Why you might reconsider retiring in New Jersey
🏠 Bankrate put out a list of the best and worst states in which to retire
🏠 It looked at several different categories important to retirees, like affordability
🏠 Where does New Jersey rank?
If you’re looking for affordability, New Jersey may not be the best state in which to retire.
Bankrate’s latest “Best States to Retire” study is out. It ranks all 50 states on metrics important to retirees including affordability, overall well-being, quality and cost of healthcare, weather, and crime.
Where does New Jersey rank?
New Jersey ranks middle-of-the-pack, as the 32nd best state to retire.
“It was primarily dragged down because of its high cost of living, not just housing but also healthcare, food, transportation, utilities, everything that plays into your everyday budget,” said Bankrate analyst, Alex Gailey.
In terms of affordability, New Jersey ranked number 42, so the state is more expensive than most states in the U.S. to live in, she said. The median home price in the Garden State is well above the national median home price, plus it’s one of the most expensive states when it comes to property taxes.
“Living in a state where the cost of living is higher like New Jersey isn’t ideal for retirees who are living on a fixed income and looking to stretch their retirement savings as much as possible,” Gailey said.
Where does New Jersey rank well?
While affordability is not New Jersey’s friend, the state did rank well on metrics that measure a retiree’s overall well-being, Gailey said.
It ranked well for diversity and has more arts and entertainment, and recreation establishments per capita than many other states. New Jersey also ranked third best on shared care’s community well-being index.
While healthcare costs are expensive in New Jersey, it ranks well for the quality of healthcare and also provides great access to healthcare, Gailey explained. There are more healthcare establishments per capita than in many other states.
“There are good things about New Jersey that would appeal to retirees such as the quality and cost of healthcare. If a retiree’s priority is overall well-being, or if they’re looking for a state with lower crime rates, New Jersey can certainly be a good option,” Gailey said.
What are the best and worst states for retirees?
According to the study, the five best states for retirees lie in the Midwest and the South. Iowa took the top spot as the best state to retire, ranking well in affordability, quality/cost of health care, and crime. Iowa also had strong rankings in cost of living, state health system performance, and cost of healthcare per capita by state.
The second-best state to retire in is Delaware, followed by West Virginia, Missouri, and Mississippi.
The five worst states to retire in are in the Northeast and the West. Alaska ranked dead last. New York is the second-worst state in which to retire, followed by California, Washington, and Massachusetts.
“It’s important to remember that cost of living or affordability is only part of the story. Where you live during retirement affects your financial situation, of course, but it also impacts your quality of life. So, there are other things to keep in mind when choosing where to retire. We know one of the most common reasons older Americans move is to be closer to family and friends, and to have that community when they’re older,” Gailey said.
Consider your priorities. Is it affordability? Is it healthcare? Is it overall well-being? Do you want to live in a warmer state? Gailey said choosing a retirement state is a personal choice. Consider how much it will cost to uproot to another area. Not only is it important to look at the current financial picture of an area, but do some homework to see if that area will be sustainable to live in the future.
“Choose where you retire wisely because it will affect your bottom line,” Gailey said.