WalletHub: New Jersey is 2024’s 2nd worst state to retire

NEW JERSEY – New Jersey is 2024’s 2nd worst state to retire, according to a study done by WalletHub.

With more than 3 in 10 Americans feeling anxious about retirement, the personal-finance website WalletHub Tuesday released its report on 2024’s Best & Worst States to Retire, as well as its 2024 Retirement Savings Survey.

To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 46 key metrics. Their analysis examines affordability, health-related factors and overall quality of life.

Retiring in New Jersey (1=Best; 25=Avg.):

• • Overall Rank for New Jersey: 49^th
  • 37^th – Adjusted Cost of Living
  • 31^st – Annual Cost of In-Home Services
  • 42^nd – WalletHub ‘Taxpayer’ Ranking
  • 34^th – Elderly-Friendly Labor Market
  • 30^th – % of Population Aged 65 & Older
  • 45^th – Health-Care Facilities per Capita

For the full report, click here.

Retirement Savings Survey

• • Americans worry about retirement. More than 3 in 10 people feel anxious when thinking about retirement.
  • Too many people lack a plan. More than 1 in 3 Americans don’t have a retirement plan.
  • Nearly half the nation lacks confidence. 46% of Americans are not confident they will have enough money to retire.
  • Many people may never retire. 39% of people say they expect to work until they die.
  • Debt takes precedence. More than 3 in 5 Americans think paying off debt is more important than making retirement contributions.
  • Many people are obsessed with retirement. 31% of people think about retirement all the time.