New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Why Bank of New York Mellon Employees Should Consider These Top Retirement Locations for Affordability and Ideal Weather

Healthcare Provider Update: Healthcare Provider for Bank of New York Mellon The primary healthcare provider for Bank of New York Mellon (BNY Mellon) is EmblemHealth, which offers a range of plans catering to the needs of the company's employees. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are expected to rise significantly, driven by a combination of factors. Data reveals that many states are facing record premium hikes for Affordable Care Act plans, with some projections showing increases exceeding 60%. The potential expiration of enhanced federal premium subsidies will compound these challenges, resulting in over 22 million ACA marketplace enrollees possibly seeing their out-of-pocket premiums jump by upwards of 75%. This surge in costs is indicative of a broader trend affecting healthcare affordability for many Americans, intensifying pressure on already strained household budgets. Click here to learn more

'Bank of New York Mellon employees nearing retirement should consider cities like Cary, North Carolina, that balance affordable living, great weather, and top-tier healthcare, as these factors are essential in ensuring a financially comfortable and healthy retirement.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Retirees from Bank of New York Mellon companies should prioritize locations that offer both cost-effective living and excellent healthcare, such as Cary, North Carolina, ensuring a fulfilling and stable retirement experience.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The best affordable cities for retirement, with a focus on Cary, North Carolina.
How weather and cost of living are key factors for Bank of New York Mellon employees planning their retirement.
The importance of healthcare access in choosing a retirement destination.

Combining great weather with affordability, Cary, North Carolina, has emerged as one of the top spots for Bank of New York Mellon employees planning their retirement. Located just nine miles west of Raleigh, this charming city offers retirees a year-round climate with temperatures between 32°F and 89°F. With an average monthly cost of living of $3,615, Cary provides an excellent balance of affordable housing and beautiful weather—two key considerations for Bank of New York Mellon employees looking to make the most of their retirement years.

Cary's exceptional quality of life is reflected in its impressive livability score of 90 out of 100. The city offers a community that supports retirees, with 12% of its population being over 65, according to GoBankingRates. The temperature is generally mild, though seasonal fluctuations are expected, with the hottest months being late May through early October. Despite some fluctuations, Cary's facilities, low crime rate, and healthcare services all earned favorable ratings, even though its cost of living score on AreaVibes was slightly lower.

Cary is not the only city with the perfect mix of affordability and great weather for retirement. For example, Metairie, Louisiana, scored 84 out of 100 on the livability scale. This city boasts a reasonably low cost of living, a mild climate, and a hint of Southern charm. For Bank of New York Mellon retirees seeking relief from the hotter Southern U.S., Perry Hall, Maryland, is an excellent option due to its consistently milder temperatures.

With its reasonably priced housing and dry, sunny climate, Laughlin, Nevada, offers the lowest anticipated monthly cost of living on the list for retirees who are considering the desert lifestyle. In contrast, Oro Valley, Arizona, located in the heart of the Sonoran Desert, is particularly attractive to retirees, with more than one-third of its population being 65 or older. The area's year-round, outdoor-friendly temperatures further enhance its appeal.

Although Florida remains a popular retirement destination, the living costs in cities like Miami and Orlando can surpass $60,000 annually. High real estate prices and increasing property taxes might deter some retirees from making the move. For those still drawn to Florida's warm climate, alternatives like Perry Hall and Metairie offer similar weather conditions but at a more affordable cost of living.

GoBankingRates compiled a detailed list of affordable and appealing retirement destinations in 2024 by evaluating cities on several criteria, including rent, weather, cost of living, and overall desirability. At the top of the list is Cary, North Carolina, with its active retiree community and temperate climate. Laughlin, Nevada, and Oro Valley, Arizona, also stand out as great retirement options, showcasing that there are plenty of affordable places to retire while still enjoying a comfortable and pleasant lifestyle.

When planning retirement, Bank of New York Mellon employees must strike a balance between living costs and a healthy, active environment. Whether in Cary or another well-regarded location, retirement planning should factor in both lifestyle preferences and financial considerations to help create a fulfilling retirement experience.

