file photo by Boyd Loving
2016’s Best and Worst States to Retire
by Richie Bernardo
Retirement might be the end of the line, but it doesn’t have to be the end of financial security or life satisfaction. For many of us, our primary concern with retirement is timing, which often coincides with the age at which we become eligible to receive Social Security or pension benefits. Hopefully the choice will be ours and not dictated by our circumstances — the unfortunate case for nearly a third of nonretirees who haven’t put away a single penny for retirement, though not necessarily through any fault of their own.
But in addition to when you want to retire, you might want to ask yourself where. That can be an awfully difficult question to answer if you haven’t adequately planned — or been able to plan — for the rest of your life. Even in the most affordable areas of the U.S., retirees often cannot rely on their Social Security or pension checks alone to cover all of their living expenses. Social Security benefitsincrease progressively with local inflation, but they replace only about 40 percent of the amount you earned if you were an average worker, according to the Center on Budget and Policy Priorities.
https://wallethub.com/edu/best-and-worst-states-to-retire/18592/
And Ridgewood is the bottom of the state.
6:43 am just where do you reside, there are a couple of states close by you can move to.
I am aware of the benefits of moving to other states. Not looking for housing advice from strangers. I already own a second home in another state.
Did you take my comment about Ridgewood not being a great place to retire personally?
The taxes here make no sense when you are finished with the schools. I bought a home in Ridgewood before I had children so I have paid before and after using the schools, and now I am finished. With demands for full day K and more “gifted” (parent feel goood) classes the costs will continue to rise.
The NJ tax man nails you even after you die, they hit your surviving family members with inheritance taxes. It’s pure theft and greed, driven by an out of control union toady legislature. If union thugs Sweeney, Sarlo and Prieto get their way, NJ will be dead last in the above survey. They want to raise an additional $4 billion in taxes from NJ residents just to pay for excessive public worker benefits ($100K pensions from early 50s, free “platinum” health plans that cover 95% of medical costs, etc) that they promised away without ever considering where the money would come from to pay the bills when they came due. Amazing how they’re not asking the unions and public sector retirees to give up anything despite trying to change the constitution to force the rest of us to prop up benefits for the elite few who get public retirements.
The democrats chase the big spenders out of the state. How foolish