4. Taxes
Retiring in New York definitely has some perks but also some cons, and for some people, taxes might be one of those bad parts. Tax experts say that the state of New York has the biggest income tax burden in the country, which means approximately 4.72% of your personal income.
But that is not all, because officials say that the state also has the 5th highest burden for property taxes, which equals around 4.36% of personal income. Retiring in New York also means living in a state where there’s a 4% state sales tax rate and the median combined local and state sales tax rate is around 8.52%.
The cost of living isn’t cheap, and the amount of taxes you’ll have to pay isn’t that small either. So, now that you know both the pros and the cons of retiring in New York, does it seem like a good or bad idea for you? Let us know what you think and leave a comment down below!
If you want to read other articles from Easy Seniors Club, here’s a good one for you: Paying for Long-Term Care Can Be Difficult: Here Are 6 Ways to Do It!
