🚚 It is understandable why so many people want to leave New Jersey

🚚 It can be way cheaper to move to states like Florida or the Carolinas

🚚 But experts warn leaving may not be the best choice for you

We hear it every day when people call New Jersey 101.5 to talk to our hosts: I can't wait to retire and get out of New Jersey.

For many, the prospect of escaping to a place with lower taxes and a substantially lower cost of the living can seem irresistible.

Forbes ranks New Jersey as having the fifth highest cost of living, including things like housing, transportation, health care food and income tax.

The high cost of living in New Jersey also saps our disposable income, where Forbes says we rank number 10.

After paying for essentials, the average New Jersey Family has about 21-thousand dollars of disposable income left.

That's not a lot of money to be able to enjoy your golden years.

However, many financial analysts warn that exiting the Garden State upon reaching retirement may not be the smartest decision.

During the recent New Jersey 101.5 Town Hall: Securing Your Financial Future, Leslie Beck, owner and principal of Compass Wealth Management cautioned, "It's not just where is it cheaper to live, it's really where is it better for you to live."

Why people move

While money may be among the biggest factors for wanting to move out of a high-tax state like New Jersey, it is not the only reason.

AARP recently published an article listing the top five reasons people relocated after retirement. Here's what they found were the main motivators:

🚚 Lower housing costs: Paying less for shelter helps to stretch social security, pension and investment income

🚚 A tax cut: States like Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming have no state income tax

🚚Getting close to family: If children and grandchildren have moved elsewhere, they want to be closer to them

🚚Better weather: New Jersey whether is not as extreme as in some places, but it’s tempting to opt for a warm, sunny retirement home

🚚A lifestyle reboot: The ability to jettison parts of your existence that you don’t really need and keep what makes you happy

All of the above make a strong case for an exodus, but they should not be the only factors.

What else is there to consider?

Well, your overall happiness should be the biggest factor.

Beck says, "You have to take into consideration where your support system is and where you feel connected to the community."

Moving to another state also means changing doctors and finding new access to healthcare.

And if you are moving away from family, that can also add to costs.

Chris Lester with Professional Planning services warns many retirees expect that family will want to come visit, especially if they move to a sunny destination like Florida.

More often than many would like to admit, Lester says, that doesn't always happen.

"Many people are then faced with the costs involved in traveling back to see family," Lester says, "That's a cost many retirees did not budget for."

What people are likely to miss the most of they simply pack up and leave are the three F's: Family, friends, and familiarity. All the places you are used to going to for basic needs or entertainment are completely different.

But how can I afford to stay?

Both Beck and Lester say it takes proper planning.

If you opt to stay in New Jersey after retirement, it is most likely going to mean an adjustment in living expenses.

"It may mean moving from a higher cost part of the state to a lower cost part of New Jersey," Beck says.

Beck also says New Jersey is trying to make is easier for retirees to stay with programs like the Senior Freeze and enhanced ANCHOR property tax rebates.

Lester admits it may not be the easy decision to stay, but it may be the right decision in terms of quality of life.

"Wherever you go," Lester says, "The goal is to be happy. That's why for some, it's the right choice to stay close to family, friends and familiarity."

All of the experts on our Town Hall panel agreed that the help of a financial planner is vital to understanding what your retirement goals are, and your ability to find a path to achieve them.

WATCH THE PROGRAM: New Jersey 101.5's Town Hall — Securing Your Financial Future.

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