Unless you have a nice government pension New Jersey is not the state to retire in. A new report released by Wallet Hub says New York and New Jersey top all 50 states as the most expensive states for retirees. Wallet Hub's "2023 Best Stats to Retire" report looked at every state and based their rankings on three main categories: affordability, quality of life and health care. The report focused on cost of living, taxes and the price of in home services. Vermont, Massachusetts and Maryland were the other three states to make the top five. Wallet Hub says even with $1 Million in savings retirees in New Jersey can expect their money to last only 14 years.
Source: CNBC
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