Benefits of Retiring in New York

There’s a lot more to New York State than just New York City. There are a number of affordable smaller cities and towns in New York with lots of scenery and culture, just perfect for those interested in finding a retirement destination.

When discovering the truth about what the state offers, retirees might just reconsider their retirement plans. Here are five benefits of retiring in New York State.

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1. Plenty of Activity
New York contains some of the most cultural cities in the entire country. Many towns such as Binghamton and Saratoga Springs feature loads of art, theatre, and music. Saratoga Springs has The Saratoga Performing Arts Center, the Beekman Street Arts District, the Zankel Music Center, and the Tang Modern Art Museum. Binghamton is the home of Binghamton University and the Kopernick Observatory and Space Center.

According to AARP, “Ithaca is also a great place for nature lovers, who are drawn to the region's breathtaking scenery ... Set at the foot of Cayuga Lake, Ithaca also has plenty of kayaks and yachts, which adds to the city's appeal and outdoorsy-urban hum.”

2. Tax exemptions
While the state’s taxes are generally high, there are a number of tax exemptions to help offset the cost of living. Military pensions, civil service pensions, and state and local pensions are all exempt. In addition, up to 20,000 of qualified pensions can be excluded for those aged 59 and older.

3. Safety
Crime rate is always a consideration for retirees. Fortunately, New York State has become one of the safest in the past twenty years. A 2014 article in the New York Post indicates that crime throughout the state has dropped substantially. Specifically, “Statewide, crime plummeted 62 percent from 1990 to 2012.” During this time, New York actually led the nation in reducing crime.

4. Four Seasons
As opposed to places like Florida and Arizona which can grow unbearably hot during parts of the year, New York’s climate is actually quite temperate. The best temperature months on average are July, August, and September.

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The average high temperature throughout the year is 62 degrees Fahrenheit, while the annual low average is 48 degrees. There’s snow in the winter, yes, but there’s also three other distinct and attractive seasons for retirees to take in the warm temperatures, light rains, and beautiful fall foliage.

5. Affordable places to live
It’s true that there are high taxes and a higher cost of living throughout the state. However, there are a number of retirement locations that are financially reasonable in which to live.

Ones such location is Buffalo, a city in which it may be possible to retire on Social Security alone. Seniors “pay just $466 monthly in housing costs if they have paid off their mortgages, $1,009 monthly if they are still paying off their home and $611 in monthly rent," reports U.S. News.

Another is Binghamton, New York. It’s such an affordable city that U.S. News listed it as one of their “Best Affordable Places to Retire.”

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