Hochul’s New York Declared Second-worst State to Retire, Study Finds

A new analysis has delivered troubling news for New Yorkers hoping to enjoy their retirement years without financial stress. The Empire State ranks among the worst places in the nation to retire.

According to a recent report by Retirement Living, New York came in 49th overall, making it the second-worst state in America for retirees. The study evaluated all 50 states using a 100-point scoring system based on three major categories: quality of life (60 points), affordability (30 points), and economic strength (10 points).

New York’s scores placed it 46th in affordability, 50th in economic strength, and 24th in quality of life. The combination paints a grim picture for retirees on fixed incomes. The research concluded that a New Yorker needs roughly $1.03 million in savings to live comfortably in retirement, a figure driven up by the state’s 10.9% income tax and 1.6% property tax rate.

Adding to the concern is the senior poverty rate, which stands at 14.3%, one of the highest in the country. Safety and property crime statistics also contributed to New York’s low ranking.

The report noted, “For retirees with the means, New York offers rich cultural experiences and diverse living options, but for most, the financial tradeoffs are hard to ignore.”

Despite its cultural and recreational opportunities, analysts argue that the state’s high costs overshadow its lifestyle perks. Those who remain in New York after retirement face mounting challenges related to housing, healthcare, and utilities—all of which are rising faster than the national average.

For Governor Hochul’s administration, the findings highlight an ongoing economic issue that critics say continues to push residents out of the state entirely.

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Hochul’s New York Declared Second-worst State to Retire, Study Finds