12 Retirement Secrets You Should Know About If You Live In New York

New York as a retirement destination may seem out of reach for most Americans, although the range of lifestyle amenities the state has to offer can be enticing. There are no laws restricting the age at which anyone can retire, and you have a range of options in terms of how you want to enjoy your retirement there. The New York most people are familiar with is urban, exciting, and jam-packed full of activities like art and culture courtesy of world-class galleries and museums like the Metropolitan Museum of Art — home of the infamous Met Gala — and dining options that include 74 Michelin starred restaurants. However, a slower small town vibe is located outside the city, including 180 state parks.

The cost of living in 'the city that never sleeps' can be high, and retiring in this state could cost you, so running a cost benefit analysis of your financial situation before committing to that is a good idea. There are however, a large number of senior citizens making a go of it. According to the latest U.S. Census Bureau data, 18.6% of a population of over 20.2 million people are 65 years or older in the state. That's roughly 3.7 million potential retirees. That indicates there must be secrets to evening out the cost of living there, with the good news being that you can enjoy them too once you learn what they are. 

In New York, healthcare for seniors is closer to a right than privilege. Medicare and Medicaid should be considered your first option to access hospital, prescription, or just general medical care. There are a number of free healthcare benefits you can get from Medicare, and state initiatives like NY Connects help with free guidance around applying for them. 

If you're working with a fixed income, the state offers assistance through Medicare Savings Programs (MSPs) like the Qualified Medicare Beneficiary (QMB) Program. QMB covers out of pocket deductible, coinsurance, and copayment expenses related to Part A and B Medicare, with Part B coverage alone averaging the equivalent of $2,220 per year in cost savings — since this typically comes out of your Social Security benefits, you keep more money on your check too. Other programs like the Specified Low-Income Medicare Beneficiary (SLIMB) Program will cover your Part B premiums and Part D prescription premium and deductible costs. To qualify for the QMB as an individual, you generally can't have a monthly income above $1,325 or assets above $9,660. For couples, the maximums are household income of $1,783 and $14,470 in assets. Another of the best ways to get discounts on your prescriptions is the Elderly Pharmaceutical Insurance Coverage (EPIC) Program, a New York state initiative that offers fixed income retirees additional assistance with out of pocket prescription costs. To qualify for coverage you need an annual individual income below $75,000 or $100,000 for couples.  

According to the Center for an Urban Future, over the last decade, poverty among New York City's elderly population grew by close to 41%, with 18.6% of seniors currently living in poverty. Even worse, 59.3% of people over 70 years old reported no retirement income, and 18.8% of New York City's seniors have no Social Security benefits. With over a quarter-million senior citizens living below the poverty line, financial assistance through programs such as Supplemental Security Income (SSI) is an important lifeline. A Federal program for disabled, blind, and senior Americans with few resources, the initiative provides financial support with food, clothing, and shelter for anyone 65 years or older who earns $2,019 per month or less.

New York state also offers an add-on program called the New York State Supplement Program (SSP). You are allowed to receive both the federal Supplemental Security Income and the state's benefits in the same way you receive the former, although direct deposit is probably safer and easier. The state benefit for 2025 is $87 per month for individuals on their own for a total of $1,054 with SSI. For a couple, the state add on is $104 for a total SSI and SSP benefit of $1,554 per month. The amount of state benefits rises to between $226 and $1,872 should you require care from family or in residence, anywhere from a maximum of $1,661 for individuals, and $3,322 per month for couples. 

As per the U.S. Department of Agriculture (USDA), 13.5% of U.S. households suffered from food insecurity in 2023, with New York state falling close to that average at 12.2%. Hunger Solutions for New York estimates 8 million seniors will be food insecure by 2050. Although 676,000 seniors relied on the Supplemental Nutrition Assistance Program (SNAP) in 2019, in 2025, New York state offers some solutions of its own through different meal programs.

The Commodity Supplemental Food Program (CSFP) delivers grocery staples once a month through partnerships with NY Common Pantry, Kings County Hospital Center, and Food Bank for New York City. New York's Home Delivered Meals program, managed by the NYC Department for the Aging, allows seniors with mobility issues the option of a hot meal delivered to their door. You'll need to be referred to the service by a local case management agency. The NYC Department for the Aging also offers hot group meals at Older Adult Centers around New York City. Citymeals on Wheels, affiliated with Meals on Wheels, delivers food once per day on weekends and holidays, filling in the hole for people 60 years old and up when other City home-delivery meal programs don't operate. While younger generations grapple with what Donald Trump's education department cuts mean for student loans, older generations now grapple with how Trump's cuts to the Department of Health and Human Services will affect programs like Meals on Wheels and SNAP. 

