10. Kentucky

The worst states to retire in 2025:

1. Hawaii
2. New York
3. Massachusetts
4. New Jersey
5. California
6. Maryland
7. Connecticut
8. Texas
9. Vermont
10. Virginia

The full rating is available at Retirement Living website.