Free retirement calculator tailored for New York (NY). Calculate instantly with state-specific rates and rules.
New York City imposes its own income tax on top of state income tax, but upstate retirees only pay state rates. Despite the exemptions, high-income retirees face significant state tax burdens. Property taxes in New York — especially outside NYC — are among the highest in the nation.
| Data Point | Value |
|---|---|
| Average Retirement Savings (55-64 age group) | $195,000 |
| Median Household Income | $72,108 |
| New York Tax on Retirement Income | New York does not tax Social Security benefits. |
New York does not tax Social Security benefits. New York exempts up to $20,000 of pension income per person for residents 59½ and older. Government pensions (federal, state, and local) are fully exempt. New York income tax rates range from 4% to 10.9%.
The average New York household nearing retirement (ages 55-64) has approximately $195,000 in retirement savings. Financial planners commonly recommend having 10-12x your final salary saved by retirement age. For the median New York income of $72,108, that suggests a target of roughly $721,080 to $865,296.
Use CalcuWealth's retirement calculator to model your specific situation — including your expected Social Security, any New York pension, and your investment portfolio — to find your personal retirement number.
Data: US Census Bureau ACS 2023, Zillow (2024), Vanguard How America Saves (2023), NCES. Updated 2024–2025. Figures reflect state averages — consult a licensed financial advisor for personalized guidance.
More from TUDITOOLS