Will you be able to afford to retire in New Jersey? Where should you go?

Looking to retire?

When you think about where to settle down in your golden years, most people think about a life with a slower pace and no more work deadlines.

Do you settle down by the beach, in the mountains, near a golf course or ski trails?

Bankrate looked at five categories to determine the best states to retire in based on affordability, wellness, culture, weather, and crime, with the heaviest look on affordability.

Affect of home prices

“Home prices have shattered one record after another since the COVID pandemic began and inflation rocked the U.S. economy in 2022. As a result, many retirees are looking for ways to stretch their savings,” according to the report.

Best states to retire

Florida is the best state overall for retirement in 2022, Bankrate reported, followed by Georgia, Michigan, Ohio, and Missouri. But Florida’s cost of living has been on the rise, ranking 18th in Bankrate’s affordability index.

Worst states to retire

Alaska is the worst state for retirement. Maine is second followed by California, New Mexico, and Montana.

It should be noted, however, that Alaska has the nation’s lowest tax burden if that plays a role in your retirement decision.

How New Jersey ranks for retirement

New Jersey is the 27th best state for retirement according to Bankrate’s metrics, ranking third in wellness, 21st in culture, 26th in weather, and 3rd in the overall crime rate.

But the affordability? Fuggetabout it! New Jersey is the fifth least affordable state in the nation.

The least affordable state to retire in is Hawaii, followed by California, Connecticut, Massachusetts, and Garden State.

You'll need about $2 million saved up if you want to retire comfortably in Hawaii, said Sam Dogen, a CNBC Make It contributor.

If you’re solely looking for affordability when seeking a state to retire in, then Michigan is tops, according to the report. Tennessee is the second most affordable state, followed by Missouri, Mississippi, and Kentucky.

Jen Ursillo is a reporter and anchor for New Jersey 101.5. You can reach her at jennifer.ursillo@townsquaremedia.com

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