We all know that living in New York City is expensive, but do you have to be a billionaire to live here? Of course not! But can you actually live in NYC on an amount close to what you might pay in an assisted living community? We say you can.
A relatively healthy single person can live a comfortable and active boomer lifestyle in NYC on a $50,000 annual after- tax income. This compares to $3,954 a month, or about $47,500 a year that a 1BR unit costs in an assisted living facility in New York State, according to Assisted Living Today. (2013 average: the cost ranged from $1,100 to $9,175 a month.)
We have an hypothetical example below of a person who has an annual retirement income, after taxes, of roughly $50,000. We have estimated, in detail, what types of expenses that boomer may have. As you see, even if rent takes up half the money, the budget still has room for eating out, entertainment and traveling.
When you have more time than money there are savings everywhere, from Pre-Theater and daily deal dinner specials, to free museum admissions, to half price and lower theater tickets. Our boomer bloggers’ mission is to find you the best bargains and freebies, so you’ll never have to say that you cannot afford to go out and enjoy yourself!