New Jersey is One of the Worst States in America For Retirement
You do not have to be 65+ to start thinking about your retirement. In fact, the earlier you do start making plans for retirement the better you will be when that time comes later in life. So maybe "now" is the time to start considering planning for the future, before the future is here, and trust me it gets here quickly.
The Senior List recently put together a list of the "worst" states to retire and one of the states on that list is New Jersey. "When retiring, most people draw from a variety of income sources, including pensions, 401(k)s, IRAs, Social Security benefits, and other private or public funds. Unfortunately, many states tax these income sources, making it essential to consider how much tax is levied in your area."
- New Jersey
- New York
In a recent article by the Senior List, They listed New Jersey among the worst six states for retirement. In New Jersey, "The sticking point will be the huge estate tax and the highest property tax in the country (2.21 percent). That means seniors with specific sources of public income may be able to retire to New Jersey without paying for it, while those who plan to purchase property there will be greeted with some of the highest overhead costs in the country."
I am planning on retiring here in New Jersey, despite this report coming out. I have lived here my entire life and Jersey is home. That being said "never say never" because with our kids living out of state, currently, who knows where life takes us and only time will tell, but the plan is to be here.
My advice for everyone is just to start thinking of "retirement" at any age, it's a marathon, not a sprint, so "the early bird gets the worm!"
How do you feel about retiring in New Jersey? post your comments below
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