Looking to retire? New Jersey is not your state
If you're looking to retire, New Jersey may not be your state. Personal finance website WalletHub has released its report on 2022's "Best and Worst States to Retire." Let's just say the Garden State does not fare well.
To help retirees find a safe, enjoyable wallet-friendly place to call home, WalletHub has compared all 50 states across 47 key metrics ranging from affordability, quality of life, healthcare, taxation to how many golf courses there are per capita.
Analyst Jill Gonzalez said New Jersey ranked dead last on the list at number 50, meaning it is the worst state for seniors to retire. She said New Jersey is not an affordable state. It taxes pensions, social security and does not have special tax breaks for seniors.
Other than overall affordability and high cost of living, being in the Northeast means the winters are also pretty rough, which is not a desirable feature when thinking of retirement.
"There's also not as many people age 65 and up as there are in other states. So not as many things to do, not as much as catering to the elderly there, as far as quality of life goes," Gonzalez said.
Across the board, New Jersey could use improvement. Gonzalez said for someone who is starting a career and having a career, the Garden State is a good option but for someone looking to live out their golden years on a fixed income, it's not the best place to be.
There was a sliver of a silver lining from the report, though. Health care is better in New Jersey than in some other states. "You get what you pay for," Gonzalez said. There are some good geriatric facilities and hospitals in New Jersey but she doesn't think the bang is worth the buck.
It's no surprise that Florida is the best state to retire followed by Virginia, Colorado, Delaware, and Minnesota.
New Jersey is the worst state to retire in followed by Mississippi, New York, Kentucky, and Oklahoma.
For the full report, visit:
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