From taxes to sky-high home prices, here’s why NJ is a retirement nightmare

According to Retirement Living’s State of Retirement and their study of 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,” there are more Americans hitting retirement age than ever before, so the lack of necessary monies 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. Wyoming has no state income tax and a strong economy. I just cannot see myself high in the saddle scurrying after bison in Wyoming.

West Virginia, Florida, and Montana round out the top 4 best places to retire.

Florida is a favorite of New Jersey retirees. You will need $685,000 to live in a comfortable retirement setting. Be forewarned, the study also points out that with the large influx of retirees headed to Florida, the cost of property and rentals is higher and continues to climb. That real estate will become overpriced and dig into that $685,000 quickly.

Where does New Jersey stack up?

You will need close to one million dollars to enjoy a comfortable retirement here in New Jersey, $964,000 to be exact. The Great Garden State ranks low in affordability with high real estate costs, the highest property tax rate in the country, and a high state income tax rate.

The good news is that New Jersey offers strong healthcare access and, believe it or not, a low violent crime rate. The pristine beaches, boardwalks and walkability are positive factors, but they do not necessarily offset the large amount of revenue you will need to sink into your retirement in New Jersey.

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.

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