New York City is the most populated city in America for a reason. There's so much to do here. With that being said, a blind move into a city this large is not the way to go at it, especially for a retiree. Here are a few things you need to keep in mind if you plan on retiring here.
Cost of Living
As a retiree, you need to make sure you'll get enough money a month from social security and other sources of income. New York is one of the most expensive cities to live in the US. Statistics show that the cost of living index of NYC is more than twice the national average.
Finding an affordable place to live is likely the biggest challenge. The median price range for a house is $675,000, and the average rental is around $3,500 a month. Not to mention other necessities, such as groceries, cost more than they do in other areas. Subway passes and taxi fares can add up quickly if you're using them frequently enough.
New York Is Always Awake
It's known as the city that never sleeps for a reason. Many bars, shops and restaurants operate at all or almost all hours of the day. As a result, NYC is loud at all times of the day and night. While this is great when you're looking for a quick bite to eat, the noise could interfere with your sleep if you choose to move to a loud area. Make sure to do your research on various NYC neighborhoods before choosing.
Types of Transportation
NYC has plenty of methods of transportation. Sure, you could just drive a car, but with NYC being so crowded, it's not recommended. Taking a taxi or riding the bus are very popular choices. If you're going out further, consider taking the subway. If you're looking for a more active way to get around, NYC provides that too. NYC is very bike-friendly, so biking or riding a scooter are great options. If you don't have a bike or scooter, there are plenty of places within the city where you can rent one. Or, you could just walk. You should keep in mind the dangers of sidewalk sheds when walking past Manhattan construction sites. As long as you are aware of your surroundings, you should be ok.
Social Benefits
Alongside social security, New York City has plenty of benefits and services specifically for retirees. Some requirements are universal, while other benefit programs depend on a variety of other factors. These are definitely worth looking into, and they can provide much-needed help and assistance.
In spite of its pitfalls, NYC is still a land of opportunity for everyone, including retirees. By carefully planning out your retirement, you can spend your golden years in style.
Here’s another article you might like: How to Plan Where You Will Live in Retirement
RSS Feed
