Do you have enough money to retire in NJ? Here’s the latest math

You may want to spend your golden years in the Garden State, but you might be better off elsewhere… if you don’t want to be forced back to work.

Where you retire is a big factor in determining how far your money will go, and according to a new analysis, New Jersey is currently the third most expensive state to retire in.

The 2024 report from DepositAccounts, a subsidiary of LendingTree, used data from the US Bureau of Labor Statistics, the US Census Bureau, Centers for Medicare & Medicaid Services and ValuePenguin to create the state-by-state rankings.

According to the report, the average annual cost to retire in New Jersey is $55,660 – more than $4,600 per month.

Nearly half of monthly costs in New Jersey go to housing, the report found.

According to the report’s findings, older adults generally spend less than consumers as a whole. Seniors may spend more on health care, but spend less on other categories, such as food and transportation.

According to the report, average spending for people over 65 has increased by about 43% over the past decade.

SEE ALSO: NJ residents share their favorite thing about the state

With annual costs of $56,757, Hawaii is the most expensive state for retirement. California is the only other state with higher costs than New Jersey.

The report ranks New York as the fifth most expensive state for pensions. Pennsylvania ranks 24th.

Your retirement money can go the furthest in West Virginia, according to the report.

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The best supermarkets in New Jersey

These are the top-rated grocery stores in each of New Jersey’s 21 counties. The ratings are based on reviews left by customers on Google. To be included in the top, a supermarket had to have a substantial number of reviews (usually at least a thousand).

Items are too expensive for NJ now, so spend money on them

Buzzfeed recently conducted a survey asking people what they are cutting back on in an effort to save money. While not everything in that survey pertains to New Jerseyans, those that mainly do are listed below.

Gallery credits: Mike Brant

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