Do you have enough money to retire in NJ? Here’s the latest math

You may want to spend your golden years in the Garden State, but maybe you'd be better off someplace else ... if you don't want to be forced to go back to work.

Where you retire is a big factor when determining how far your money will go, and according to a new analysis, New Jersey is currently the third most expensive state for retirement.

The 2024 report from DepositAccounts, a subsidiary of LendingTree, utilized data from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, Centers for Medicare & Medicaid Services, and ValuePenguin to create its state-by-state rankings.

According to the report, the average annual cost to be retired in New Jersey is $55,660 — more than $4,600 per month.

Nearly half of the monthly cost in New Jersey goes to housing, the report finds.

According to the report's findings, older individuals generally spend less than consumers as a whole. Seniors may spend more on health care, but they spend less across other categories like food and transportation.

Average expenditures for those aged 65 and older have shot up over the past decade, by about 43%, the report says.

SEE ALSO: NJ residents share their favorite thing about the state

With an annual cost of $56,757, Hawaii comes in as the most expensive state for retirement. California is the only other state to post a higher cost than New Jersey.

In the report, New York ranks as the fifth most expensive state for retirement. Pennsylvania ranks 24th.

According to the report, your retirement money can go the furthest in West Virginia.

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