A Retirement Planning Checklist for New Jersey Residents

Retiring in New Jersey offers plenty to love: proximity to family, access to world-class healthcare, and a vibrant cultural scene. But the Garden State also carries some of the highest property taxes and cost-of-living expenses in the country. That makes careful planning essential, not optional.

Your Pre-Retirement Financial Checklist

• Estimate your annual retirement spending, including healthcare, property taxes, and insurance
• Map out all income sources: Social Security, pensions, 401(k)s, IRAs, brokerage accounts, and annuities
• Review your NJ state tax exposure — retirement income above certain thresholds is taxable
• Evaluate your healthcare bridge if retiring before age 65 and Medicare eligibility
• Confirm beneficiary designations on all accounts are current
• Stress-test your plan against a 20-30% market decline in your first years of retirement

New Jersey-Specific Considerations

New Jersey excludes a portion of retirement income from state taxes for residents over 62 with income below certain limits. However, the state has its own estate tax with a lower exemption than the federal level. Property tax relief programs like the Senior Freeze and ANCHOR can also make a meaningful difference. Understanding how these programs interact with your overall plan is critical to keeping more of what you have saved.

Working With a Financial Advisor

A retirement plan is only as strong as the assumptions behind it. At Rice Wealth Management Group, we help clients in Fair Haven and across New Jersey build plans that account for taxes, inflation, healthcare costs, and the unpredictable nature of markets. The goal is not just to retire; it is to stay retired comfortably.