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May 27 - JUNE 03, 2014

New York Ranked Worst State for Retirees

May 27, 2014

For pretty much the same reasons that New York State represents a poor choice when picking a retirement spot in general, it is also rated the worst for retiring members of the U.S. military, a recently released report states.

High taxes, crushing poverty, lousy weather and expensive housing combine to make New York State a nightmare for retiring U.S. servicemen and women. In fact, the situation here is so bad that New York ranks lowest in the number of retired military personnel in all the 50 states, with just 4.54 veterans per 100 population.

According to a recent article in Long Island Newsday, New York is the worst state for retirement because of its high taxes and cost of living. New York ranked last because it has the highest tax rates in the country and the fourth highest cost of living, according to Bankrate. Additional blows were low marks for satisfaction levels of residents and health care quality.

Violent and property crime rates, homeless and other grim statistics were also factored in.

New York has the 13th highest property tax as a percentage of home value. (Niagara County is the second highest taxed in the USA). Some pension income is taxable, and the estate tax kicks in for estates valued at over $1 million though that is about to change starting this year. Still, combined with a very high cost of living, ranking 49th out of 50, New York is bad news for retirees of any stripe.

That may come as something of a shock in backwater areas such as Niagara County, where a relatively high percentage of the population is retired. But, experts say that the large numbers simply reflect the fact that people with skills of working age have largely abandoned the small towns in which they grew up, seeking the greater opportunities other places have to offer.





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Publisher and Editor in Chief: Frank Parlato
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