Can You Retire On Long Island?

Retirement is often a time of relaxation, fun, and new experiences. For many, it's a chance to settle in a beautiful place that offers both peace and vitality. Long Island, known for its stunning scenery and vibrant communities, is a popular retirement choice. But is it really sensible to retire on Long Island?

Choosing a place to retire goes beyond the financial aspects. This post examines important factors such as cost of living, lifestyle options, and available amenities that can influence your retirement decision.

Understanding Long Island

Long Island is an extensive landmass just east of New York City. Its reputation is built on beautiful beaches, charming villages, and lush parks. The convenience of living near a bustling city while enjoying the tranquility of suburban life makes it appealing.

Cost of Living for Retirees on Long Island

The cost of living is a key factor in retirement planning, and Long Island is known for its high expenses.

• Housing Costs: The average home price varies widely. In Suffolk County, homes average over $650,000 while in Nassau, the average home price is over $750,000. Living near the beaches or in desirable neighborhoods often adds to these costs.

• Property Taxes: Long Island features some of the highest property taxes in the U.S. If you already live on Long Island like me, this comes as no surprise. Median tax rates are over $10,000 in both Nassau and Suffolk counties.

• Other Expenses: New York is consistently ranked as one of the states with the highest cost of living. This study done by Forbes in 2024 ranks New York as the 4th highest cost of living state.

  
  

Given these financial demands, planning is essential to ensure a comfortable retirement.

Income Sources

Understanding your income sources is critical for retirement and helps to answer the age-old questions, "How much do you need to retire?" It is important to get a grasp on where you are financially month to month to determine how feasible it is to retire on Long Island.

Many retirees rely on:

• Savings and Investments: Make sure your retirement accounts and other savings are managed in line with your goals, objectives and risk tolerance.

• Social Security: This is often the backbone of retirement income. The average monthly benefit for retirees is over $1,700, which may be a substantial part of your monthly income.

• Pensions: If you are lucky enough to have a pension, this can provide a vital income stream during retirement. Typically individuals employed by the federal, state and local government most commonly have access to a pension but private companies, although less common, may provide pensions as well. Choosing the correct pension payout option is an important consideration for retirees.

  
  

Additionally, some retirees find joy in part-time work or turning hobbies into income. For example, if you have a passion for crafting or gardening, selling your creations or produce can provide some extra cash while keeping you engaged.

Creating a Comprehensive Budget

After evaluating your income, it's time to build a budget. This budget should not only include fixed expenses but also cover discretionary spending for things like travel and hobbies. This is the second part of the answer for "How much do I need to retire?"

• Fixed Expenses: List fixed monthly expenses, such as your mortgage or rent, insurance, utilities, groceries, and property taxes.

  
  

• Variable Expenses: Think about costs related to activities, dining out, and travel. Long Island offers plenty of recreational options, from beautiful beaches to numerous wineries. Set aside funds for activities you enjoy.

  
  

• Emergency Funds: It's wise to maintain an emergency fund, targeting at least six months' worth of living expenses. This fund can help cover unexpected medical costs or urgent repairs without disrupting your budget.

Making a list of your expenses can help you find a place to "cut back" if need be in order to afford to retire. Many retirees will look to reduce their expenses by driving a more budget friendly car or shopping at more reasonably priced stores.

If you feel that you can't afford to retire on Long Island or at all, check out this post for some more expert tips.

Housing Options For Retirees

Long Island offers various housing options to meet the diverse needs of retirees.

While traditional single-family homes are popular, many seniors choose:

• Condos and Townhouses: These often require less maintenance and can provide amenities tailored for retirees.

• Active Adult Retirement Communities: Many of these neighborhoods include features like fitness centers, social clubs, and organized activities, promoting a friendly community atmosphere for retirees.

  
  

By exploring the right housing option, you can enhance your quality of life during retirement. Long Island also offers many affordable housing options through organizations such as the Long Island Housing Partnership.

Health Care Access

Access to quality health care is crucial for retirees, especially as health needs can change.

Long Island boasts many reputable hospitals, including Northwell Health, Catholic Health Long Island and NYU Langone, which are known for comprehensive care. Veterans have access to the VA Northport Healthcare system.

Moreover, various health programs focused on preventative care and wellness are available. For example, the Long Island Health Collaborative offers resources aimed at improving health outcomes for seniors, ensuring you can maintain a healthy lifestyle.

Recreation Leisure and Social Activities

Long Island's wealth of recreational activities is one of its strong points for retirees.

• Outdoor Activities: The island's coastline is perfect for fishing, boating, and beach relaxation. For instance, Smith Point County Park offers hiking trails and beach access. For dog lovers, Suffolk County offers Gardiner County Park.

  For a complete list of parks in Nassau County click here.

  For a complete list of parks in Suffolk County click here.

• Cultural Offerings: You can visit numerous museums and art galleries or attend local festivals throughout the year. Events like the Long Island Wine and Food Festival attract visitors and foster a sense of community. Looking to take the kids or grandkids somewhere fun? Check out the Long Island Children's Museum or the American Airpower Museum.

• Clubs and Organizations: These provide opportunities for volunteering, education, and socializing.

  
  

These opportunities make it easy to stay active, social, and fulfilled.

Proximity to New York City

One major perk of retiring on Long Island is its proximity to New York City.

Within a short train or car ride, you can access cultural events, world-class restaurants, and extensive shopping. For retirees, this means the option to enjoy urban experiences while returning to the peaceful environment of suburban living.

This balance allows for a rich lifestyle filled with diverse opportunities and leisure activities.

Final Thoughts On Retiring On Long Island

Retiring on Long Island is an achievable goal, but it requires thoughtful planning. The high cost of living and housing can be challenging, so it's essential to create a solid financial plan.

However, with access to excellent healthcare, diverse housing options, and a wealth of recreational activities, Long Island remains an attractive destination for retirees.

By embracing the unique offerings of the island and building a strong community network, you can create a fulfilling retirement experience that meets your desires. Consider your financial situation, lifestyle preferences, and desire for community engagement to make the most of your retirement years.

Are you on track to retire? We've designed an assessment to help you determine if you are on the right track. Click below to start your assessment.

Retirement Readiness Assessment

HunterRIDGE Wealth Management is Long Island's premier wealth management firm. From growing wealth to planning for retirement, we are with you every step of the way. To learn more about how we work with our clients and our planning process click here. 

For educational purposes only. Not to be relied upon as financial, tax, or legal advice. 

This information was obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness, or fairness. We have relied upon and assumed without independent verification the accuracy of all information available from public sources.