Any retiree's in New Jersey? (retired, graduated, vacation, accident)
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Even though I must have been to Jersey a million times I never checked out area's as possible places to live so we're looking online right now in Keyport, Toms River, Brick and some other areas with semi low taxes and within decent driving distance to the beaches because my husband's retirement goal is to become a beach bunny.
I can't help much as we moved out of Jersey in 1990, but I couldn't let this thread pass without giving a shout out for my hometown! Brick, NJ
Thanks for weighing in.. The tax bill that I'm referring to would allow income exclusions for pensions.. This year it's $20,000.. In 2017 it's supposed to be raised to $40k, and by 2020 its supposed to be up to 100k in pension exclusion. Good news for NJ retirees - NJMoneyHelp.com But quite honestly I don't understand all this tax business and how it would affect me.
No offense, but I trust Jersey politicians about as much as I trust NY ones.. Lol.. and I'm concerned that the pension exclusion may change with a new gov. NJ has to do something though. They're losing people left and right.
We do plan on speaking to an accountant before we make any major decisions but I'd like to get some input here first.
Even though I must have been to Jersey a million times I never checked out area's as possible places to live so we're looking online right now in Keyport, Toms River, Brick and some other areas with semi low taxes and within decent driving distance to the beaches because my husband's retirement goal is to become a beach bunny. I know nothing about those area's and hope they're safe at least, but I haven't been there in person to check them out yet.
I'm pretty much a homebody and prefer my hobbies and family events so we're not looking for exciting nightlife or anything like that. We drive so we can get anywhere we want to be.
Are you looking in Jersey?
Well- as you can see by my screen name I'm in Toms River (exit 82). We've been here since the early 80's and the kids went through Toms Rivers schools and are now all professionals. Our taxes are 7K I think our house is around 2800 sq feet and the lot is 1/3 acre with an inground pool (adds to taxes) . We are in a very nice family neighborhood that is starting to turn over as retirees move out and young families move in. We have 9 grandchildren scattered around NJ and are torn between moving to a lower tax state- or just sucking it up and staying. The so called "tax freeze" is a freakin joke- (thanks for "freezing" my taxes at 7k!!) You say your husband wants to be a beach bunny- well Seaside is a few miles away but we much prefer Seaside Park and the State Park. Toms River is famous for over 55 communities- but I know you said that isn't what you are looking for. Another town a bit south is Forked River- taxes are lower there because of the Power Plant- but that is scheduled to close in the next few years so I can't say what will become of taxes then. Feel free to PM me if you want any input on specific houses or areas you are looking at.
Lol.. I actually considered divorce momentarily but then that means I have no health insurance so that's out.
I'm going to have to see an accountant whose familiar with out of state taxes.. maybe if we keep a residence in NY or even Fla. and a second home in NJ we can avoid some of those taxes. That's a slippery slope though and I don't look good in orange.
The thing some people get too focused on is one aspect when comparing locations for retiring. Like taxes, insurance or price of a meal. It is a good idea to have an accountant take in all the information and produce a report for you.
When I have looked outside of NJ, yes, I've found homes I liked, but the problem is where they are located. Then I look for a nicer area in the vicinity and before you know it, the property taxes are high there too, so it can become almost a wash. And let's not forget the costs associated with moving and getting into another home. Even if it were a new home, you are going to end up painting, changing the flooring, and new furniture.
A friend of mine told me of a neighbor of his that decided to retire in another state because by his calculations he was going to save $4K a year in property taxes. That sounds nice, and he was talking about it for a year or so. That is, until he sat down and did the math. The cost of the move, 6% realtor's commission on a $600K home which is $36K, $11K for the moving company, and I'm not even talking about fixing the new place up and furniture. Or the cost to stage the current place. Yes, I know, you have furniture, but somehow when you move you end up changing it. OK, the $36K plus the $11K is $47K. Spend $47K to save $4K a year on property taxes, so the break-even on this is 11.75 years. And this $47K would be immediately out-of-pocket. And you have no guarantee the property taxes aren't going to rise and more quickly as a ration than they do in NJ.
