Survey Ranks Best States to Retire; New Jersey Comes in 46th
While most people can't (or won't) retire until their 60s or 70s, thinking about retirement should start much sooner rather than later, especially if you're thinking about retiring in 2020 or 2021. The coronavirus has also forced many to start considering retiring sooner than later.
When it comes to retirement there is some good news for the Garden State. New Jersey is not the worst state in America to hang up your career hat. The not-so-good news is, there are only four worst states to retire in than New Jersey.
According to a new survey from Finance 101, which compares the highest cost of living to the lowest of all 50 states. As soon as I heard they were looking at the cost of living, I knew we would have trouble with our ranking. Data in the survey was also compiled from tax breaks, annual income and healthcare costs.
The only states according to the survey that are even worse to retire in than New Jersey are Hawaii, which ranks 50th, followed by California, Massachusetts and Alaska.
New Jersey gets beat up in the survey due to the high cost of living, medical care and property taxes. No surprise there. However, the best city to retire in is Long Beach Township (Ocean County).
The top 3 states to retire are Oklahoma, West Virginia and Arkansas. Just so you know, all three states have a below average cost of living.
Not to take anything away from the top 3 states but, there is no way I would retire in any of them. I'll take the beaches, the boardwalks, the casinos, the lakes, and the high taxes (begrudgingly) in our beautiful state when I hang up my headphones for good. Which hopefully won't be for a long time!
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