- December 4, 2012
About one in eight New Jerseyans -- or 1.1 million -- receive Social Security benefits and Medicare, according to the AARP, adding a combined $32 billion each year into the state’s economy.
The average annual benefit for state residents is $15,500, and the AARP says it pumps $21.9 billion into the economy each year. In 2011, the group says Medicare recipients spent $10.1 billion on healthcare services.
The AARP is urging Congress not to make any hasty decisions when negotiating “the fiscal cliff,” since they say it will have a shortsighted impact on seniors as well as the local economy.