5 Places To Retire That Are Just Like New Jersey but Way Cheaper

Stacy Sare Cohen

8 June 2024 at 2:00 pm·2-min read

Beautiful beaches, quality healthcare, and no taxes on social security make New Jersey look like the ideal state to retire. But if you’re looking for affordability and a low cost of living, you’ll want to look elsewhere. New Jersey is the ninth most expensive state in the country to retire. When you’re looking to stretch your dollar, consider these five states with qualities similar to New Jersey without the high cost.

Explore: 16 Best Places To Retire in the US That Feel Like Europe

Also: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing

Wealthy people know the best money secrets. Learn how to copy them.

1. Mississippi

Population over 65: 16.9%
Cost of living: #2
Affordability: # 2

Mississippi’s median income is $35,467, which is considerably lower than the national average. At the same time, the state has the second cheapest cost of living. It ranks #50 for healthcare, so it’s important to weigh all the pros and cons before you move.

2. Alabama

Population over 65: 17.8%
Cost of living: #3
Affordability: #3

Called the ‘Heart of Dixie,’ Alabama has a median income of $36,953 and a low cost of living. The state has a moderate climate and plentiful scenic vistas, including 60 miles of coastline, making it a popular destination for retirees.

3. West Virginia

Population over 65: 20.9%
Cost of living: #8
Affordability: #4

West Virginia’s cost of living is low compared to the national average. The median household income is $39,770, which makes it affordable. The state is somewhat tax-friendly. Seniors are partially taxed on social security and retirement benefits, as well as private and public pensions. For working retirees, the state tax rate is 3.54%.

4. Iowa

Population over 65: 17.9%
Cost of living: #5
Affordability: #9

Retirees seeking four seasons move to Iowa for the state’s low cost of living, outdoor activities, friendly communities and vibrant cultural events, including the Iowa State Fair, the Des Moines Arts Festival and the Cedar Rapids Freedom Festival. The median household income for the state is $46,460.

5. Delaware

Population over 65: 20%
Cost of living: #31
Affordability: #31

Delaware is home to beautiful beaches, abundant nature, several state parks, a thriving cultural scene, and historic sites.

Although the cost of living is higher in Delaware than our other top picks, it’s worth mentioning because it has no sales tax. That’s a significant difference in savings on almost everything you buy compared to New Jersey’s tax of 6.625%. The median income for Delaware is $49,280 and the state doesn’t tax social security.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 5 Places To Retire That Are Just Like New Jersey but Way Cheaper

