Is New Jersey A Good Place To Retire? Find Out Here

NEW JERSEY, NJ — Retirees often move on to simpler and slower living, and the decision to leave the workforce brings into question how to spend one's free time now that location is no longer important for a job.

Given the choice, where would you settle — the beach, the suburbs, a small town, the mountains? Do you imagine yourself skiing, fishing or tubing? Or perhaps you prefer to relocate near family or care providers?

In order to answer the "where-to-retire" question, financial service company Bankrate analyzed a "bevy" of data and examined five main categories: affordability, wellness, culture, weather and crime, with the highest weight (40%) assigned to affordability.

Florida was named the best state for retirement in 2022, according to Bankrate's study. Coming in at No. 2 is Georgia, followed by Michigan, Ohio and Missouri. Alaska was ranked last place for its poor scores in affordability and weather.

So, where does that leave New Jersey?

The Garden State sits right in the middle of the pack at 26th, with its positioning scaled down by its ranking in affordability — 46th. The state is also third in well-being, 21st in culture and diversity, 26th in weather, and third in the overall crime rate.

"Spend some time in places where you want to live before you commit to moving there," recent retiree Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona, advised other retirees and other soon-to-be retired workers. "Go to a variety of different places that you seem to be attracted to — places that have a lower cost of living and lower property taxes — and test them out for a while."