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New York is one of the worst states for retirees

WalletHub’s recent report on 2024’s Best & Worst States to Retire places New York at a low 44th position among the 50 states. The personal finance website’s analysis covered various factors including affordability, health-related metrics, and quality of life.

Source: WalletHub

New York scored particularly poorly in the adjusted cost of living and health-care facilities per capita, ranking 46th and 43rd respectively. The state performed moderately in categories like the elderly-friendly labor market and the proportion of the population aged 65 and older.

The report also includes findings from the 2024 Retirement Savings Survey, revealing widespread anxiety about retirement among Americans. More than 30% of Americans feel anxious about retirement, with over a third lacking a retirement plan. Additionally, nearly half of the population doubts they’ll have sufficient funds for retirement, and 39% expect to work until they die.

These insights highlight significant concerns over retirement readiness and financial security, emphasizing the need for better retirement planning and debt management among Americans. The report suggests that retirement is a major source of stress, with a substantial number of people prioritizing debt repayment over retirement savings.

Categories: New York StateNews