All seniors in the baby boomer generation face the same thing. We are fighting against running out of money, being sent to the long-term care facility and under Medicaid in double room or larger. The reason is that not many of us have retirement pension other than social security.
1) New York is one of the best senior benefit. So, you may not want to relocate.
2) Consider to relocate to southern states without taxation on retirement income. Nevada, Las Vegas in one cheap place. It is a city of second chance. So, there are many smaller apartments with lower price.
3) Inventory your family relationships between two of you. At our older age, our relationship with others become our assets, too.
4) You are still very young relatively speaking. It is good time to do the planning to relate, etc.
5) There is something called "medicaid planning". That is a realistic look on how long we can last until we have to go on medicaid. There are people at age 66, fully healthy, without any savings or assets, move to senior citizen home for long term care and to be entirely under Medicaid for housing, food, health care and everything.
6) Seriously consider getting married.
7) Seriously consider reverse mortgage. But you need to wait until she is over 62 so that both of you can be protected to stay in the house.
8) Consult with local, county Department of Aging to search for your alternatives in terms of long term care and senior citizen benefits.
Please feel free to follow up.
Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP, IMTA