Should You Retire in New Jersey?

New Jersey? Retire in New Jersey? Not Florida or Arizona? Hear me out -- because for some people, New Jersey may be a great place to relocate for retirement. It's not as hot as Florida or Arizona, and it has beaches and natural beauty, too. (It's also the only state where you aren't allowed to pump your own gas -- having someone else pump for you may be welcome in retirement.)

If you enjoy outdoor recreation, such as hiking, biking, boating, camping, golfing, or just hanging out at the beach, you'll find it easy to do in New Jersey. (Call the beach "the shore," though.)

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The cost of living in New Jersey is a bit higher than average -- by about 14%, per the World Population Review. Costs for healthcare, groceries, and transportation are fairly close to average, but housing costs are 37% above the national average. Indeed, the typical home price for New Jersey was recently $550,459 -- 51% above the national average. (Remember that that's an average, though -- you can find much cheaper (and more pricey) homes, depending on where you look.) The annual cost of car insurance is steep, too, at $4,316 -- roughly 43% above the norm.

Another knock against New Jersey is that it bears the brunt of hurricanes now and then, and experiences flooding. Winters can occasionally pack a wallop, too. When it comes to taxes in New Jersey, the news isn't all bad. It's one of 41 states that do not tax Social Security benefits. Pension income, and withdrawals from 401(k) and IRA accounts, are partially taxable, depending on your income. There's no estate tax in New Jersey.

On the plus side, the cost, quality, and accessibility of healthcare is fairly good in New Jersey, per MedicareGuide.com -- which ranks it 13th in the U.S. (Healthcare is important, and often costly, for retirees, so be sure to factor it into your retirement planning.)

So consider New Jersey for your retirement. It offers at least some of what most retirees seek, and in Goldilocks' words, it might be just right for you.

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