A new study has ranked New York as the second worst state to retire in.

The study, conducted by Bankrate.com, found the Empire State ranked only behind Arkansas when cost of living, crime, health care, taxes and weather were factored in.

Retirement planning expert Michael Kresh says that if you want to retire in New York, put off selling your home for as long as you can.

"The expensive real estate in New York makes it harder to stay, but the value of the real estate means if you can stay for your first five or ten years, you will have more money and flexibility later on, which is not common in a lot of other states," Kresh told News 12.

According to the study, Wyoming ranked first on the list of states due to their favorable tax rate. Colorado ranked second and Utah came in third.