Ok, so the survey in question — “the Best and Worst States to Retire,” compiled by Bankrate.com — didn’t exactly find that you’d be out of your mind to retire in New Jersey, but it did rank the Garden State near the bottom of the list of desirable places to spend the latter portion of your life.
This should not be a shock.
The survey ranks New Jersey 45th on the list of best places to retire, based on the fact that the cost of living is high (45th), the community well being is low (43rd) and the tax rate is very high (49th). These factors outweight the low crime rate (eighth) and the above-average weather and health-care quality.
There’s a reason why so many New Jerseyans retire elsewhere — it’s cheaper. And cheaper is better, because most people would rather see their hard-earned money go toward vacations than taxes, for example. Many retirees go to Florida not just for the weather but for the absence of a state income tax.
Maybe if New Jersey was more affordable, more elderly residents would stay at home, near their friends and family. But since it’s not, many don’t.
We are probably not the only ones who laughed when we pondered where in New Jersey — other than, say, a beach town such as Ocean City — would be a “good” place to retire. And that’s a shame, and a problem all at the same time.
Our residents shouldn’t have to prepare to leave when they retire.