CNN Business
The world is sitting on a $91 trillion problem. ‘Hard choices’ are coming
Governments owe an unprecedented $91 trillion, an amount almost equal to the size of the global economy and one that will ultimately exact a heavy toll on their populations.
Evening Standard
Emmanuel Macron gives France its own ‘Liz Truss moment’
City Comment: The French financial establishment is asking whether it’s in the middle of ‘un moment Liz Truss’ after Macron’s shock election decision
INSIDER
The most immediate threat to China's economy isn't external. It's internal.
Recent gauges of China's manufacturing activity show export demand, but domestic sentiment is weak.
Investing.com
Japan GDP downgraded much more than initially expected in Q1
Investing.com-- The Japanese economy shrank more than initially expected in the first quarter, a government revision of gross domestic product data showed on Monday, indicating that the economy was much more fragile than initially expected.
Reuters
Chinese factory activity up among smaller firms amid broader slowdown
Factory activity among smaller Chinese manufacturers grew at the fastest pace since 2021 thanks to overseas orders, a private index showed, even as a broader survey indicated weak domestic demand and trade frictions had led to another industrial sector contraction. The Caixin/S&P Global manufacturing PMI on Monday rose to 51.8 in June from 51.7 in the previous month, marking the fastest clip since May 2021 and surpassing analysts' forecasts of 51.2.
Insider Monkey
The Largest Economy in the World by 2075
We recently compiled a list of the Top 30 Largest Economies in the World by 2075 and in this article we will look at the country that’s expected to be the largest in 2075. Emerging Markets Projected to Lead by 2075 According to research by Goldman Sachs, the global potential growth is expected to slow, largely […]
GOBankingRates
I’m an Economist: Here Are My Predictions for Inflation If Biden Wins Again
Stubborn inflation has been hitting Americans at every level: From grocery prices to those of housing, high costs have placed an enormous toll on consumers. Thus, it came as no surprise that the...
Reuters
UK shop price inflation weakest since October 2021, retailers say
Prices in British shops rose at the slowest pace in almost three years last month, according to industry figures that underscore how inflation has cooled even if Prime Minister Rishi Sunak is unlikely to see much benefit in this week's national election. Prices for non-food goods fell by 1.0% in annual terms after a 0.8% drop in May - helped by promotions on TV sets timed to coincide with the Euro 2024 soccer tournament - while food inflation slowed for a 14th month in a row to 2.5% from 3.2%%. "This will be of help to shoppers as they plan their household budgets for essential goods and services," said Mike Watson, head of retailer and business insight at NielsenIQ, which provides data for the BRC.
Associated Press
California budgets up to $12 million for reparations bills, a milestone in atoning for racist legacy
California plans to spend up to $12 million on reparations legislation under a budget signed by Democratic Gov. Gavin Newsom, marking a milestone in the state's efforts to atone for a legacy of racism and discrimination against Black Californians. The reparations funding in the $297.9 billion budget Newsom signed over the weekend does not specify what programs the money would go toward. Lawmakers are not considering widespread direct payments to Black Californians this year.
GOBankingRates
I’m Voting for Trump: This Is What I Want To See Him Do for the Economy
Jayon Evans*, 37, a police officer in New City, New York (which has a population of close to 35,000 people), has been utterly unimpressed with -- if not downright disgusted by -- the work of the Biden...
PA Media: Money
Food inflation now lower than at any time since 2021, figures show
Food inflation is now lower than at any point since December 2021, helped by falling prices for key products such as butter and coffee.
Reuters
Japan's GDP downgrade, shaky business mood cloud BOJ hike timing
TOKYO (Reuters) -Japan downgraded first-quarter gross domestic product (GDP) on Monday and the service-sector business mood soured in June on concerns over rising costs, offseting a lift in factory confidence and pointing to weakness in consumption. But the "tankan" quarterly survey showed firms planned to ramp up capital expenditure and projected inflation to stay around the Bank of Japan's target of 2% in coming years, keeping alive market expectations of a near-term interest rate hike. The findings, which come ahead of the BOJ's next policy meeting on July 30 and 31, complicate its decision on how soon to raise interest rates, analysts say.
Reuters
India's cost of capital to slide further, says Axis Capital
Demand for Indian federal and state bonds is expected to exceed supply for next few years, driving down the cost of funds for the current, as well as next financial year, a top analyst at brokerage Axis Capital said. Though combined borrowings of central and state governments could fall to 18 trillion rupees ($215.49 billion) in the financial year ending March 2025, demand will be comfortably above that level even if foreign investors do not buy more Indian debt, Neelkanth Mishra, head of research at Axis Capital said in a note dated July 1. Favorable demand-supply balance has also pushed the spread, or additional amount sought by investors, for state government bonds to a record low, the report said.
GOBankingRates
The Possible Economic Ups and Downs for the Middle Class If Trump Is Elected
The 2024 election is quickly approaching. After four years of President Joe Biden, Nov. 5 will decide whether he serves another term or whether former President Donald Trump returns to the White...
BBC
High mortgage rates pricing out buyers, says Nationwide
The building society's comments come as it says house prices rose by 0.2% in June.
BBC
UK economy grew more than estimated in early 2024
Revised figures show the economy grew by 0.7% between January and March this year.
Hello!
Victoria Beckham just wore the slinkiest see-through dress - we're totally speechless
Victoria Beckham looked incredible on Instagram wearing a gold, see-through dress to advertise her perfume, Portofino 97 - from her Victoria Beckham Beauty brand.
INSIDER
Malaysia's $100 billion ghost town is good for at least one thing: filming documentaries and shows like Netflix's 'The Mole'
Embattled Forest City is a backdrop for a handful of reality shows and documentaries.
The Independent
Bodycam footage released after 13-year-old boy shot and killed by police in New York
Body camera footage released by the department shows officers tackling the boy to the ground before firing a gun
MoneySmart
Best Fixed Deposit Rates in Singapore (Jul 2024)—Rates Up To 3.7%, Minimum Deposits From $500
If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again. A fixed deposit (also known as a time deposit) account is a type of... The post Best Fixed Deposit Rates in Singapore (Jul 2024)—Rates Up To 3.7%, Minimum Deposits From $500 appeared first on MoneySmart Blog.

Straits Times Index

S&P 500

Dow

Nasdaq

Bitcoin USD

CMC Crypto 200

FTSE 100

Gold

Crude Oil

10-Yr Bond

Nikkei

Hang Seng

FTSE Bursa Malaysia

Jakarta Composite Index

PSE Index

1. Mississippi

2. Alabama

3. West Virginia

4. Iowa

5. Delaware

Latest stories