How New York's Big Cigarette Tax Hike Can Help You Retire

They risk disease. Endure being exiled from restaurants and bars. Maybe hitting smokers even harder in the wallets will get some to stop.

New York City bumped its cigarette tax up by $1.50 on June 3, making it the highest in the nation. State and city taxes alone equal a whopping $4.25, for a single pack of Marlboro Lights (MO Quote - Cramer on MO - Stock Picks). Now that a pack can cost $10, or more, smoking is not only putting a strain on lungs, it can kill a bank account, too. A younger New Yorker who blows through a pack a day, will spend more than $3,000 now, a steep price for someone who probably also needs to save for retirement.

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