I’m a Retired Boomer: Why I Decided To Retire in New York
When retirement comes calling, most people in New York often seek greener, warmer and less congested pastures.
But John P., a 68-year-old former software executive, took the opposite approach. After crunching the numbers for Florida and Arizona, he and his wife chose to stay put in their Westchester home. He said it’s been an excellent decision for him and his family.
Unsurprisingly, he’s joining other retirees who are seriously planning their next life steps. Here’s what he learned in his research process. Here’s what he learned in his research process after taking time to plan his retirement.
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Going Against the Grain
“Everyone thought we were crazy to keep our house here instead of heading south,” John remembered.
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“But we did the math. Between the equity we’d built up over 30 years and what we’d spend starting over somewhere else, staying actually made more sense.” John did end up selling his home, but he was able to use that sale to buy something smaller nearby.
Making the Numbers Work
The couple’s strategy relied on smart planning. They paid off their mortgage by 62, putting them in a strong position with just property taxes and maintenance to cover. Between their combined Social Security ($4,200 monthly), John’s pension ($3,000) and retirement accounts, they bring in around $8,000 per month after taxes. It’s more than enough to stay in the place he’s called home his entire adult life.
The Smart Downsize
“The secret was downsizing while staying local,” John explained. “We sold our 4-bedroom colonial and bought a 2-bedroom condo in cash near the train.” John and his wife were able to stay close to their kids and the place they love, but without the burden of an enormous home.
Culture at Their Doorstep
Their move had an unexpected upside — better access to the city.
“My wife and I can hop on Metro-North and be at Lincoln Center in under an hour,” John noted. “You just can’t get that kind of culture anywhere else — at least not in the United States.”
Living Smart, Not Large
The numbers work because they’ve adapted their lifestyle. They take advantage of senior discounts at local theaters and museums. They found a network of similarly minded retirees who share their love of New York’s energy without the need for lavish spending. They eat at their son’s house once a week. They make it work.
“Do we sometimes question staying when we get the winter heating bill? Sure,” John admitted. “But then our grandkids pop by for an impromptu visit or we catch a last-minute symphony performance and we remember exactly why we stayed.”
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This article originally appeared on GOBankingRates.com: I’m a Retired Boomer: Why I Decided To Retire in New York
