Unsurprisingly, New York State Ranks Low For Planning For the Future

Planning of the future is tough enough, and setting aside money for financial security is a challenge. But sometimes what state you live in plays a big factor. As we know when it comes to cost of living and high taxes, New York is very expensive.

A survey from MassMutual’s Consumer Spending & Saving Index says that almost half of Americans planning for retirement say they’re behind on their savings. Other findings says that that 28% of non-retired adults claim they haven’t saved any money for retirement.

Is New York Not a Good State to Retire In?

WalletHub compared the 50 states across 46 key indicators of retirement-friendliness, from financial factors like tax rates and the cost of living to things like access to quality medical care and fun activities.

Overall, WalletHub found that New York was 44th in the country for best states to retire in. When it came to affordability, New York was dead last, according to the study. However, for quality of life and health care New York was 10th and 12th, respectively.

New Jersey was 49th, Vermont 36th, Connecticut 34th, Massachusetts 16th, and Pennsylvania 10th.

How Much Income Has New York State Lost to Other States?

According to the Census Bureau's 2022 numbers from ABC, Florida leads the nation for where New Yorkers are heading, with 91,201 former residents now calling the Sunshine State home.

New Jersey was 2nd, with 75,103 New York residents moving there in 2022, Connecticut 3rd with 50,670, and Pennsylvania with:44,807. California rounded out the top five, with 31,255 former New Yorkers taking up residence on the West Coast.

How Much Money is New York State Losing? 

According to a new report from The Business Council of New York State, posted at WKBW, over the past three years alone, New York state saw $993 billion in assets move to other states.

See Also: Just How Many New Yorkers Have Moved to Florida?

The report, called "The State of The Finance Industry and Its Impact in New York", says one of the reasons is that the finance and insurance sector in New York, which may only make up 5% percent of the state's employment, is the largest contributor to the state's GDP ($327B or 16% in 2022).