Deciding where to retire is one of the biggest choices you’ll make as you transition into your golden years. When considering a place that offers a balance between quality of life, healthcare, and tax benefits, New Jersey might not be the first state that comes to mind—but it has a lot to offer retirees! From charming small towns and beautiful shorelines to excellent healthcare facilities, the Garden State has become an appealing destination for many.
But is New Jersey really a good state to retire in? Let’s break it down!
The cost of living in New Jersey is higher than the national average, but that shouldn’t be a deal-breaker. While housing costs in areas like Bergen County or along the Jersey Shore can be pricey, there are more affordable options inland and in less urbanized counties like Sussex or Cumberland.
Tip: Research different towns and cities based on your budget. Some places offer a good balance between accessibility to amenities and affordability. Cities like Toms River and Cherry Hill are popular choices for retirees looking to get more for their money.
One of the biggest perks of retiring in New Jersey is its tax-friendly policies for seniors. The state does not tax Social Security benefits, which can be a huge advantage for those relying on this income stream. Additionally, New Jersey offers generous tax exemptions on other retirement income, such as pensions and IRAs, for residents over 62 who meet certain income requirements.
Quick Fact: In 2023, NJ increased its retirement income exclusion, allowing seniors to exclude up to $150,000 of income from taxes. This is a game-changer for many retirees looking to stretch their retirement dollars.
New Jersey is home to some of the top-rated hospitals and healthcare providers in the nation. With facilities like Hackensack University Medical Center and Morristown Medical Center, retirees have access to excellent care, which is essential for a healthy and comfortable retirement.
The state also offers various senior programs that focus on enhancing quality of life, such as the Senior Gold Prescription Discount Program and NJ Save, which provides property tax relief for qualifying seniors.
Did You Know? New Jersey ranks high in healthcare access, with many doctors and specialists available per capita compared to other states.
For those looking to enjoy an active lifestyle, New Jersey boasts a variety of 55+ retirement communities. Whether you’re looking for a beachside retreat or a quiet neighborhood close to family, you’ll find options that cater to diverse needs and preferences. Communities like Four Seasons at Lakewood and Renaissance at Manchester offer everything from golf courses to social clubs and fitness centers.
Pro Tip: Take a tour of a few communities and speak with current residents to get a real feel for the lifestyle and amenities before making a decision.
New Jersey experiences all four seasons, which is a draw for many retirees looking to enjoy the changing scenery. From summers at the shore to fall foliage in the countryside, there’s always something to look forward to.
Recreational activities are abundant as well. Retirees can spend their days exploring historical sites, visiting vineyards, or hiking in the Pine Barrens. If you love golf, New Jersey has more than 300 golf courses across the state, making it easy to hit the greens.
If you want to stay close to your family or enjoy the occasional trip to a big city, New Jersey’s proximity to New York City and Philadelphia is a huge plus. You can easily hop on a train or take a short drive for world-class entertainment, dining, or even a weekend getaway.
Bonus: Being close to these metropolitan areas also means you’re never far from major airports, making travel easier if you plan on visiting loved ones across the country.
The answer is: It depends on what you’re looking for. If you value quality healthcare, a strong community feel, and want to take advantage of tax benefits on retirement income, New Jersey might just be the perfect spot for you. While the cost of living is something to consider, strategic planning and exploring less expensive areas can make retiring in the Garden State a very attractive option.
With its rich history, beautiful scenery, and an array of senior programs, New Jersey is more than just a stop on the highway—it's a place to call home during retirement.
Ready to plan your retirement in New Jersey? Get started by consulting with a local financial advisor to explore your options and see how you can make the most of your retirement years in this dynamic state!
