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NYC made Kiplinger's top 5 list for retiree-living. Sandy Block, senior associate editor for Kiplinger's Personal Finance explains why it's great for seniors.
Plan A: Sell the house in Westchester in 5 years and use the money to rent in Manhattan until I die.Plan B: Just die.
NYC is an absolutely fantastic place to retire if you've retired at 40 from the Korrupt Banking Kabal®.
Really... WHO THE HELL CAN AFFORD IT?!??!
I read lot of articles and really like this article. This information is definitely useful for everyone in daily life. Fantastic job....
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who the f! can afford to retire...in a few years social security will run out and the rents and values will sky rocket and who the F! can afford to live, much less retire in nyc.I swear, sometimes WNYC thinks millionaires are just sitting by the radio. Pathetic!In general, US is miserable place to be poor.
My mother sold her four bedroom LI home five years ago & moved to a one bedroom co-op in midtown. She LOVES it. Doesn't need a car, can get anything she wants delivered, walking distance to theater, volunteers in her neighborhood & uses senior discounts everywhere, from movies to the MTA. As for The Truth from Becky, there are plenty of 80 year olds taking the train. The only time my mother complains is when there is no sign on street level that says a particular train is not running, forcing her to go up and down stairs for no purpose.
I could not have afforded to retire anywhere but NYC. I don't live in Manhatton, but I own a lovely 600 sq ft prewar co-op studio in the Bronx, next to the beautiful NY Botanical garden (where a senior yearly membership can be had for $60!), a short walking distance to trains and buses, and a safe neighborhood. I came here from the SF Bay Area 10 yrs ago for a job that ended right after 9/11. I Rented out my house in CA, Sold my car, bought the co-op, and more-or-less retired at 62 since jobs were scarce. I would never have been able to pull this off in CA. All the senior discounts I enjoy - 1/2 price metro card, free fitness membership with my health plan, museum and theater discounts, incredibly good and low-priced health care plan, I can go on and on, allow me to have a really great life on quite a modest income. I really love this City. Those who don't think you can retire here without big retirement funds seem to have a preconceived notion about what is required. I guess as a new-comer I was able to think a little more creatively. Again, I could never do this in SF. And the best of all - I don't need a car.
my parents are in the 75-80 range and have a great retired life. yes they are fortunate to have bought their house over 30 years ago, and take the subway to free concerts and volunteer work as well as enjoy their lively neighborhood. They got rid of their car 20 years ago.
@ANDREA A)Went to the Museum of Natural History this weekend and MOMA the weekend before that. My mother is a fully functioning 70+ woman so I am not ignorant to the fact that 70 is the new 50!! I personally DO NOT plan to retire in NYC and I plan to have the opposite of a "grim" old age, what about you girl?
Wealth worshiping imagery is nothing new in the NYC-based media--think of the ads for city palaces with floor plans on the inside cover of the NY Times Magazine every week--but this segment was a preposterous example of how ultra-wealth has become taken for granted in civic discourse.
It may be the liberal side of the "class warfare" coin; that is, the conservatives hitch their wagons to those who have extreme privilege and will spare no expense to preserve it, while the liberal media buttress the idea that class doesn't exist, seen in the unexamined assumptions of puff pieces like this!
Pass the Grey Poupon Grandma, unless you're using it to make mustard and water soup!
BEST Place - NYC I just came back from North Carolina, if you don't drive you are stranded, the doctor/hospitals in nyc are close by you can use public transportation or Access-A-Ride, I live in a NORC, the senior centers have affordable trips constantly, everything can be delivered, the shops, museums, movies, theaters are near there is free entertainment somewhere all the time and I found food and clothes costs the same in north carolina as it did here. Even heating, air, cable were comparable prices, I was surprised that the one big difference was in housing, if you already live in nyc you're in relatively good shape, if you have to find housing finding affordable might be a little difficult. I have friends who come back for doctor appointments, friends who moan they feel isolated and friends who feel they are withering away all wishing they never left nyc
You know, not everyone who lives in NYC at any age is rich. I was born and raised in Brooklyn. My parents couldn't afford to move away to retire. They continued living where they'd always lived, in a rental apartment.
Becky--if you'd ever been to a museum in NYC on a weekday afternoon, you'd have seen a lot of senior citizens. Some are still in good physical shape, some are in wheelchairs. Re: public transit, my mother rarely took the subway after retiring but she took the bus all the time. Not every person over 75 is housebound. You seem to be planning on a very grim old age.
I'd rather stick a fork in my eye.
Miserably cold winters, hot summers & I get to pay through the nose for the privilege to live there - no thanks!
