Don’t Retire In New Jersey! New Study Says NJ’s Awful For Retirees
Listen, I love you Jersey, but you're getting a little outrageous, k?
Yep, we're all feeling it right now. NJ's always been expensive, but lately it feels like everything costs an absurd amount of money! Inflation has, no doubt, made it extremely difficult on people living in the Garden State that are currently on a fixed income. Looking at you, retirees.
None of us are claiming that New Jersey's ever been the cheapest place to dig your roots, but goodness, lately it's just insane!
No current NJ resident will be shocked in any way by the information I'm about to tell you, but apparently, Jersey's not exactly where you should set your sights for your endgame. According to a new study, it has been determined that the Garden State is one of the absolute worst places to retire in the entire country. Told ya you wouldn't be surprised.
A survey recently compared states by measuring them against each other in variables such as overall affordability, how much you'll be spending for health care and such, and the overall quality of life. Let's just say Jersey's got some room for improvement.
When comparing New Jersey's score in all the metrics used to determine each individual state's rank, our overall score landed us in second-to-last place. That's an advancement when comparing last year's ranking, so we've got that going for us. In 2022, NJ came in as the WORST place in the country to settle post-retirement.
Take a look at where New Jersey fell this year according to the folks over at WalletHub:
Retiring in New Jersey (1=Best; 25=Avg.):
- 38th – Adjusted Cost of Living
- 31st – Annual Cost of In-Home Services
- 41st – WalletHub ‘Taxpayer’ Ranking
- 37th – Elderly-Friendly Labor Market
- 30th – % of Population Aged 65 & Older
- 46th – Health-Care Facilities per Capita
It's sad to hear that news. It makes a lot more sense why so many of our grandparents choose to move to Florida, doesn't it? If they can't afford it, they can't afford it. The experts have spoken. If you're on the brink of retirement, look to settle elsewhere. The statistics say it's within your best interest to do so.