Retirement Age In New Jersey Is Among Highest In Nation
Are you planning on enjoying your retirement in the Garden State? If you are, you'll need more money and have to wait longer than most people in the U.S.
Research was done by Go Banking Rate, and the news is not very surprising to Jersey Shore residents, but some of the numbers may be. It might even be more expensive to spend your golden years here.
Only three states and the District of Columbia have an older average retirement age. (it's 65 in the Garden State, 66 in South Dakota, Hawaii and Massachusetts, and 67 in D.C.)., and wait until you see the price tag.
The annual cost of a comfortable retirement in New Jersey is $75,861.19, which is expensive enough to put the Garden State in the top 5 most pricey retirement states. So how much would you have to have saved to make that happen?
The study says to have that comfortable retirement in New Jersey you will need retirement savings in the amount of $1,517,223.75. a cool one and a half million to have a comfortable retirement in New Jersey.
There are so many things to love about the Garden State, but those numbers make it difficult to think we can stay here for our golden years. Everything else is too expensive so what should make retirement any different?