The Millstone Times July 2021

Monroe Township News | As We Age

We provide Adult Day Services For Special Needs Adults (21 years old +) The Garden State vs The Sunshine State When Will The Retirement Migration End? By, Bryan Kuderna

You have always been there for your mom, and now GoldenYears Care is here for you

New Jersey has be- come a case study for financial disaster (for- give the cynical lan- guage, but you try to define the NJ balance sheet and budget in one word). By now you probably feel like it’s the same old story, but we are actually in the

Call UsToday For ATour or Info! (732) 845-3332 • Free Door-to-DoorTransportation • Health Evaluations • Bi-Lingual staff • Music & PetTherapy first chapter, perhaps even the prologue of this novel. Baby boomers are only beginning to contemplate if they’re ready to retire, and as a Certified Financial Planner to much of this generation, I can attest to the discus- sion of NJ evacuation in every retirement plan. Each client has his or her own reason for fleeing the state, and the destinations vary. However, one state has surpassed the rest in welcoming these refugees, so much so we call it “God’s Waiting Room”. Let’s begin by examining the two most common financial reasons for exodus from the Soprano state… • Income Taxes- Florida has none. NJ can top out at 11.8% for the wealthiest of residents. This led to over $15.2 of revenue to the state in 2018. • Property Taxes- Florida taxes on average .97% of a property’s assessed value, whereas NJ taxes 1.89% of assessed value (worst in the nation). Combine this with much cheaper homes and you have an instant sav- ings. So, where does Florida get the money for such nice things? 59% of state general revenue comes from sales taxes, 13% from the lottery, 5% from corporate tax, and less tha 30% from various other sources. Florida’s sales tax is 6%, plus an additional city tax that in some areas can reach a total of 8.5% (although some it ms are exempt, such as groceries). Even though NJ’s income and property taxes hog the negative limelight, the state also has its own flat sales tax of 6.625%. So, if it’s enough for Florida, why not Jersey? The Sunshine State has a populatio of 20.6 million versus NJ’s 8.9 mil- lion residents. This begs the questions, are Floridians less expensive to support? Are they operating with economies of scale versus the smaller, congested states of the northeast? Or is The Garden State offering an ar- ray of better services its residents take for granted, such as not pumping our own gas? Let’s look at where all the money is going… ...continued on page 44 • Educational Programs to assist & encourage independance with activities of daily living • Social Activities • Fabulous food and menu options • Recreation, Exercise,Trips to Museums, Stores, Crafts and more... Serving Monmouth, Middlesex & Ocean Residents 20 1-A Jackson Street Freehold, New Jersey We Offer Something Special Nowhere Else Found In CNJ ForYour Loved One! Active Day Adult Services Medicaid/HMO/DDD

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Call UsToday For ATour or Info! (732) 851-6640 • Medical AppointmentTransportation • Around-the-clock attention • Physical & OccupationalTherapy In House • Free Door-to-DoorTransportation • Delicious Food Options (Spanish, Russian, Italian & more) • Onsite & Offsite Activities: (Ping Pong, Zumba, Shopping Excursions, Museums, Crafts,Trips to the Shore and much more) • Onsite Hairdresser Serving Monmouth, Middlesex & Ocean Residents Conveniently off Rt 33 and NJTurnpike Exit 8 108Woodward Rd. Manalapan, New Jersey If your loved one needs care during the day, trust GoldenYears Care to put them in good hands!

36 The Millstone Times

July 2021

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