IS 70 THE NEW 60?

That depends on who you are asking and how old they are!  Retirement and when it will happen seems to be a hot topic right now as people are living much longer and staying in the workforce much longer.  We used to think of retirement as a kind of final chapter—65 hits, you get a gold watch, and off you go to Florida or Arizona to hit the golf course. But that narrative? It's shifting fast.

The median retirement age in the U.S. is 62, with nearly six in 10 retirees stepped back from the workforce earlier than they had planned. Almost half of those people said the reason came down to health issues, such as physical limitations or disability. Losing a job or an organizational change at their employer were among the other reasons people stopped working before they planned to retire.

At the same time, we’re living longer. The average retiree today expects to live to 90, which means your retirement nest egg may need to support you for three decades! That’s not a postscript—it’s a whole second act.  And many aren't financially ready for it.

The days of the old corporate pension are long gone.  Nowadays roughly 60% of retirees rely on Social Security as their primary income. Only a minority report their 401(k) or IRA will sustain them.  And most people are opting for their social security early on even though retirement experts generally urge Americans to hold off on claiming early. You can claim as early as 62 but the tradeoff is a roughly 30% reduction in your monthly check compared to waiting for full retirement age. Only around 4% of retirees wait until 70 to file for their benefits.

But here's what I find fascinating—and where real estate plays a powerful role: How we think about where and how we live in this phase is changing just as quickly.

For instance, I’ve been seeing more and more empty nesters from the tri-state area and Florida leaving behind their sprawling suburban homes and country houses to move back into the city.  Many are opting for larger 2, 3 and 4 bedroom pre-war cooperatives on both the Upper East and Upper West sides and some are even opting for hip lofts in new condos downtown.  What these properties have in common though is full services.

For many it’s about the lifestyle ease of a fully staffed, doorman building.  One of my clients even referred to his Central Park West coop as one of the best assisted living facilities one could ever imagine! But is also about the cultural vibrancy of Manhattan, and the simple joy of walking to dinner, to a museum, the theatre, or Lincoln Center. It’s a tremendously easy city to navigate for retirees and everything is discounted (including the subway) for the 65 plus crowd!

It’s also about practicality. That big house with the wide lawn and steep staircase isn’t exactly ideal for aging gracefully. By contrast, a well-located apartment—especially in a full-service building—can offer both quality of life and long-term value.

At the same time, I’m seeing younger buyers upsizing—taking advantage of current market conditions in New York or parental help to move into larger apartments, even in the same buildings where older generations are downsizing. In a way, it’s a real estate lifecycle: equity gets unlocked and repositioned, often in ways that reflect each generation’s values and financial strategy.

And this brings me to what I think is the most important takeaway: your home isn’t just where you live. It’s a core piece of your retirement strategy. Whether you’re 35 or 75, your real estate decisions—what you own, where you live, and how that home fits into your future—deserve the same thoughtful planning as your portfolio or Social Security strategy.

So, if you’re thinking about what the next chapter looks like, let’s talk. Whether it’s right-sizing in the city, selling and finding a weekend place upstate, or helping your kids get a foothold in this ever-evolving market, real estate is one of the most flexible and powerful tools we have to plan for the future.

Retire yourself into a safe, relaxing weekend!

Best, Michael

Question of the Day

Are you familiar with the phrase price per square foot?

Local News

Rockefeller Center is now home to a fancy Mexican steakhouse

Tableside bone marrow tacos are most definitely a feature.

New York isn’t lacking when it comes to finding a great steak. But it's not all just heavy wood-paneled rooms this and tufted plush booths that. In fact, the reason why our scene is so great is because of the contemporary takes on the art form, many of which draw influence on a global scale.

Daniel Boulud debuted his French-leaning ode to steak with La Tête d’Or last year, teasing us with Sweetbread Nuggets and French Wedge Salads before the pièce de resistance wheels up to the table: the prime rib trolley. Meanwhile, Korean-inflected steakhouses rank in their own category in NYC, as prime cuts are rubbed with shio kombu and koji at Gui Steakhouse and lamb chops are slicked with ssamjang at Golden Hof - Korean Bar & Grill (recently rebranded from NY Kimchi). Even this year, the title of the best steakhouse in the world went to the ever-buzzy Korean BBQ-slash-steakhouse that is Cote. Another global leaning steakhouse made its debut in midtown this summer and the influence here is all Mexico.

Sizzle into flavor!🔥 Rockefeller Center’s newest Mexican steakhouse is setting NYC’s food scene on fire — bone marrow tacos included. Click below to explore!

More Info: CLICK HERE

This new Midtown skyscraper will let thrill-seeking

New Yorkers free-fall 300 feet

Lady Liberty and her torch are about to get serious competition

If you’re in New York City, you probably have a pretty strong (and likely complicated) relationship with adrenaline. But if you need an even bigger rush than trying to cross Eighth Avenue at rush hour, you’re in luck, because the Manhattan skyline is about to get a whole lot wilder.

In 2026, adrenaline junkies will get to experience the city from a heart-stopping new perspective: Plummeting 300 feet in transparent tubes. That’s courtesy of the 52-story, 1,067-foot-tall skyscraper called The Torch, at 740 Eighth Avenue, which just resumed construction a year after halting. Forget fancy observation decks or high-end, high-rise restaurants. The Torch wants to offer both panoramic views and the kind of free fall that usually ends with you jerking awake.

NYC’s wildest new ride is NOT at a theme park 🎢👇

This skyscraper drops you 300 feet — in clear tubes. Ready to scream?

🌆 Click below if you dare!

More Info: CLICK HERE

'A Chorus Line' turns 50: A look at how

it changed Broadway forever

Friday marks the 50th anniversary of the iconic Broadway musical “A Chorus Line,” which opened at the Shubert Theatre on July 25, 1975.

The story of dancers auditioning for the chorus of a new musical became a singular sensation. The show picked up nine Tony Awards and the Pulitzer Prize for Drama in 1976. It ran for 15 years – the most performances of any Broadway show up to that time – and had an enormous influence on today’s Broadway, including how musicals are created.

“It really shouldn't have worked on any level,” said theater historian Laurence Maslon, “because it took every convention of the American musical and turned it inside out.”

The barebones staging of “A Chorus Line” was novel at the time. When audiences entered the Shubert Theatre, they didn’t see an elaborate set or a red velvet curtain – instead they saw a black box, with a white line at the front, and performers in rehearsal clothes doing a dance routine.

One show. One spotlight. 50 years of impact. 🎭

“A Chorus Line” isn’t just a classic — it rewrote Broadway history. Click below to read more!

More Info: CLICK HERE

Michael J. Franco

Lic. Assoc. R.E. Broker

M: 917.817.4122

mfranco@compass.com