When it comes to places in the U.S. where it's actually cheaper to rent than buy, there are times when New York can lean more towards renting as a better alternative. The Senior Citizen Rent Exemption (SCRIE) exempts seniors from rent increases that would leave them living in hardship. An annual income of $50,000 or less at 62 years or age are the first qualifiers. If your name is on the lease, you live in eligible housing, and spend more than a third of your income on rent, you can take advantage of this program. That's fortunate considering that, as per ZillowRentals, the average rent in New York is $3,500 per month, while the average rent in the U.S. as of May 2025 is $2,100. 

New York also makes room for retirees with affordable housing, currently running out of seven buildings in New York City. These units are kept affordable through government subsidies, and are further augmented by the Enriched Housing Program. With 30% to 40% of the residents availing themselves of the services the program provides — support with shopping, meal preparation, shopping, medical appointments, and hygiene — you'll find affordability and assistance as you age. These buildings and the units within are built with seniors of all ability levels in mind, with recreational activities provided by onsite staff who also work as case management workers. 

The senior citizen homeowners exemption (SCHE) age of eligibility lines up perfectly with full retirement at 65 years old. The property needs to be your principal residence for at least a year before applying, and your reported income for the last year can't have been over $58,399. That's for the entire household which includes spouses or co-owners, but only one of you needs to be the eligible age for your property to qualify. It also includes Social Security — which has its own tax rules that retirees can't afford to ignore — pensions, salaries or any other retirement income. An online application is available from September 15 to March 15 for the next tax year, and you can apply or renew your exemptions which begin every July. You may be able to exempt up to 50% of your home value from taxation. Apply early to avoid any risks associated with appealing your property taxes.

Whether you rent or own in new York, you may be eligible for up to $375 in tax credits. If you have a total household income of $18,000 or less, have lived in the same household for at least six months but have been a tax resident for the state at least a year, and the market value of all your property is $85,000 or less, you're very likely to qualify for the Real Property Tax Credit. This assumes you aren't a dependent and your property hasn't already been totally exempted.

In New York state, there are major tricks to saving money on your electric bill, meant to  incentivize the adoption of solar power. The NY-Sun Initiative Megawatt Block Program is a one-time cash payout of $0.20/watt in the Con Edison service area or $0.30/watt in upstate NY. The New York State Energy Research and Development Authority (NYSERDA) manages the program, and eligibility is based on specific technical requirements and installation needs to be done by NYSERDA-approved contractors. 

The New York State Solar Equipment Tax Credit is another one-time cash credit that can earn you up to $5,000 on solar panel system installation. You get a 25% state tax credit that you can stack on top of a 30% federal tax credit if you purchase solar panels for your primary residence.

If you live in Long Island and pair a battery system with your solar panels, you could be eligible to pocket another $250 per kWh of solar battery capacity courtesy of the Retail Energy Storage Incentive. According to the National Fire Protection Association (NYPA) the maximum recommended battery capacity for the average residence should be a maximum of 20-kWh, which would earn you a one-time credit of $5,000. 

A report released by the U.S. Public Health Service in 2023 found that social isolation is a rising epidemic in the U.S. The impact of negative health outcomes where loneliness and social isolation are concerned raise the odds of premature death by 26% and 29% respectively. The rate of heart disease and stroke also rise by 29% and 32% respectively. Where mental health is concerned, anxiety, depression, and dementia are also hallmarks of loneliness and social isolation. This is especially true for older adults. In New York, as per America's Health Rankings, the state scores an 82 out 100 for increased social isolation risk factors — numbers closest to 100 represent higher risk — and ranks a low 46th place to land in the worst five states for social isolation.

Older Adult Centers in New York combat the impact of loneliness and social isolation by providing meals, activities, classes, and access to city services in diverse communities, including LGBTQ+, and disabled elders with vision or hearing impairments. There are over 300 Older Adult Centers located in New York City with free membership for New Yorkers 60 years old and up. These programs also operate virtually as well as in person, so someone with limited mobility can still feel like they're part of a community. A Friendly Visiting program invites volunteers to visit older citizens in person, on the phone, or virtually with a six-month commitment.

