{"id":294226,"date":"2026-07-13T09:36:22","date_gmt":"2026-07-13T09:36:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/294226\/"},"modified":"2026-07-13T09:36:22","modified_gmt":"2026-07-13T09:36:22","slug":"heres-how-much-money-you-need-to-retire-comfortably-in-new-york","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/294226\/","title":{"rendered":"Here’s how much money you need to retire comfortably in New York"},"content":{"rendered":"\n

Retiring comfortably in New York could require nearly $950,000 in savings, according to a new study by Investopedia<\/a>. <\/p>\n

The analysis estimated how much the average American needs to retire at age 65 by factoring in annual living expenses, expected Social Security benefits and the widely used 4% withdrawal rule. It then compared retirement costs across all 50 states and Washington, D.C. <\/p>\n

Although New York offers access to world-class amenities and health care<\/a>, the state’s high housing and living costs make it one of the nation’s most expensive places to retire. <\/p>\n

How much do you need to retire in New York? <\/p>\n

According to Investopedia, the average person needs about $945,000 in retirement savings to retire comfortably in New York. <\/p>\n

The estimate assumes retirees follow the 4% rule, which suggests withdrawing 4% of retirement savings during the first year of retirement and adjusting that amount annually for inflation. The strategy is designed to make retirement savings last about 30 years. <\/p>\n

Investopedia estimates the average retiree in New York spends about $61,700 per year on housing, groceries, transportation, health care, entertainment and other expenses. <\/p>\n

With the average annual Social Security benefit estimated at $23,704, retirees face an annual income gap of roughly $38,000, which must be covered by retirement savings. <\/p>\n

New York ranks among the most expensive states to retire <\/p>\n

New York’s estimated retirement savings requirement is about $52,000 higher than the national average of approximately $898,000. <\/p>\n

The study notes that New York does not tax Social Security benefits, and that tax advantage is reflected in the calculations. <\/p>\n

Which states are the most affordable to retire in? <\/p>\n

According to Investopedia, the states requiring the least retirement savings are: <\/p>\n

North Dakota <\/p>\n

Arkansas <\/p>\n

Mississippi <\/p>\n

West Virginia <\/p>\n

Iowa <\/p>\n

The most expensive places to retire are: <\/p>\n

New Jersey \u2014 about $1.02 million <\/p>\n

Hawaii \u2014 about $1.02 million <\/p>\n

California \u2014 about $1.01 million <\/p>\n

Washington, D.C. \u2014 about $1.01 million <\/p>\n

How Investopedia calculated retirement savings needs <\/p>\n

Investopedia based its estimates on four primary factors: <\/p>\n

Housing costs, including mortgage status, rental rates and monthly housing expenses <\/p>\n

Non-housing spending, including discretionary expenses adjusted for regional costs <\/p>\n

Expected Social Security income <\/p>\n

The annual income gap, calculated using the 4% safe withdrawal rule <\/p>\n

The analysis used data from the U.S. Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis and the Social Security Administration. <\/p>\n

This article originally appeared on Rockland\/Westchester Journal News: Here’s how much money you need to retire comfortably in New York<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"Retiring comfortably in New York could require nearly $950,000 in savings, according to a new study by Investopedia.…\n","protected":false},"author":2,"featured_media":294227,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[112155,9,11,10,4333,103270,5565],"class_list":["post-294226","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-investopedia","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-retirement-savings","tag-retiring","tag-social-security"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/294226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=294226"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/294226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/294227"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=294226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=294226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=294226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}