New Jersey, or The Garden State, has a thriving, diverse, and culturally rich population. The state borders Philadelphia on the west and New York City on the north, making it a convenient cultural and amenity hub. However, New Jersey has much to boast about in its own right; access to many careers and industries makes it a popular place to hang your hat and eventually retire. Whether New Jersey is your best retirement option depends on several factors.

Benefits of New Jersey Retirement

New Jersey has a lot to offer as an attractive retirement community. Individual tastes and preferences may vary, but these benefits appeal to most.

Affordability

Most of New Jersey is affordable compared to New York City, Philadelphia, and other nearby cities. While property taxes can be pretty high, property values remain much lower in the New Jersey state line than in Pennsylvania or New York. If you choose the right neighborhood, suburb, and town, you can save much money on your retirement costs.

Access to Amenities

New Jersey has a lot to offer. Atlantic City boasts the iconic Boardwalk, casinos, and resort-style features à la Las Vegas. With a quick bus, train, or car ride, you can find yourself in New York City. You can also easily visit the City of Brotherly Love (Philadelphia) on the opposite side of the state. New Jersey has many beautiful parks, trails, beaches, museums, aquariums, and theme parks. These amenities are not just fun for retirees but also the whole family.

Tax Benefits

New Jersey’s retirement tax benefits remain one of its most essential perks. Social Security benefits are not taxed, meaning you can enjoy more retirement funds. There are exclusions on most types of retirement income, including retirement plan withdrawals and pensions. The more money you have for retirement, the more savings you’ll see. In retirement, every penny counts!

Healthcare

New Jersey has an excellent healthcare system, especially for seniors. Older adults should receive more health checkups and preventative care than younger adults. Since health conditions are more likely to arise, a decent healthcare system is necessary for retirees. The hospital systems rank among the best in the country.

Cultural Diversity

Due to its central location between many large cities, New Jersey has a wide variety of diverse residents. The Garden State offers excellent shopping, delicious food, and community acceptance. Cultural diversity increases socialization and harmony, two critical elements of a happy retirement.

Drawbacks

While New Jersey has many retirement benefits, it’s more important to understand potential drawbacks and how they may affect you. While some of these cons may not even apply to you, your decision to retire here should be fully informed.

Senior Communities

New Jersey has come under fire in recent years for cases of nursing home abuse or neglect. Senior abuse in nursing homes usually occurs due to staff shortages, inadequate facility security, or lack of staff screening or training. Nursing home abuse can come in the form of physical, mental, sexual, or even financial abuse. There are many high-quality and decent senior communities in the state. Still, larger cities like Newark or Jersey City may have a lack of resources, contributing to neglect and abuse cases. Even if you don’t plan on joining a senior community, that may change. Perform due diligence before selecting a facility to ensure your safety, security, and human rights aren’t violated. If you ever feel neglected or abused in your New Jersey senior community, be sure to consult with a nearby Newark nursing home abuse and neglect lawyer as soon as possible.

Property Taxes

If you own property as a retiree here, property taxes are sky-high—one of the highest rates in the entire country. It’s not much of an issue if you plan on renting or living with family, but it can also reflect in rental or senior community prices. 

Cost of Living

While you may save money living in New Jersey compared to New York City or Philadelphia, the cost of living is still relatively high compared to other states. There are cheaper places to live, and you are still paying for proximity to large cities and New Jersey’s amenities, especially in places like Newark, Jersey City, or Atlantic City. You’ll want to be sure your retirement funds can handle it.

Traffic

New Jersey is often a travel hub to the surrounding cities and states. Due to this, traffic can be immense, especially around rush hour. Many people live in New Jersey and commute to work in New York or Philadelphia, which adds to the congestion. If you dislike traffic, this is something to consider.

Climate

Retirement age can make you more sensitive to temperature, especially if you take medications like beta blockers for blood pressure. New Jersey can have sweltering summers and frigid winters, making it difficult to live in for any temperature sensitivity.

Inheritance Tax

If you’re worried about the beneficiaries of your inheritance, New Jersey may not be your best option. It still imposes an inheritance tax, meaning the finances you leave behind for your loved ones will be taxed. The amount taxed will depend on the inheritance amount and your relationship to the beneficiary. You can consult an estate lawyer or financial advisor to determine if this is a significant issue.

Conclusion

New Jersey is fun, diverse, and beautiful, with many benefits and amenities. However, this doesn’t mean that Jersey doesn’t have its drawbacks. The cost of living may be unaffordable, especially if you factor in high property taxes. There have been some notorious cases of nursing home abuse. The climate can be pretty harsh, and traffic may be unavoidable. However, New Jersey offers some excellent healthcare, attractions, and tax benefits for retirees.