Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Those are nice cities to live and work in but not exactly retirement hot spots.
Have to agree with this one. The "retirement hot spots" of NJ, if such a thing exists, are the over 55 communities down in South NJ and along the shore in the North.
NJ is one of the worst states to retire in... Capital gains tax is pretty big freaking deal for retirees and one of the reason why many go to Florida. On top of that Florida has no state income tax. Imagine as you are much older, start selling off some of your shares to cash out and/or receiving dividends. Wouldn't you want to stay in state where you pay minimum taxes or none at state level?
NJ is one of the worst states to retire in... Capital gains tax is pretty big freaking deal for retirees and one of the reason why many go to Florida. On top of that Florida has no state income tax. Imagine as you are much older, start selling off some of your shares to cash out and/or receiving dividends. Wouldn't you want to stay in state where you pay minimum taxes or none at state level?
NJ? its about 30.4% cap gains, 8.97% income tax. FL has 25% and 0% income tax...
Bottom-line NJ tax system is horrible which makes it less attractive for retirees
Not to mention NJ's estate tax and inheritance tax (we have both). A lot of people don't want to die as a NJ resident just to see so much of their money go to the state instead of their children.
Not to mention NJ's estate tax and inheritance tax (we have both). A lot of people don't want to die as a NJ resident just to see so much of their money go to the state instead of their children.
yeah, retirement in nj isn't really an option unless things change.
When I was in Delaware this summer, I noticed a lot of new construction retirement communities. Delaware is a good retirement option for seniors looking to cut costs and stay close to family in the Northeast. My aunt has talked about retiring there.
NJ stinks for middle or high income seniors, but at least don't tax Social Security like NY (as I've been told).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
