Retirees are packing their bags and leaving New Jersey in droves, new data shows.
According to a survey by United Van Lines, almost 67% of all New Jersey moves last year were outbound — and a third of them cited retirement as a primary reason to go.
In all, the relocation company logged 4,430 total shipments in the Garden State. Of those, 2,959 were sent out of state.
In the United Van Lines survey, Maine and Connecticut rounded out the top three states where people are moving away as they approach retirement.
The cost of living is key, according to CNBC.
Another consideration is how a destination state treats retirement income. In all, 13 states tax Social Security, including Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah and Vermont, the news outlet reported.
New Jersey has an effective property tax rate of 2.13%, according to the Tax Foundation -the highest in the nation. It also has a top individual income tax rate of 10.75% for income exceeding $5 million.
As for where everyone was headed to – it was the Sun Belt, the survey found, with more than 4 in 10 people who moved to New Mexico in 2018 saying retirement was a top reason for relocating. Florida came in second, and Arizona followed in third, United Van Lines found.
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