Study: New York is the worst state to retire in

Created: 05/05/2014 5:47 PM WHEC.com
By: Rebecca Fath

According to a study by Bankrate.com, New York is now the worst state in the country to retire in. 

Some retirees say Rochester is a great place to retire and they say it’s only ranked the worst because other parts of the state give it a bad rap.

Being within walking distance of so many places is just one of the many reasons retiree Peter Sear loves living in Rochester where his family gets big city amenities in a small town.

Peter Sear said, “We’re close to everything. I always say everything is 14 minutes away. There's no heavy commute, there's no traffic, yet, we get the rap.”

Despite all of Rochester’s charms, New York State is ranked the worst place to retire, according to a new survey by Bankrate.com. The study took into consideration the cost of living, taxes, healthcare, crime and climate.

But financial planner Chuck LaRocco urges Rochester residents to keep this survey in perspective.

Chuck LaRocco said, “Don’t forget, we’re kind of being skewed by the fact that the cost of living in New York City is much higher than it is in western New York."

LaRocco says there are ways for retirees to save in New York, like renting instead of buying to avoid property tax costs.

LaRocco said, “If it was a retiree who had a very low income, I’d look at some of the senior housing that's available or some of the affordable housing that's available verse owning a home.”

But Sear says many of the retirees he knows who've left, regret it. 

For the entire list of best and worst states to retire, click here.

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