According to Retirement Living’s State of Retirement and their study of the best and worst states to retire, New Jersey ranks as the fourth worst state in the country to kick back, put your feet up, and retire. According to the study, 58% of adults over 60 worry they will not have enough to retire comfortably.
A long time ago, they called it a “baby boom,” and they were right. As a result of that “baby boom,” more Americans are hitting retirement age than ever before, so the lack of necessary funds to be comfortable in retirement is an understandable concern.
**Where are the best places to retire?**
Good old Wyoming ranks No. 1 in the country as the best state to retire to. If you are retired, you will need $573,800 to live a comfortable retirement in Wyoming. The state offers no income tax and boasts a strong economy. That said, I just cannot see myself high in the saddle scurrying after bison in Wyoming.
West Virginia, Florida, and Montana round out the top four best places to retire. Florida is a favorite of New Jersey retirees, but be forewarned: you will need $685,000 to live comfortably there. The study also notes that with the large influx of retirees headed to Florida, the cost of property and rentals is higher and continues to climb. Real estate may quickly eat into that $685,000 nest egg.
**Where does New Jersey stack up?**
To enjoy a comfortable retirement in New Jersey, you will need close to one million dollars—$964,000 to be exact. The Garden State ranks low in affordability due to high real estate costs, the highest property tax rate in the country, and a high state income tax rate.
The good news? New Jersey offers strong healthcare access and, believe it or not, a low violent crime rate. The pristine beaches, classic boardwalks, and walkability are positive factors, but they do not necessarily offset the large amount of revenue you will need to set aside for your retirement here.
I have my own retirement plan; I want to work and play the hits till I can’t no more. Good luck to you!
*The post above reflects the thoughts and observations of New Jersey 101.5 weekend host Big Joe Henry. Any opinions expressed are Big Joe’s own.*
https://nj1015.com/retiring-in-new-jersey/