NJ Ranks 6th Worst For Retirement [AUDIO]
New Jersey comes up as the sixth-worst state in the nation for retirement, according to a new analysis. And once again, a lot of it has to do with taxes.John Brady operates the website, "TopRetirements.com". His analysis shows northeast states with high taxes put a large burden on retirees. Of Jersey's highest-in-the-nation property taxes, Brady says for a retiree, they are the most unfair taxes.
He says, "you could live next door to somebody and they make a hundred thousand dollars and you make twenty-thousand and you are both ...if your houses are similar, you are both going to pay similar property taxes. " Brady says New Jersey also has an estate and an inheritance tax.
But on the plus side, Jersey excludes most pension and social security income for couples making less than 100-thousand dollars.
Not surprisingly, Connecticut showed up as the worst retirement state. Illinois tied with Connecticut because of high foreclosure rates, serious economic troubles and defecit spending by state government. New York was right behind Jersey as the eighth-worst.
But Brady also points out it doesn't necessarily mean there's an ideal retirement state because many wish to remain close to family and friends. He says lfestyle and weather are also important. And then there is the crime rate, the availability of recreation, transportation, healthcare and cultural resources.