Buffalo, NY (WBEN) A new study by Bankrate.com finds the Empire State stands supreme--as the WORST state to retire in.
The study cites New York's high property taxes as well as a state's income tax as making life difficult for retirees. Mike Lomas of The Financial Guys couldn't agree more. "When it comes to being retired, people are living on fixed incomes," says Lomas. "When you're looking at people paying $5,000 to a state or zero dollars to a state, that's a lot of money, a lot of meals and entertainment." Lomas adds it's tough for New York to compete with other states that don't require residents to pay income tax.
Bankrate.com also cites New York for having the fourth-highest cost of living. "They just can't afford the property and state taxes. Typically, high taxes mean higher operating costs," explains Lomas.
Lomas says there are two reasons why people might stay in New York during retirement. "It's friends and family and short time to get from point A to point B," believes Lomas.