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Cost of Retiring in New York (NY) 2026

New York does not tax Social Security and excludes the first $20,000 of pension/retirement income for 59.5+. High cost of living.

10.9%
Top Income Tax Rate
107.9
Cost of Living Index (Above average)
No
Taxes Social Security
$3,924
Est. State Tax on $60K Income

Tax on $60,000 Retirement Income

Gross annual income$60,000
Top state income tax rate10.9%
Estimated effective rate6.5%
Estimated annual state tax$3,924
Monthly tax impact$327
After-tax income$56,076

5 Cheapest Alternative States

StateRateEst. Tax on $60K
AlaskaNo tax$0
FloridaNo tax$0
NevadaNo tax$0
New HampshireNo tax$0
South DakotaNo tax$0

Moving from New York to Alaska could save ~$3,924/year in state income tax alone.

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Source: IRS Rev. Proc. 2025-32, BEA Regional Price Parities (2024 vintage), SSA 2026 bend points. Tax estimates use a 60% effective factor on the top marginal rate as a simplified model. Consult a tax professional for your specific situation. Not financial advice.

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