Garden State residents who think they’d like to spend their golden years in New Jersey may want to think again. A recent report on “2016’s Best and Worst States to Retire” puts New Jersey six slots from the bottom of the list, with an overall ranking of 46, compared with all other states and the District of Columbia.
What are the key factors holding New Jersey down, according to findings from WalletHub, the personal finances website? For starters, it’s expensive, ranking 42nd, compared with New York (48), Hawaii (49), Connecticut (50). Rhode Island, at 51, is ranked the least-affordable state.
New Jersey comes in just under the average for quality of life (24), finishing 40th for museums per capita. Surprisingly, it finishes 46th for number of healthcare facilities per capita.
Unsurprisingly, Florida was ranked the best place to retire.
WalletHub also offers a distressing statistic having to do with retirement in general rather than by location. One-third of all nonretirees can’t afford to make any contributions to pensions or retirement savings.