A couple of the towns you mentioned have huge School Systems. There are 3 high schools in Brick and Toms River, each with a "Superintendent" and full Admin Staff, that's where most of your Tax Dollars are going to go. And there's no decent Beaches near Keyport.
I would say if you can cover the extra $8K - $10K you'll pay in taxes (RE, Income, Sales, Gas Tax and Tolls), Jersey might be OK to retire. When we left NJ a few years ago the RE Tax on my little 3-bed Ranch was over $6K and rising in Middletown (see huge School System above). My Income was Taxed heavily -- this past year I paid South Carolina only $10 and had a much better year than my last in NJ. The Gas Tax is now 38 cents in Jersey, in SC it's only 16 cents (2nd lowest in USA). There's Tolls in Jersey everywhere they can fit a Tool Booth (I mailed back my EZ Pass when we got here.)
Sales Tax ?? Ooh-Fah !!
Jersey has it's good points. I'm just hard pressed to think of anything right at this moment.
Good point about the schools. I believe that's why Leisuretown (a 55+ community) was built in Southampton, Burlington County. It's East of school heavy Medford and Marlton.
I was thinking about this again last night, and I recall those 2 small towns just on the other side of Toms River -- Pine Beach and Beachwood. There are many ranches in those towns, all solidly built and many had been recently updated. I don't know what the current RE Tax situation is there, but those places had a real beachy character to them.
The story with Beachwood was interesting....back in the day a year's subscription to the New York Tribune Newspaper would get you a gift of a 100 x 100 vacant lot in Beachwood. The Promoter was a clever fellow named Bertrand Mayo and he had big dreams. Many a current Fortune was built on the foundation of free land in the Pines.
I was thinking about this again last night, and I recall those 2 small towns just on the other side of Toms River -- Pine Beach and Beachwood. There are many ranches in those towns, all solidly built and many had been recently updated. I don't know what the current RE Tax situation is there, but those places had a real beachy character to them.
The story with Beachwood was interesting....back in the day a year's subscription to the New York Tribune Newspaper would get you a gift of a 100 x 100 vacant lot in Beachwood. The Promoter was a clever fellow named Bertrand Mayo and he had big dreams. Many a current Fortune was built on the foundation of free land in the Pines.
Very interesting, thanks.. I actually had a couple of the Beachwood homes saved on Zillow so I guess I have been looking in that area. The property taxes aren't bad and the houses and property sizes are what I'm looking for.
Pine Beach is near Bayville, isn't it? If it is, that's where I was looking before Sandy hit.. After Sandy, I changed my mind about that area.
While I do want fairly low property taxes.. and this is said from someone coming from NY where prop taxes aren't much better.. I'm more concerned with the taxes on our retirement income. If we hit over that 100k mark, we're pretty much screwed tax-wise and it would be financially better for us to stay in NY unfortunately.
I think we have spoken to each other about this in the past. My career was in New Jersey and my children were educated in some great Jersey schools. It was a great place to make good money but when it came time to retire, we decided to move to the lower Delaware beach area. We are living sooo much better on our retirement dollar. The property taxes are only $1000.00 a year on a brand new home with 3/4 acre property. In NJ it would be more like $10,000. or higher. Our car insurance rate is cut in half. They're building a brand new hospital 1/2 hour away. Plus, you're close to a resort area with all the good eating, entertainment, and the list goes on.
The Delaware Beach area is very nice. Our DD graduated from UDel and we spent a couple of vacations in Rehobeth and Bethany. It certainly has a favorable Tax Status, with all the Corporations HQ'd there.
A further thought about the New Jersey Town -- stay away from Lacey Twp/Forked River. Stay FAR Away. They are shutting down that old Nuke Plant in a couple of years. But they are leaving the spent Fuel Rods there. Not the kind of thing I'd want to worry about.
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I know nothing about those area's and hope they're safe at least, but I haven't been there in person to check them out yet. 
