Don't Let Jersey Squeeze Your Golden Years: #2 Worst Ranking for Retirees
New Jersey: A Garden State for Some, a Retirement Desert for Others?
New Jersey. The land of Bruce Springsteen, Jon Bon Jovi, the Atlantic City boardwalk, and...apparently, the second-worst state to retire in according to WalletHub's 2024 study. Ouch. But before you pack your bags for Florida's sunshine and tax-free havens, let's delve deeper into the data and see if the reality paints the same bleak picture.
WalletHub's Woeful Verdict:
WalletHub didn't mince words. New Jersey scored a meager 43.69 out of 100, landing a dismal 49th place in affordability, the primary concern for most retirees. Let's face the music:
Cost of living: Brace yourself. New Jersey boasts the third-highest overall cost of living in the nation, meaning your retirement nest egg will shrink faster than a sandcastle at high tide. Property taxes alone are enough to make you weep, ranking second-highest nationwide.
Taxes: Feeling financially squeezed? Welcome to the club. New Jersey's combined state and local tax burden ranks sixth-highest in the U.S., leaving less wiggle room for your golden years' indulgences.
Healthcare: While ranking 20th in healthcare access, it comes at a cost. New Jersey has the second-highest average annual cost of in-home services, meaning even basic care can strain your budget.
Beyond the Numbers: Grim Tales from the "Golden Years"
Numbers paint a picture, but stories paint a reality. Consider this:
Empty Nester Blues: New Jersey ranks 42nd in its "Elderly-Friendly Labor Market," meaning finding fulfilling work post-retirement might be trickier. Prepare for potential loneliness and isolation.
Social Security Squeezed: With such high living costs, even Social Security might not stretch far enough. New Jersey ranks 41st in "Social Security Adequacy,**" meaning your fixed income might struggle to keep up.
Is There Any Sunshine for Retirees?
A glimmer of hope? New Jersey does rank 35th in "Quality of Life,**" offering cultural attractions, diverse communities, and proximity to major airports. But can cultural events soothe the sting of an empty wallet? The answer depends on your priorities.
The Verdict: Proceed with Caution (and a Financial Advisor)
While New Jersey has its charms, ignoring its financial burdens for retirees would be reckless. Before packing your AARP card and Springsteen vinyl, carefully weigh your priorities. If affordability trumps everything else, consider exploring greener (and cheaper) pastures. Remember, retirement should be a time to relax, not constantly fret about finances.
But wait, there's more! Even if New Jersey seems less than ideal, all hope is not lost. At escapefromnewjersey.com, we understand the challenges retirees face in the Garden State. We offer a wealth of resources, including:
Information on states that are great for retirees wanting to move out of New Jersey.
Resources for finding highly experienced and skilled real estate agents in the United States and across the world!
Get connected to movers, car carrier, storage facilities, and more!
Support groups and communities connecting you with other New Jersey retirees seeking a change.
Don't let New Jersey's ranking dampen your retirement dreams. Visit escapefromnewjersey.com today and explore your options. Remember, you have choices, and with the right planning and resources, you can find your perfect retirement haven, even if it's not in the "Garden State."
