Free retirement calculator tailored for New Jersey (NJ). Calculate instantly with state-specific rates and rules.
New Jersey's high property taxes are the primary financial concern for retirees. The state offers the ANCHOR Property Tax Relief Program that provides rebates to eligible homeowners and renters. Many NJ retirees relocate to Florida, Pennsylvania, or Delaware to escape property and income taxes.
| Data Point | Value |
|---|---|
| Average Retirement Savings (55-64 age group) | $215,000 |
| Median Household Income | $89,703 |
| New Jersey Tax on Retirement Income | New Jersey does not tax Social Security benefits. |
New Jersey does not tax Social Security benefits. New Jersey provides a pension exclusion of up to $75,000 (for income under $100,000), $37,500 (income $100,001–$125,000), and $20,000 (income $125,001–$150,000). Income above $150,000 receives no exclusion.
The average New Jersey household nearing retirement (ages 55-64) has approximately $215,000 in retirement savings. Financial planners commonly recommend having 10-12x your final salary saved by retirement age. For the median New Jersey income of $89,703, that suggests a target of roughly $897,030 to $1,076,436.
Use CalcuWealth's retirement calculator to model your specific situation — including your expected Social Security, any New Jersey pension, and your investment portfolio — to find your personal retirement number.
Data: US Census Bureau ACS 2023, Zillow (2024), Vanguard How America Saves (2023), NCES. Updated 2024–2025. Figures reflect state averages — consult a licensed financial advisor for personalized guidance.
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