Can You Retire to NYC on $50,000 A Year? Yes, You Can!

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!

50k budegt

 

Author My First Apartment
Seija Goldstein

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Seija Goldstein has lived in New York City for 40 years and has no intention of ever leaving. After working full time in media and raising two wonderful children, she is now planning to sample everything that her favorite city has to offer. She will be reporting her experiences on this blog and inviting other New York City Boomers to join in the adventure.

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