How Hard Is It To Save $1 Million In New Jersey?
If you live in New Jersey, you know it's hard to save money in general, so how hard would it be to save $1 million for retirement in the Garden State?
As a Jersey Shore resident, you know the answer must be 'very hard', but you might want to know just how hard it would really be. The answer is, well...very hard. Almost harder than anyplace in the entire country.
Go Banking Rates put together a list ranking each state, and New Jersey did not do well at all. As a matter of fact, you can count the number of states where it's harder than New Jersey to save a million dollars on one hand.
Congratulations New Jersey residents, you live in a state that ranks 45th on the list, and I don't have to tell you how many states there are. And this will come as no shock to you. The main reason we rank so poorly is taxes.
For the record, the results concluded that Vermont is the worst state to try to save $1 million, and Utah was found to be the best.
So it looks like the concept of retiring comfortably in the Garden State has just taken another hit. And you can blame those taxes, and add in the price of just about everything.
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