A new Bankrate analysis found New York to be the worst city to retire in.
Surprise, surprise, New York City is the nation’s worst place to retire, according to a study conducted by financial services company Bankrate Inc.
In fact, cities in New York state and in the tristate area make up six of the country’s 10 worst locations to retire. New Haven, Conn., Buffalo N.Y., Albany, Hartford and nearby Newark, N.J. make up the other five.
Bankrate’s first-ever analysis on the topic released Monday ranked 172 metro areas across the country on a number of factors. Among them are cost of living, tax burden, health-care costs, crime rate, local weather, walkability and a senior well-being score. The score, provided by Gallup-Healthways, is derived from a list of survey questions asked to seniors, ages 65 and older, on how much they like their community.
“Deciding where to retire is a very personal choice,” said Chris Kahn, a research and statistics analyst at Bankrate. “We ranked the cities on factors that matter most to seniors, but recognize that every city has its pros and cons that will be shaped by each individual’s personal experiences.”
Despite coming in first for walkability and offering a wealth of cultural activities for retirees, New York’s high cost of living and high tax burden catapulted it to the bottom of the list.
Retirees who head to Arizona are making the right decision, according to Bankrate. Year-round warm weather and a high senior well-being score propelled three cities in Arizona to the top five.
Phoenix is number one on the list, while neighboring cities Prescott and Tucson rank third and fourth, respectively. Arlington, Va. and Des Moines, Iowa round out the top five.
But don’t count the Big Apple out entirely.
“Just because a city ranks at the bottom doesn’t mean it’s a bad place to spend your golden years,” said Mr. Kahn. “Soon-to-be retirees should focus on what factors are most important to them and then consult rankings like this to see what cities best fit their criteria.”