March 25, 2015
Looking to retire in the near future? Don't stay in New Jersey.
The Garden State ranks sixth on Bankrate's list of top ten worst states for retirement.
New Jersey's high cost of living and high taxes are to blame for its poor ranking.
Last year, home prices in Newark were 63 percent higher than the national average. Renters didn't have much luck, either. Apartments in the city averaged $1,527 a month -- 67 percent higher than the national average.
To make matters worse, New Jersey has the highest property tax collections in the nation, while state and local income taxes rank ninth, Bankrate reports.
Nearby New York ranks second on the worst states to retire list. Arkansas tops the list due to its high crime rate and poor health care quality.
Oh, by the way, don't die in New Jersey either. Passing away in the state anytime soon would just be too expensive, NJ.com reports.
Don't worry though. Bankrate put together a list of top ten best states for retirement, too. Might as well start making plans to move to Wyoming.