No surprise here, NJ 6th worst state for retirement.
6) New Jersey
Although it’s a relatively safe place to retire to, the Garden State is one of the worst states for retirees mainly because of its high living costs and taxes. Apartments in Newark, a city in New Jersey, have average rental fees of $1,527 a month, which is 67% higher than the national average.
The state’s median home value is also exorbitant – it’s nearly double than the value for the entire nation! That goes without saying that real estate taxes are sky-high, too. In fact, median property tax on a median home value of $307,700 is $7.331.
Moreover, even though prescription and non-prescription drugs are exempt from sales tax, health care costs are 8% higher than average. In the same light, while social security benefits, military pensions, and other retirement income are exempt from state taxes, some retirement income are still taxable by a whopping 8.97%!
