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Report: NJ ranks in bottom quarter of states for retirement preparedness

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New Jersey ranked 41st in a recent report detailing which states’ seniors are most prepared for retirement.

The SmartAsset report compared all 50 states and Washington, D.C., across seven metrics: average senior retirement income and the percent of seniors with such income, poverty rate for seniors, homeownership rate for seniors, percentage of seniors with housing costs, percentage of seniors using food stamps and cost of living in each state.

New Jersey’s metrics found the average senior retirement income was $50,195, with an 8.3 percent poverty rate. The rate of homeownership for seniors was 75.1 percent, with 38.7 percent of seniors beholden to housing costs.

By comparison, No. 1-ranked Utah had an average senior retirement income of $51,505, a poverty rate of 6.7 percent, homeownership rate of 86 percent and rate of housing cost-burdened seniors at 23.7 percent.

Smart Asset pointed to the high cost of living in the Northeastern U.S. as a contributing factor for struggling retirees, though Delaware bucked that trend landing at No. 2.

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Jessica Perry

Jessica Perry

Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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