Study Says, New Jersey Is Sixth-Worst State For Retirees

Where Does NJ Rank When It Comes To Retirement?

Have you begun to think about retirement? Have you started to formulate a plan so you can enjoy your "golden" years? It's something you want to do before you are heading towards 60.

Get our free mobile app

According to USA Facts, "In 2022, almost half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances (SCF). These accounts include individual retirement accounts; Keogh accounts; certain employer-sponsored accounts, such as 401(k), 403(b), thrift savings accounts; and pensions."

Think about that. One out of two American households has no savings for retirement. So, if you are one of those households and you are reading this, now is the time to start putting something away for retirement. Anything is better than nothing.

The U.S. Department of Labor has put together a very informative list "Top 10 Ways to Prepare for Retirement" and it has some very good info on how to start the plan for retirement for you and your family. CLICK HERE to read the tips for retirement.

Canva

Study Says, New Jersey Is Sixth-Worst State For Retirees

WalletHub recently compiled a list of the best and worst states to retire in America. The bad news for New Jersey is that we ranked 45th in the nation. "WalletHub compared the 50 states across 46 key indicators of retirement-friendliness, from financial factors like tax rates and the cost of living to things like access to quality medical care and fun activities."

Bottom 10 Worst States To Retire (WalletHub)

10. Hawaii
9. Arkansas
8. West Virginia
7. Rhode Island
6. New Jersey
5. New Mexico
4. Washington
3. Mississippi
2. Louisiana
1. Kentucky

Top 10 Best States To Retire (WalletHub)

10. Wisconsin
9. North Dakota
8. Delaware
7. New Hampshire
6. Pennsylvania
5. South Dakota
4. Wyoming
3. Colorado
2. Minnesota
1. Florida

In the WalletHub report, WalletHub Analyst Chip Lupo said "Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably."

So as we see retirement can be challenging here in the Garden State so it's more important than ever to plan for your "Golden Years" so if you have, continue. If you haven't started saving, start now!

Canva

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

Gallery Credit: Bethany Adams