New York, also known as the Empire state is one of the most populous states and is home to the largest metropolitan area in the US which makes it a top destination for retirees. Almost two thirds of the population is located in New York City which has been described as the cultural, financial, and media capital of the world. Besides the city, residents of New York independent living communities will enjoy areas with by beautiful meadows, forests, rivers, farms, mountains, and lakes. 

New York Climate

Due to the diversity of the state’s topography, retirees will experience a humid continental climate. The climate is strongly influenced by two large air masses, one being warm and humid and another being cold and dry. 

Temperatures in the summer can vary from the mid 70s to low 80s (25 to 28 °C), over most of the state. In the majority of winter seasons, a temperature of −13 °F (−25 °C) or lower can be expected in the north and 5 °F (−15 °C) or colder in the southwestern and east-central parts of the state. 

New York Retirement Attractions

New York also offers many different activities and attractions that may appeal to independent living retirees, including sports such as football, baseball, basketball, hockey. New York is home to some professional sports teams such as the New York Yankees, New York Knicks, and the New York Rangers for people that would prefer to spectate. There are also multiple national parks to visit including Niagra Falls, Hudson Highlands state park preserve, Saratoga spa state park, and many others. Some other popular places to visit are the metropolitan museum of art located in New York City, Central Park located in New York City, Lake placid which has hosted the winter Olympics twice, and Lake George. 

Taxes in New York

Residents of New York will pay a combined state and local income tax rate of approximately 8.5%, with local tax rates maxing out at 4.875%. Income taxes range from 4% on the low end to more than 8.5% for those earning close to $1.1 million ($2.1 for couples). Property tax rates are closer to the higher-end nationally, with a rate of 1.72. Social security income in New York is not taxed.

Senior Housing in New York

Deciding where to live is one of the most important and complex decisions facing retirees, today’s seniors have many housing options. Planning ahead for the later stages of retirement can help you and your loved ones avoid difficult, and often costly, situations in the future.

For New York seniors age 55+ who want a residence that allows them to be independent and active today but are equipped to provide for their future healthcare needs, Continuing Care Retirement Communities (CCRC) can be a good option.

Continuing Care Retirement Communities in New York

CCRCs in New York are the only type of retirement community that offer residents access to a full continuum of care; which usually includes independent living, assisted living and/or skilled nursing care options. The state of New York regulates CCRC under a couple of different definitions, as follows: “Continuing care retirement communities(CCRCs) and fee-for-service continuing care retirement communities(FFSCCRCs) are residential alternatives for adults that offer, under one contract, an independent living unit (an apartment or cottage), residential amenities and access to a continuum of long term care services, as residents’ health and social needs change over time.” Unlike New York entry fee retirement communities, fee-for-service CCRCs in New York are available on a rental basis (no entry fee) but do not include long-term care benefits in the contract. These services are paid for per-diem at the then-current rate.

>> View FREE reports on CCRCs in New York

CCRCs are generally offer various accommodations including cottages, townhomes, and apartments and include common activity areas such as a restaurant-like dining room, activity and craft rooms, a library, an assisted living facility, and a nursing home. Other amenities often include, golf courses, convenience stores, swimming pools, gardens, walking trails, a fitness center, beauty/barber shops, banking services and guest accommodations.

CCRC Regulation in New York

CCRCs are regulated through various state divisions such as insurance, financial services, aging or elder services, or social services1. The mandatory requirements and degree of oversight varies drastically among the 38 states that regulate CCRCs. In New York, CCRC are regulated by the Department of Health.

Requirements of CCRCs in New York

There are entrance requirements for most CCRCs in New York, which may include some or all of the following:

  • Minimum age requirements as allowed by the Housing for Older Persons Act. 1
  • Medical reviews. Providers will often request medical records, talk with a prospective resident’s primary care physician, or request a health exam. The specific type of contract offered by the community will determine the degree of emphasis placed on this requirement.
  • Will, durable power of attorney, and healthcare power of attorney
  • Medicare and possibly a Medicare supplement policy, or a similar private-pay plan
  • Entry fee to cover the housing unit’s cost and other services and amenities, including contractually provided access to health care. The entry fee may also help keep monthly services fees lower than they might be at a comparable rental community.
  • Assets and savings equal to a multiple of the entry fee. A typical range is between 2-4 times the entry fee, but this can vary.
  • Monthly income equal to a multiple of the monthly service fee. The range is usually similar to that required for assets and savings.

Entry Fees For New York Life Plan Retirement Communities

Entry fee CCRCs in New York will generally include some portion of the cost of healthcare and/or long-term care services in the monthly fee. In other words, residents of New York entry fee CCRC will not pay the full per-diem cost of care at the time it is needed as it is included, to some degree, in the monthly fee and previously paid entry fee. The entry fee also secures a resident’s contractual and priority access to a continuum of care. Additionally, the money received from entry fees is also used to help pay down, or limit, the amount of debt required for development, expansion, or long-term capital projects, which keep the community attractive and competitive in the marketplace.

>> View FREE reports on New York life plan communities

Is a New York CCRC Right For You?

If you or your loved one feel a CCRC might be a good fit, myLifeSite will equip you with the information you need. Including questions to ask when visiting a New York Life Plan Community, our independent reports and educational resources with what you need to make an informed decison.

1 https://www.stateofflorida.com/taxes.aspx

Updated Nov 11, 2020