Study: New York is among least affordable states to retire in

New York ranked one of the least affordable states to retire in

Retiring in New York? Forget about it.

NEW YORK - We all know New York is a pretty pricey place to live. One recent study, however, ranks New York in the bottom five states in the country when it comes to the cost of living.

New York had the second-highest cost of living in any state behind Alaska, according to the new study published this month.

Of note in the study was the fact that New York is particularly tough on retirees.

The consumer-focused website WalletHub conducted the study using 47 metrics and found that even with $1 million in savings, the average New York senior could only cover 14 years of expenses here.

The conclusion: the Big Apple is a great place to start a career, but not a great place to stay after ending your career.

"If you know that you are in your retirement age and don't have any plans of relocating, it might be time to reconsider that, especially when inflation is just adding to all of these costs." Says Jill Gonzalez and analyst at WalletHub.

The bottom line, is to start saving today, since it could be the difference between staying in New York, and having to move once you retire.