Why pensioners in New York have a harder life than other states
Growing old in the Empire State isn't easy—unless you have significant personal savings. That's because New York is the most expensive retirement state and the second least livable retirement state in the country.
“New York, the second worst state for retirement (Maryland is first - ForumDaily's note), ranks last in affordability, the study's most important metric," the survey says. Bankrate.comwhich assesses factors such as accessibility, weather, health, culture and crime rates, writes New York Post.
"We looked at overall spending and taxes, and New York had higher numbers than many other states," said Adrian Garcia, data analyst at Bankrate.com.
WalletHub, in its "Best States to Retire" survey earlier this year, ranked New York 47th among states for "affordability."
On the subject: How does the pension system in the US
Another earlier study by the Transamerica Center for Retirement Research showed that when choosing a place to live in retirement, “affordable cost of living” is the most important factor.
For those retiring, this may seem scary. The survey shows that many retirees or future retirees have few personal savings.
“Social Security is the primary source of income for most retirees. 66% of retirees indicate that a pension is their main source of income,” says the Transamerica report.
On the subject: How much you need to save for a comfortable retired life in the USA
But the average monthly payment this year, according to the Social Security Administration, is 1 461 dollar. This means that the average annual income based on social insurance is about 17 500 US dollars.
“Imagine living in retirement with that kind of income,” says financial expert Charles Hughes of Bay Shore, New York.
He added that some people do not expect retirement at all.
“Millennials are leaving this state in droves right now,” he said.
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How does the pension system in the US
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