How much money do seniors need to save for retirement on Long Island?

Mount Sinai-based tax practitioner Holly Bottiglieri fears some of her clients won't be able to retire.

"Some have saved literally nothing because they were just focusing on the day to day and not thinking about putting away for the future," said Bottiglieri, an enrolled agent with Long Island Tax, Accounting & Advisory Services Inc. "It's a huge concern, especially in the year that we're in now, with climbing fuel prices and grocery prices."

Rising prices have forced seniors across Long Island to cut back on their spending, including travel, home repairs and food, more than a dozen seniors told Newsday. It also left them anxious about whether they had saved enough to survive the region's high cost of living.

While there’s no one magic number Long Islanders need in the bank to retire in the region, financial experts generally recommend saving around 25 times your annual income, said Ross Natoli, a financial adviser at New York City-based Joel Isaacson & Company. For Long Islanders, that can amount to more than $3 million.

But your actual retirement target will vary greatly based on expenses, Natoli said.

"Let's say you're a public school teacher and you're making $85,000 and that meets your needs. That's the key thing. Then it's closer to $2 million," Natoli said.

The median income in Nassau County stood at $137,709 in 2023 and $122,498 in Suffolk that year, according to U.S. Census data. A Nassau resident earning $137,709 a year would need about $3.4 million to retire with their same standard of living. A Suffolk resident would need around $3.1 million.

That number includes a person's total retirement savings, including 401(k) plans, investments, pension, Individual Retirement Accounts, Social Security or other sources, Natoli said. But it's unclear how many Long Islanders are able to save to that degree.

Many rely primarily on Social Security; about 45.3% of seniors over the age of 70 did not report any retirement income other than Social Security in 2023, according to a 2025 study from the nonprofit the Center for an Urban Future.

Without enough to retire, some Long Islanders may need to stay in the workforce longer, Bottiglieri said.

"What else are you going to do? It's work until you drop, and that is not a plan," Bottiglieri said.

It can seem impossible to save millions, but seniors can meet basic expenses with less; seniors living alone needed an annual income between $37,000 to $64,000 in 2025 to cover the basics, according to the Elder Index, a tool developed by the University of Massachusetts Boston’s Gerontology Institute to measure how much money seniors need to grow old at home. But that doesn’t account for discretionary spending — like hobbies or travel.

Starting to save early

The most important thing Long Islanders can do is start saving early, experts told Newsday.

Long Islanders should put aside money though multiple retirement accounts: through a 401(k) account with their employer or a 403(b) account for those who work for tax-exempt organizations, an invested brokerage account, an Individual Retirement Account (IRA), Roth IRA, and even a Health Savings Account (HSA), Natoli said. 

He recommended that young workers, those between about 20 and 40 years old, save early and invest aggressively. Younger employees can even treat an HSA, an account you can contribute to tax-free for medical expenses, as a long-term savings account. That money can later be invested and will continue to grow tax-free, resulting in a small nest-egg you can use for medical expenses during retirement, Natoli said.

Natoli and Bottiglieri both recommended a retirement strategy that changes as you get older to ensure that you have around five to 10 years' worth of expenses in cash and bonds about five years before you retire.

"A lot of times people will get to the age of 65 or 68, and they'll say, ‘I don't know what just happened. The stock market dropped, and I have to start taking from my account in a couple of years,’" Natoli said. "The answer is: let's start getting conservative now. But we should have done it five years ago."

Social Security can also provide a cushion for retirees today, but there is a risk the program will become insolvent; without Congressional intervention, the program will only have enough funds to pay 78% of benefits in 2032, according to a June release from the Social Security Board of Trustees.

Natoli, at least, doesn’t advise counting on Social Security.

"Those types of things are out of everyone's control," Natoli said. "But we can incorporate them in our strategies."

Saving on property expenses

Seniors can also take advantage of state and federal programs that offer discounts on energy costs, property taxes and medical insurance.

"A lot of older adults are eligible for programs that they either are not aware of, or for some reason, they choose not to not to apply for," said Greg Olson, the director of the New York State Office for the Aging.

Homeowners 65 and older, or households that include a resident over age 65 can get a discount on their property taxes if the homeowner household will earn less than $110,750 in 2026, according to the State Department of Taxation and Finance. The amount of savings depends on where you live, but can range from a few hundred dollars to more than $4,000.

And Long Islanders over the age of 60 can get help heating their homes through the federally funded Home Energy Assistance Program (HEAP), if they fall under certain income limits. For a senior living alone, that monthly income limit is $3,563 per month.

HEAP offers one-time payments of up to a little more than $900 paid directly to a Long Islander’s utility provider for home energy costs, such as oil, kerosene, natural gas and propane. Applications are expected to open in November, Newsday has reported.

You can sign up for HEAP by calling the Nassau County Department of Social Services at 516-227-8519 or after hours at 516-573-8626. Suffolk residents can apply through the Suffolk County Department of Social Services, at 631-853-8825 for their Hauppauge office, as well as at their Coram, Riverhead and Deer Park offices. You can also call the emergency line after hours at 631-854-9100.

When it comes to paying for health insurance, seniors can get assistance paying their Medicare premiums if they fall under certain income limits, which, at most, stood at $2,474 per month for a single person, according to the New York State Department of Health. Long Islanders can call the Nassau or Suffolk Department of Social Services to apply, or ask questions via the state’s free helpline at 800-701-0501.

Seniors taking advantage of the Medicare Savings Program, HEAP and the state’s Supplemental Nutrition Assistance Program (SNAP) program can save thousands, Olson said.

"Those three programs put $11,000 back in somebody's pockets," Olson said.

Saving on food costs

Low-income seniors can also get help paying for groceries through SNAP.

A single person who is 60 years old or older can get up to $306 per month if they make less than $31,920 a year, excluding retirement accounts and savings, according to the State Office of Temporary and Disability Assistance.

More than 145,000 Long Islanders rely on SNAP, but due to federal cuts, New York counties are responsible for paying for 75% of the program’s administrative costs.

Ciara O’Brien, the director of public policy and government relations for the nonprofit Long Island Cares, worries that to shoulder that cost, Nassau and Suffolk counties will be forced to reduce services in other areas.

Sylvia A. Diaz, deputy county executive and acting commissioner for Suffolk County’s Department of Social Services, told Newsday the agency has requested $7 million in the county legislative budget to make up for the lack of federal funding, though the funds have not yet been approved by the legislature.

Nassau County Executive Bruce Blakeman previously told Newsday that no other benefits or services would be cut. 

Even without assistance, Long Islanders can save on food costs. Senior centers across Long Island offer free hot meals to older adults, though most ask for a donation, and pantries offer staples.

Janice Imbrogno, a former high school home economics teacher who teaches classes at Long Island libraries, said that budgeting, meal prepping and substituting expensive foods for cheaper ones can help seniors stretch their budgets while staying healthy.

Imbrogno advised that seniors take a few simple steps to save: Examine what they already have, plan meals in advance and go to the grocery store with a list of exactly what they need.

Seniors can also lean on friends for help, either by shopping together or sharing bulk items, Imbrogno added.

"Do some of this in community," Imbrogno said. "If one person belongs to one of the warehouse clubs, and there's a big quantity of something divvy it up and share it."

And seniors should seek extra help if they need it, Imbrogno added.

"Don’t be ashamed or afraid if you need to go to a food pantry," Imbrogno added. "Everybody needs help sometimes."