In addition to affordability and pleasant weather, healthcare access plays a critical role in selecting a retirement location. Cary, North Carolina, stands out for its top-notch healthcare offerings, including facilities like WakeMed Cary Hospital. U.S. News & World Report (March 2024) named Cary as a top choice for retirees who value both financial stability and healthcare quality, making it an ideal place for Bank of New York Mellon employees nearing retirement.

If you're looking for an affordable and desirable retirement destination, Cary, North Carolina, with its 90/100 livability score, is one of the best cities for retirees. Offering a mild climate, affordable living costs, and excellent healthcare services, it's a standout location. Other affordable places with favorable weather for retirement include Metairie, Louisiana, and Oro Valley, Arizona. Discover why these cities are gaining popularity due to their appealing combination of amenities, climate, and affordability.

Choosing the right retirement destination is much like selecting the perfect vacation spot: it should offer the amenities you desire, such as great weather, reasonable prices, and convenient access to the services you need. Like a year-round vacation, cities like Cary, North Carolina, and Metairie, Louisiana, provide a perfect mix of relaxation, adventure, and practicality, allowing Bank of New York Mellon retirees to enjoy both financial comfort and peace of mind. These locations promise a long-term 'staycation' with affordable living, pleasant weather, and excellent healthcare throughout the year.

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Sources:

1. GoBankingRates. “12 Surprisingly Affordable Cities With Great Weather for Retirees.” GoBankingRates , October 2024, pp. 1-2.

2. U.S. News & World Report. “The 2 Best Independent Living Communities in Cary, NC.” U.S. News & World Report , March 2025, pp. 1-3.

3. Investopedia. “Why Arizona Could Be the Perfect Retirement Destination for You.” Investopedia , May 2025, pp. 1-2.

4. CarePatrol. “Beyond Cost: A Different Perspective on Choosing a Retirement Location.” CarePatrol , April 2025, pp. 1-2.

5. Nasdaq. “Retirement Relocation: Choosing the Perfect Place to Call Home.” Nasdaq , April 2025, pp. 1-2.

What types of retirement savings plans does Bank of New York Mellon offer to its employees?

Bank of New York Mellon offers a 401(k) plan as part of its retirement savings options for employees.

How can I enroll in the 401(k) plan at Bank of New York Mellon?

Employees can enroll in the Bank of New York Mellon 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

Does Bank of New York Mellon provide matching contributions to the 401(k) plan?

Yes, Bank of New York Mellon offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the vesting schedule for the Bank of New York Mellon 401(k) matching contributions?

The vesting schedule for Bank of New York Mellon’s matching contributions typically follows a standard schedule, which can be confirmed in the employee handbook or by contacting HR.

Can I change my contribution rate to the 401(k) plan at Bank of New York Mellon?

Yes, employees at Bank of New York Mellon can change their contribution rate to the 401(k) plan at any time, subject to certain guidelines.

What investment options are available in the Bank of New York Mellon 401(k) plan?

The Bank of New York Mellon 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can I make changes to my investment selections in the Bank of New York Mellon 401(k) plan?

Employees can typically make changes to their investment selections in the Bank of New York Mellon 401(k) plan on a regular basis, often daily or monthly.

Is there a loan provision available in the Bank of New York Mellon 401(k) plan?

Yes, Bank of New York Mellon allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

What happens to my 401(k) account if I leave Bank of New York Mellon?

If you leave Bank of New York Mellon, you have several options for your 401(k) account, including rolling it over to an IRA or a new employer’s plan, or cashing it out.

Are there any fees associated with the Bank of New York Mellon 401(k) plan?

Yes, there may be fees associated with the Bank of New York Mellon 401(k) plan, which can include administrative fees and investment-related fees. Employees can review the fee structure in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Bank of New York Mellon has announced a significant reduction in its workforce, with layoffs expected to affect around 5% of its employees by the end of 2024.

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For more information you can reach the plan administrator for Bank of New York Mellon at 240 Greenwich St New York, NY 10286; or by calling them at +1 212-495-1784.