According to Bankrate, New York State is the most costly place in the country to retire due to its well-known high cost of living.
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Several data sources were included in Bankrate's affordability assessment, including information on the cost of living and the rates of the property and sales taxes.
As a result of rising NYC housing costs, New York went from ninth to first place on the list of the most expensive retirement states.
The Fiscal Policy Institute estimates that annual mortgage costs are 34% lower outside of New York City.
New York is a generally tax-friendly state for retirees; nonetheless, it taxes retirement income and provides deductions to individuals who are 5912 years of age or older.
Social Security payouts are not taxed by the state, which offers seniors somefinancial respite.
Because of its high cost of living, California continues to rank as the second-most costly state for retirement.
Despite its pleasant climate, California's income taxes on withdrawals from multiple sources may make it unaffordable for retirees.
Find out which states in the US will cost the most to retire in 2023 based on Bankrate's rankings.
Retirement specialist Kerry Hannon suggests that you think about personal preferences, healthcare expenditures, and housing costs while choosing your retirement location.