New York is Costing Baby Boomers a Ton of Money

Boomers. They're everywhere—by definition. But just because they’re all over the map doesn’t mean every place is good for their wallets.

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While baby boomers are expected to pass down a huge chunk of America’s wealth, that doesn’t mean they’re all sitting pretty. In fact, many Americans aged 65 and older are struggling to make ends meet.

According to a recent study from the ALI Retirement Income Institute found that most people turning 65 between 2024 and 2030 aren’t financially ready to retire. That’s a tough pill to swallow.

Where you live can seriously impact how far your savings go. GOBankingRates crunched the numbers on monthly expenses across all 50 states and identified which ones are hardest on the wallet—especially for boomers.

Here are the 10 Most Expensive States for Baby Boomers according to MSN:

New York

Oregon

New Hampshire

Rhode Island

Alaska

New Jersey

Washington

Massachusetts

California

Hawaii

My parents are baby boomers living in the great (and financially draining) state of New York. I cannot wait to share this new info with them. Not because I think it’s funny that their retirement savings are going up in flames—but because their reaction will be hilarious and predictable.

Here’s how it usually goes: I break the news to them separately, like I’m dropping classified intel. Why? Because that’s when I get to witness their greatest hits album, featuring the timeless track: “I tell your mother/father all the time.” Both of them perform it flawlessly, and every time, it kills me.

Example:
Me: “Hey Dad, did you hear? Monsters have been spotted snatching old people from the woods. New York ranked #2 for elderly abductions by forest creatures.”
Dad (without missing a beat): “I tell your mother all the time—this state’s taken enough from us!”

Later…
Me: “Ma, did you know pagan cults are popping up across New York?”
Mom: “Louis, I tell your father all the time—we have to get out of here. I hate it. And don’t even get me started on this weather—it’s disgusting.”

So yeah, I’m looking forward to dropping this little nugget about boomer finances. I’ll keep you posted, but if you want to bet on the outcome, the smart money’s on: “I tell your mother/father all the time…

They both act like the other one is holding them hostage in New York and I love it so much.