New York Is Officially the Most Expensive State to Retire
Some retirees immediately fly south for retirement and never look back, but a substantial number of New Yorkers feel that no place besides New York can ever be home. Despite this, they would be happy to never again have to navigate the slippery steps of a brownstone after a snowstorm. Especially when your job does not dictate your whereabouts, it is possible to spend the summers in New York and the winters somewhere with a milder climate, but it requires a considerable amount of financial strategy. Only one state can be your legal domicile, though. Your domicile is the state where you vote and file tax returns and where your estate goes through probate, even if you only live there part-time. To find the most affordable way to retire without cutting ties with the Big Apple, contact a Bronx estate planning lawyer.
Bankrate’s List of Most Expensive States for Retirees
You don’t have to read a listicle to find out that New York is an expensive place to live; just look at your bank statements. Of course, lots of other places are getting expensive, too, which could mean that the legendary grouchiness of New Yorkers could soon become more uniformly spread across the country. Every year, Bankrate publishes a list of the 50 states, ranked in order from most expensive to least expensive, calculated based on the average living expenses of retirees in that state. In 2023, New York takes first place. Only slightly less expensive than New York are California, Massachusetts, Washington, and Maryland, which round out the top five. Unsurprisingly, the five least expensive states are places that rarely, if ever, register on the radar screens of New Yorkers as places to visit, much less to retire, namely West Virginia, Mississippi, Iowa, Alabama, and Missouri.
Retiring to Florida Is Not Exactly Cheap, Either
For decades, Florida has been the obvious retirement destination for New Yorkers who have gotten tired of the snowy winters. If you plan on making Florida your domicile, however, do not expect your expenses to decrease dramatically. This year, Florida is the 15th most expensive state for retirees, meaning that it is not that much less expensive than New York. The rapid rise of the cost of homeownership has caused Florida to jump from the bottom 20 most expensive states to the top 20. Part of the reason that homeownership has become so expensive in Florida is the homeowners’ insurance crisis. Six of the ten most destructive hurricanes on record hit Florida, and some of these were within recent memory. Therefore, insurance companies have become skittish about underwriting homeowners’ insurance policies in Florida.
Schedule a Confidential Consultation With a Bronx Estate Planning Attorney
An estate planning lawyer can help you plan for an affordable retirement, whether you decide to stay in New York, move out of state, or divide your time between two locations. Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.
Sources:
nationalmortgageprofessional.com/news/florida-battles-riptide-closing-problems
cnbc.com/2023/08/31/cheapest-us-states-to-retire-in-2023.html
