NJ ranked among worst places to retire

Affordability, quality of life, health care studied

By: Maddie McGay
NorthJersey.com
USA Today Network - New Jersey

..... If you're a New Jersey resident on your way to retirement, a recent report suggests you may not want to stay in the Garden State.
..... New Jersey was ranked as the second-worst state in which to retire in 2024, according to personal finance website WalletHub.
..... The report compared all 50 states in terms of affordability, quality of life and health care, using a 100-point scale.
..... New Jersey received a total score of 43.69. According to the report, New Jersey is the second-worst state for affordability and the 16th-worst state for quality of life, but it ranked 20th for health care across all 50 states.
..... Kentucky ranted as the nation's overall worst state in which to retire. With a total score of 43.30, Kentucky ranked 32nd for affordability, 41st for quality of life and 44th for health care. Mississippi, Rhode Island and Oklahoma were the other three of the five worst states.
..... On the other end of the ranking, Florida was named the best state in which to retire in the nation. It received a total score of 62.19 and ranked fourth for affordability, first for quality of life and 29th for health care. Colorado, Virginia, Delaware and Wyoming made up the rest of the top five best states to retire.

Is New Jersey really so bad?

..... Ann Ewell, an agent with Coldwell Banker Realty in Ridgewood, said she doesn't agree that New Jersey is one of the worst retirement states.
..... "We deal with a lot of senior moves, and we're really not experiencing that much," she said.
..... "We have options her. There's been a few development that have recently opened that have become quite popular and are giving seniors an opportunity to stay local but also benefit form some wonderful senior pluses."
..... Ewell said that in Bergen County alone, there are many retirement options for different needs. From independent 55-and-older living communities to those that provide assisted living, she said, there are opportunities for retirees.
..... She said she also specializes in senior moves, so she has a team in place to help people plan, pack and decide what items will fit in their new space.
..... "While this area is a little more expensive, I don't see people running for the hills," she said.
..... "If we ask our seniors what's keeping them here, they say their children, their grandchildren, their friends, their church, shopping. They're comfortable here, and they're not willing to give everything up."
..... Rob Norman, eastern region president of Coldwell Banker,, based in New Jersey, said that when retired individuals do leave New Jersey, they're not leaving permanently.
..... He said that more often than not, the retirees are switching their primary residences to other states but retaining second homes here.
..... "We are seeing more of an active adult lifestyle, and for people who are retiring at a reasonable age, their home values have increased enough to allow them to purchase a place out of state, but yet still maintain that original home here," he said.

How the ranking was determined

..... Wallethub used 46 relevant metrics relating to affordability, quality of life and health care.
..... Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement.
..... Each state's weighted average was calculated across all metrics, which determined its overall score. The resulting scores were sued to rank the states from best to worst for retirement.

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