According to a recent report from Bankrate, New York isn’t the best place to retire.
It’s not the worst. But our dear state isn’t even in the top half. It’s ranked the 14th worst place to retire, making it a meek #37 across the board. It ranked so low due to the high taxes and cost of living. New York State has the highest taxes in the nation, and the fifth-highest cost of living.
Cost of living was considered the most important factor for people looking to retire, with 70% of people putting it as their primary concern, followed by health care, crime rate, culture, weather—and finally—taxes.
The thing that it does have, however, is cultural vitality. In fact, New York is considered to have the highest cultural vitality in the nation.
While many people think of the warmer weather states as being the places that retirees will flock to, Florida was actually ranked #17, even though it has the highest population of seniors 65 and over.
The best place to retire? New Hampshire. Followed by Colorado, Maine, Iowa, and Minnesota for the top five slots.
The worst place to retire is Alaska. New Mexico and California were also in the bottom 10.