Do you plan to move to New Jersey to retire, or do you live there now? If so, you need to plan ahead to protect yourself and to make sure you have enough funds to support you and your loved ones.
New Jersey was recently ranked as the United States’ worst state to retire in, according to WalletHub’s annual list. Nearby New York did not score much better. This is the most significant impact that made New Jersey a difficult place to retire was that it finished 49th in the category of affordability.
Other factors that influence this high retirement cost include that it came in low in terms of having an elderly friendly labor market, that the taxpayer ranking was low and that the annual cost of living and in-home services were middling or towards the bottom of the list. Moving somewhere based on your preferences and your health status can be dangerous because it can overlook other important factors that may influence your ability to live the lifestyle that you intended to at the time of retirement.
Having a comprehensive retirement and estate plan are some of the most important things you can do to protect your interests and make sure that you have a strategy in place for moving somewhere that allows you to live this lifestyle. Being close to family members and whether or not there is a state estate tax or income tax are other issues to consider.
If you don’t have an estate plan yet, or if you haven’t yet discussed Medicaid for your long term care plan, contact our law office today for further help.