Tags: Retirement | retirement | new jersey | veterans | guide

Veterans Guide to Retiring in New Jersey

Thursday, 11 Feb 2016 05:56 PM

Veterans thinking outside the box for places to retire to will discover that there are a number of benefits to retiring in New Jersey and a number of small town locations in which to do it. That being said, what are the advantages for veterans looking to retire in the Garden State?

Do the same perks exist for them as civilians when settling down in New Jersey?

Perhaps the first area to examine is the type of state benefits available for veterans.

According to Military.com, New Jersey provides housing benefits, financial assistance, employment benefits, and education benefits, among others. Veteran housing programs such as the New Jersey Housing and Mortgage Finance Agency “provide[s] veterans and their families with increased buying power and a savings of thousands of dollars in interest over the life of the loan.”

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Meanwhile, financial assistance for veterans is provided by various income tax exclusions and property tax exemptions (which provides an annual deduction of $250 for eligible veterans).

One wonders, however, whether these benefits will be enough to offset the high cost of living for which New Jersey is famously known.

In addition to the high cost of living, there are also other disadvantages to retiring in New Jersey, and those disadvantages could weigh even heavier on veterans.

A report on WalletHub listed the best and worst states for military retirees. New Jersey ranked amongst the worst states in the nation for “Fewest Veterans per 100 Inhabitants,” “Least Job Opportunities for Veterans,” and “Least Affordable Housing.” The state’s overall ranking was 46th.

The Courier-Post also issued a somewhat scathing report New Jersey’s potential as a retirement destination. In an April 2015 article, the state’s “high taxes, cost of living and overall malaise” were listed as detriments. However, on the plus side the report lauds New Jersey for being “safe…healthy…and temperate.”

There are definitely some advantages to New Jersey living. However, are there enough advantages for veterans to choose New Jersey as a place for retirement? Only veterans can examine the facts and decide what is best for their situations.

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Veterans thinking outside the box for places to retire to will discover that there are a number of benefits to retiring in New Jersey and a number of small town locations in which to do it. That being said, what are the advantages for veterans looking to retire in the Garden State?
retirement, new jersey, veterans, guide
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2016-56-11
Thursday, 11 Feb 2016 05:56 PM
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