New York offers assisted living services to seniors through Adult Care Facilities. The facilities offer longterm, 24 hour, non-medical care to seniors experiencing limited physical mobility or mental impairments that make it too difficult to handle basic care for themselves. The New York State Department of Health has oversight over the three types of assisted living facilities, but specific to seniors are Enriched Housing Programs (EHP) which offer lodgings, residential care and upkeep, cleaning, case management, activities, and personal assistance for five or more adults 65 years of age or over.  

With the reasons why longterm care could become unaffordable for Boomers in the next 10 years, the Expanded In-home Services for the Elderly (EISEP) program is a way to access long-term care through state and local funding, on a sliding scale based on income. Under that sliding scale, you could have up to 100% of the cost covered, a portion covered, or have to cover the cost in full yourself if the state thinks you can afford to. New York State averages for nursing homes start at around $401 per day or $146,352 per year, to as high as $474 a day or $173,028 per year. If you suffer from dementia and can no longer afford care, Special Needs Assisted Living Residence Vouchers may cover up to 75% of the cost of living in a care facility. 

Access to transportation is more affordable through programs that reduce public transit fares for seniors. While how much you can save may change based on your local transport authority rules, by and large, this program makes the state more accessible for less money than normal. By comparison, people 65 years and older pay $1.45 to the full $2.90 base fare. The cost of an express bus is also half the cost of the full fare, or $3.50 versus $7.00. Meanwhile, the Long Island Rail Road and Metro-North Railroad will allow seniors to take advantage of 50% off the full one-way peak fare. According to the Metropolitan Transportation Authority (MTA), the fare for Access-A-Ride services, for seniors with impaired mobility or a disability, is the same as the full fare for public transit. By comparison, that's cheaper than taking a Lyft or Uber, and these vehicles are specifically designed transport seniors with special needs.

Ferry rides come at a rate of $1.45 each way. The full adult fare is $4.50 each way. If that's too expensive, consider the Community Arranged Resident Transportation Program, or CART, which provides free transportation for seniors, funded by tax dollars through the New York City Department for the Aging. Outside of the city, the Rural Transit Service is a nonprofit organization funded by the United Way and Erie County ensures seniors in more rural parts of the state also have access to free, reliable transportation.

According to the Institute on Aging, lifelong learners who take advantage of continuing education gain a number of brain, mental, and emotional health benefits. Keeping your brain active in your old age can improve your alertness and memory, and fire up your neural networks to offset cognitive impairment. This has the added benefit of staving off dementia, which is also a side benefit of maintaining social connections. Lifelong learning can improve your mood, lower stress and blood pressure, and offer you practical life skills you can add to your repertoire as you age.

In 2024, Cooper Union offered seniors a year of free tuition after receiving a $6 million donation from alumni. The express purpose of the donation was to fund continuing education for seniors. While not free per se, Queens College allows New Yorkers 60 years old and up with a highschool diploma to enroll on a non-credit basis where space allows, for a rate of $80 per semester. Purchase College has an older adult auditor program that allows for anyone 60 years of age and over a maximum two credit course load per semester for $75 — $25 for a college ID and a $50 auditor's fee. If you want to get out of the city and live more affordably, check out a charming college town that's one of New York state's best places to retire.

Taking advantage of senior's benefits like Big Apple Connect is a simple way to save serious money on your internet bill. Launched in 2022, the program is meant to provide low income households, including seniors, with free high speed internet and all the necessary equipment you need to set that up. You can access download speeds of up to 300 Mbps, so you can keep up with the latest shows and movies on streaming services, stay in touch with family and friends when they're not in person, and in this day and age, even converse with your doctor. A wireless router, cable box, modem and remote control comes as part of your free internet service.

While the eligibility for this service can be based on where you live, special permissions from property management or a housing authority, and your income, it should still be considered a potential perk retirees can use to gain internet access if they need it. 

New York is bigger than a city, and the rural parts of the state tend not only to be beautiful, but also, more affordable. For instance, one of the best retirement towns in New York is surrounded by wineries and an affordable cost of living. The small town lifestyle and close-knit community vibes of the rural parts of the state are one reason New York's friendliest towns are also places with the lowest cost of living.

According to Realtor.com, the median sold home price in New York City is $735,000. However, the best small towns in New York to retire won't drain your bank account. Ithaca for example, has a median sold home price of $405,000. That's lower than the state average by $330,000. According to the Federal Reserve Bank of St. Louis, as of April 2025, the median cost of a home in the U.S is $416,900. So homes in Ithaca, New York are more affordable than both the state and the country.