When one thinks about retiring, they often describe a familiar image: sandy beaches, palm trees, 70 degrees and sunny. Fewer people, if not any, picture sitting in bumper-to-bumper traffic on Route 3 in February sleet and ice. The gap between these two images is extreme, but they’re also not true every day of the year. Either way, people have been moving out of NJ to retire for decades and now, it seems, a colder climate isn’t the only concern.
What’s the Cost?
In 2021, the National Migration Study named NJ the most moved out state, so it isn’t a surprise to see that WalletHub also named it the worst state to retire in the country. People just don’t want to stay in NJ forever, but why? For one, the cost of housing alone is over 50 percent above the national average. Not to mention, we have the highest property taxes in the nation by a long shot. With the purpose of retiring is not having to work anymore, it is virtually impossible to do in NJ when the cost of living is just so high.
It’s Not Just the Taxes
It is no secret that the Garden State has some of the harshest and highest taxes in the nation, but that isn’t the only issue. More and more people are finding it difficult to put down roots in NJ due to the cost of everything else, too. It is pricey to own anything in this state—whether that be a business, a home, or even an investment property. That being said, it’s possible people are finding that it isn’t worth the hardship with so many more affordable states in the nation.
Jersey Culture
When people retire, they want to relax. Things, and life, tend to slow down. So, it could be that the hustle and bustle of New Jersey culture isn’t a retiree’s cup of tea. There are other states that are known for being much more mellow and are described as being a retiree’s dream.
Final Thoughts
So, does that mean that there are no retirees living it up in the Garden State? No way. It just isn’t most people’s first choice when they decide they’re ready to retire. Between the snowy winter season, incredibly high taxes, cost of living, and the Jersey culture, you don’t find many people moving here to live out their retirement dream. And the people who already live here tend to want something different—better even—after they’ve ended their careers.
What do you think? Is New Jersey the worst state to retire? Let us know in the comments
