How is New Jersey for retirement?

After decades of working and raising a family, you may want to retire in a state with good weather, favorable taxes, and outdoor recreation opportunities. While most seniors are flocking to Florida to enjoy the warm weather, there is a growing trend of seniors moving to New Jersey. The Garden State is known for its good weather, proximity to the white sandy beaches, and diversity. But, how is New Jersey for Retirement?  

New Jersey is a moderately tax-friendly state to retire. The state does not tax social security, but you can expect to pay income taxes on pensions and withdrawals from retirement accounts such as 401(k) and IRA. The state also boasts of good weather, proximity to New York and Philadelphia, good healthcare services, historical sites, and outdoor activities.

Is New Jersey a tax-friendly state for retirees?

New Jersey has a relatively friendly income tax system for retirees. Although the state exempts social security from income taxes, other forms of retirement income like pension and 401(k) distributions are subject to income taxes. However, retirees with retirement incomes below $75,000 pay low taxes, while retirees with low to moderately-high income taxes get significant tax deductions on their adjusted gross income.

Are property taxes high in New Jersey?

New Jersey has one of the highest property taxes when compared to other US states. Homeowners in New Jersey can expect to pay an average property tax of $8,432, higher than the US median property tax. The high property taxes can be attributed to the high housing costs in New Jersey, where the median home value is $348,800.

Seniors above age 65 qualify for the New Jersey homestead rebate. This rebate is based on past incomes and property taxes.

Reasons why New Jersey is a good state for retirees

Strategic location

If you want to have a mix of busy city life and residential life in retirement, New Jersey's strategic location gives you a mix of both worlds. Residents get a suburban feel, and the state is less than 100 miles from New York City and Philadelphia.  

Good weather

New Jersey experiences all four seasons and a subtropical climate. Residents experience three months of cold weather between December to February, and nine months of moderately warm weather. Spring and fall are usually moderately cool and comfortable. The hot summer is a perfect time to explore the outdoors. You can go wine tasting, take strolls along the beach, or go fishing.

World-class healthcare

New Jersey hosts some of the top-ranked hospitals in the United States, giving retirees access to good health care. Some of the popular healthcare facilities you will find in New Jersey include Morristown Medical Center and Hackensack University Medical Center.

Outdoor activities

If you are looking to breathe fresh air while exploring the outdoors, there are more than a dozen outdoor activities for seniors. The state has lots of well-maintained trails and parks where you can take a walk, meet up with friends, or even meditate in the green spaces.

You can also go skiing or snowboarding in the winter, or go fishing, camping, and hiking during the warm seasons. The state also boasts nearly 130 miles of coastline and 44 beaches, where you can enjoy walking, swimming, and water sports.

Healthy living

New Jersey ranks as one of the least obese states, and there is also low tobacco product use compared to other states. The garden state is also a food basket, and there are hundreds of farmer's markets where you can buy fresh tomatoes, peaches, cucumbers, and other green farm-fresh produce. If you are keen on what you eat, then New Jersey is a good place to practice a healthy lifestyle.

Best cities to retire in New Jersey

Manchester Township

Manchester Township has a growing number of retirement communities, and seniors make up about 10% of the city's population. The town is located 70 miles from the New York metro area, hence giving you quick access to the Big Apple. Retirees can enjoy a coastal retirement with a long coastline of white sandy beaches and plenty of museums to explore.

Bridgeton

Bridgeton offers various outdoor activities that seniors can explore such as swimming boating, kayaking, and surfing. If you have an interest in architectural history, there are more than 2,000 historic buildings you can see in Bridgeton’s Historical district. You can also visit the Cohanzick Zoo is see native and exotic wildlife.

Millville

Millville offers a small-town setting for retirees looking to enjoy a relaxed retirement. The location of the town gives you easy access to big cities like New York. The town is encircled by parks, lakes, streams, and wildlife, which makes it a scenic town to live in. You can also visit the Milleville Army Airfield Museum to learn about World War II history.

Cape May

If you are interested in history and architectural diversity, you can visit Cape May. Apart from the pristine beaches and boardwalks, Cape May is one of the oldest towns in modern America, and it is listed as a Historic National Landmark for its large collection of 1 century framed buildings. Also, it has roots as a US Navy base before World War II, and the Coast Guard Training Station is an important part of the town.

Vineland

If you want to avoid the expensive city life, Vineland is a good town to retire on a budget. You can live in the cozy suburbs, buy farm products from the farmers’ markets, and still enjoy the beautiful views of the coastline. The town has lots of parks where retirees can go for a stroll or picnic. If you stroll downtown, you can find many restaurants that serve various western cuisines.

Atlantic City

The Atlantic City is a coastal city that offers plenty of recreation opportunities for seniors. If you are not visiting the casinos to gamble, you can take a stroll along the famous boardwalk and visit the well-maintained beaches. The city gives free access to the beach, and you can go swimming, kayaking, fishing, and surfing.