I CANNOT BELIEVE WNYC would actually run a segment on retiring in NYC... most people i know could NEVER effort to retire here.. is this a special segment for your super-rich listeners?
she tried to walk it back, but the guest was so naive about the costs of living in NYC it makes one suspicious. NYC: a great place to retire if you are a healthy and filthy rich (must be both)!
This segment was ridiculous. Epic fail for WNYC. 99% of people are not going to be retiring in NYC.
Timothy - I know MANY people in the outer boroughs with no car. I even know ppl (including seniors) in the suburbs who don't own a car and get around. Even in my building I can count several seniors who have no car and use the 3 bus lines that stop at our corner. I can walk to the train... but they would probably need to take the bus... which they can do.
Some of us came after college and stayed. Many of us are in rent controlled or rent stabilized apartments. I'm in a one bedroom (large by NY standards) in a good neighborhood for a little less than $1500 a month. Yes, I can afford it.
By the way, "screw the golden years" because "old age ain't for sissies."
Not ridiculous -- I live in an 80/20 affordable luxury housing unit I got which will never convert to market rate; it took years entering these low income lotteries but I finally won and am now in a white glove lux building.
Let's face it, this is for the rich.
I would also suggest getting more than a 1-bedroom apartment. My friend was taking care of a senior who suffered a stroke. He lived with his partner in a studio apartment and it was extremely difficult working in a space of that size. There is zero privacy.
A car is not necessary if you live in Manhattan...but what about the outer-boroughs? If we are talking about affordability, most people cannot afford Manhattan. Why is Manhattan the point of reference though?
Ppl talking about the cost of living... well there are many thousands of seniors who live in nice sized rent controlled apartments. Also - if you already owned your property and can get tax relief... it's certainly affordable. My own grandmother was one... she moved to Florida because of her arthritis - but she didn't like it because she was never a driver and never wanted to be. She loved the warm weather - but didn't like feeling "stranded". As far as healthcare... I do know seniors who have retired to warmer climates - but come back to NY for their doctors.
On the other hand - unless you have been living here... it's hard to get used to the cost and hustle and bustle in your old age... so I doubt many ppl - unless very well off would relocate here for retire.
Ridiculous, unless you are going waaay upstate and you better have a good chunk of cash saved up!
New York actually has a lot of affordable housing opportunities, even in Manhattan so you don't have to be rich.
If you can afford NYC upon retirement, you probably had a very good income while working. Consequently, you either have lived in or nearby NYC or have lived in some rather pricey places. Most retirees from the rest of the country have to consider the high cost of living here and could never realistically afford it.
my former boss just bought an apartment in manhattan and is planning on retiring there - he described it as the best place to retire because your apartment is all on one floor (no stairs), you have everything you need within a few blocks of you (grocery store, restaurants, entertainment), there is no yard or huge house to maintain, and you're the opposite of isolated. i'm only in my 30s, but i'm definitely on the manhattan plan!
Public transportation, the Met and the other attractions, NONE of them are going to come into play when your 75+. What 80 year old is getting on the train?
NORCs are primarily located in mid to low income Mitchell-Lama housing so living in a NORC is probably not an option for people moving into the area. They are generally located in large housing complexes where people have moved in when they were young and aged in placed. Most are located in the outer boroughs, although the first NORC was Penn South in Cheslea.
How many cities in this country can you actually get around by public transportation without a car? I count four.
I am all ears...why in the H E double hockey sticks would any one retire to NY???!! Unless of course you have 1199 which won't cover you anywhere else except CT or FL.
My retired mother moved to Astoria from Boston about 4 years ago. She is thrilled that she (1) doesn't have to drive or own a car again; (2) can walk one block to grocery stores, restaurants, drug stores, etc.; (3) has hundreds of great cultural institutions available to her, including many free events for seniors; (4) lives in a city where friends and family would love to come and visit.
I don't understand the high ranking for NYC for retirees given the cost of living considerations. Didn't this magazine factor such a significant issue into the criteria? She mentions "Once you get past that". Well how do you do that? Wealthy people come here from out of town to obtain the best healthcare.
And New Orleans is listed as the number one place to retire?!What would a retiree do when he finds his home is under water?And I mean that literally!
NYC is listed in 4th place, despite a Cost-of-living index of 154.8. That means it's 54.8 points higher than average, and that's the highest of any city listed in the article.
I'm close to retirement, and I cannot afford to live here any longer. This article should state that if you wish to retire in NYC, you must be in the top 10 percent of earners, like a worker in a public employee union!
How can someone living on a fixed income live in a place where housing costs rise between 5 and 10 percent per year? NYC is one of the most expensive cities in the world (yes, not as expensive as Moscow or Tokyo or, maybe, London).
I dont think so..its too hot too cold..too many ppl..too much noise..too busy, fast, youtll be just in the way..
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