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For decades, there’s been a stereotypical playbook for many American adults: Build a career and wealth in a big city, then retire to a warm southern beach town with low taxes — with the move from New York City to Florida as perhaps the most typical example.
But a recent report from The New York Times highlights a surprising trend: Some older Americans are actually moving the other way. And the numbers back it up (1).
Census data analyzed by John Mollenkopf, a political science and sociology professor at the CUNY Graduate Center, shows that roughly 15,700 adults aged 65 and older moved to New York City in 2023, representing a 40% increase compared to 2019.
These unconventional retirees are moving to the Big Apple for several reasons that highlight how retirement isn’t just about the cost of living and taxes, but quality of life, convenience, comfort and social engagement.
New York may not have warm, sunny beaches or low tax bills, but for some retirees, it makes up for those drawbacks with convenient access to amenities, closer proximity to younger people and abundant opportunities for entertainment.
New York is also one of the few American cities where a person can meet virtually every daily need on foot or by transit. In 2021, the city had a Walk Score of 88, ranking it among the highest in the country, just one point behind San Francisco (2).
All of life’s essentials, from clinics to grocery stores, are within walking distance. For older adults who can no longer drive safely or simply prefer not to, that kind of access is not a luxury — it’s a lifeline.
And for older Americans seeking an active social life and entertainment options, the Big Apple might be the perfect destination. The city’s median age is around 38, according to the latest census data (3), and it’s consistently ranked among the top cities for touring musicians, according to Billboard (4).
Besides culture, walkability and transportation, AARP also considers health care access and environmental factors in its livability assessments — where New York City ranks among the top U.S. locations for older adults (5).
Unfortunately, this vibrant lifestyle and walkability come at a hefty price.
The price tag is, perhaps, the biggest drawback for older Americans who love the big city vibe. In fact, apart from the Principality of Monaco, New York City is currently ranked the most expensive city in the world, according to an analysis by Henley & Partners (6).
It also ranks consistently among the most-taxed jurisdictions in the U.S. (7), although there are several exemptions available for retirees (8).
Nevertheless, for some older Americans — especially those with relatively high incomes and good tax advice — the cost of living in this big and vibrant city may be worth it. Plus, the city allows you to save money on certain costs — such as owning a car — that would be difficult to avoid in many other parts of the country.
If your idea of living out your golden years includes views of the Empire State Building, then saving up a substantial nest egg is essential — but difficult.
However, it’s not impossible.
One way to keep the shine on your golden years is to consider investing in gold for your retirement through your IRA. Keeping a portion of your retirement portfolio in gold is considered a classic hedge against inflation and stock market instability.
If that seems like the right move for you, you can invest in gold and reap significant tax advantages at the same time with the help of Priority Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainty.
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If planning your nest egg is starting to feel overwhelming, you might want to consider hiring a professional financial advisor to get you started on a step-by-step map toward an urban retirement.
Advisor.com connects you with an expert in your area for free.
They do all the heavy lifting for you, vetting advisors based on track record, client ratios and regulatory background. Plus, their network comprises fiduciaries, meaning that they are legally required to act in your best interests.
Just enter a few details about your finances and goals, and Advisor.com’s AI-powered matching tool will connect you with a qualified expert best-suited for your needs based on your unique financial goals and preferences.
Finding the right advisor isn’t always easy — there’s no one-size-fits-all solution. That’s why Advisor.com lets you set up a free initial consultation, with no obligation to hire, to see if they’re the right fit for you.
Retirement is your chance to live the life you’ve always wanted, and if that includes staying close to family, spending weekends at new restaurants and indulging in the vibrancy of a megacity, then staying in or moving to New York City could be the right call for you.
While living the NYC life might be expensive, it’s still possible to make it work, especially if you take advantage of all the free programs available to older adults in urban areas. Social groups and health resources can make city living easier to adjust to your budget.
Another budgeting tool available to older adults across the country is an AARP membership.
As one of the most trusted organizations for older Americans, AARP helps you make the most of your finances in retirement, providing discounts on almost everything — from prescriptions and dental plans to travel, entertainment and insurance.
And AARP not only offers money-saving perks, but it can also help you make informed health and lifestyle decisions. That’s because AARP members get access to guides that can help you maximize Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands.
Sign up with AARP today and get 25% off your first year.
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We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
The New York Times (1); Walk Score (2); Data Commons (3); New York Post (4); AARP (5); Henley & Partners (6); TurboTax 7; City of New York (8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.