Nobody ever said going into retirement would be cheap. In fact, it's far from it.

At least, that's the case when it comes to New Jersey. As most might've expected, the Garden State is very expensive to wind down in.

In fact, New Jersey is very expensive in general, especially when it comes to taxes. But outside of that, we also have one of the highest minimum wages in the country.

Now one might think that's a good thing for savings, but hold on there. Just look at how expensive everything also is to purchase in the Great Garden State.

Outside of inflation, it costs small businesses more to operate here in New Jersey than most other states. Sure, some regions are costlier than others, but there are certainly more areas where that isn't the case.

Before we take a closer look at New Jersey's numbers, let's first check out how much you need just for retirement in every state across the country. We'll also take a look at how far you can stretch $1 million in savings.

Note that only 16 states require at least $1 million or more just to retire alone. And as you might've guessed, New Jersey is one of them.

LOOK: This is what you now need to retire comfortably in every U.S. State

Go Banking Rates analyzed financial data to determine how much is necessary to retire across the nation, factoring in groceries, housing, transportation, healthcare costs, and more. Plus, what an additional $1 Million in savings would look like.

Gallery Credit: Mike Brant

Expensive Retirement

More on New Jersey's Numbers

New Jersey's expenses are not cheap. But as mentioned earlier, we're not the most expensive place to retire in.

Right toward the top is Hawaii, where you need a whopping $2 Million just for retirement alone. But then again, that's the cost of wanting to retire in paradise.

RELATED: Here's how much grocery shopping now costs in NJ

beach / ocean / vacation

Here's a look at what some of The Garden States' everyday numbers look like, according to Go Banking Rates...

  • Groceries: $4,856.76
  • Housing: $13,866.65
  • Utilities: $4,156.26
  • Transportation: $4,759.48
  • Healthcare: $6,608.20
  • Overall: $59,440.74

But do keep in mind that New Jersey does have a very unique quality of life. In fact, many who moved away regretted their decisions, with some moving back.

So yes, New Jersey may be an expensive state to retire in, but at least there's something to be said about the positive aspects of calling the Great Garden State your home.

Moving out of NJ / Taxes


LOOK: Here's how much grocery shopping now costs in the U.S.

The average cost of groceries for one person per month in 2023 was around $337. But how does your state compare? Do you pay more, or less? Data compiled by Zippia takes a look at the average monthly grocery bill per person in all 50 states. States are listed from least expensive to most expensive and are rounded up to the nearest dollar.

Gallery Credit: Mike Brant

The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host Mike Brant. Any opinions expressed are his own.

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