As a top financial advisor in NJ, here are some of the reasons why our state can be a great place to live out your golden years.
New Jersey is a good state for people who want to live off the coast but don’t want to spend their days in Florida. The Garden State offers 130 miles of coastline, many of which are white sandy beaches along the Atlantic Ocean. Residents in these beachside towns also have access to plenty of amusement parks, boardwalks and tourist destinations.
Moderately Friendly Taxes
New Jersey is a moderately tax-friendly state for retirees. Social Security income is NOT taxed at the state level and withdrawals from retirement accounts are only partially taxed.
If you have taxable income from a pension, annuity or IRA, you may be able to exclude some or all of the amount you received during the year. To qualify, you’ll need a gross income of $100,000 or less and be 62 years of age or older.
However, property taxes in NJ are some of the highest in the nation, so you will need to account for this if you plan on downsizing or staying in your current home.
Access to Good Healthcare
Not only are retirees within reach to New York City hospitals, but also there is excellent healthcare right here in New Jersey. Some of the highest ranked hospitals include Morristown Medical Center, Hackensack University Medical Center and Saint Barnabas Medical Center.
Ample Opportunities to Stay Active
There is plenty to do and see in New Jersey - and the outdoors are no exception. Between hundreds of miles of coastline, 44 beaches, four distinct seasons and sprawling farms, forests and wetlands, there is plenty to do to keep you busy. No wonder why New Jersey is one of the top 10 healthiest states in the country!
Continuing Education Opportunities
New Jersey is ranked high when it comes to education, and this includes for retirees. Most of the public universities and colleges offer senior citizen tuition waivers for students 65 and older. If you’re thinking about pursuing an interest or working part-time after retirement, free schooling can help you succeed.
If you’re planning on retiring soon, contact a financial planner in New Jersey today. Leonard Financial Solutions works with people in all states, but our focus is on NJ. We understand the tax laws and how to help our clients achieve tax-free living. Contact us today to set up an appointment.