Report for the New Jersey State Policy Lab & New Jersey Advocates for Aging Well (NJAAW)
By Audrey Meng, Rutgers University
New Jersey residents are living longer, but not necessarily better. While New Jersey has expanded eligibility for programs designed to help older residents, people at every income level continue to report facing economic challenges to meet their needs.
In 2024, New Jersey Advocates for Aging Well (NJAAW) conducted a statewide survey to gather insight from older adults related to the cost of living to comfortably age in place. The survey revealed that residents across the state face an eligibility cliff, forcing many to cover their own essential needs through high out-of-pocket costs.
Several older adults in the < $25,000 income bracket fall far below the Elder Economic Index, which estimates that a single older adult needs just over $28,000/year just to meet basic needs. Among those earning less than $25,000– only a few felt as though they saved enough for retirement. Older adults earning $50,000–$74,999 also reported financial strain similar to those earning less than $25,000. In NJAAW’s survey, one respondent stated, “Why do I need to become poor in order to qualify for services?” while another noted that they spend most of their income on NJ property taxes and mortgage payments. Even older adults that fell in the $75,000 to $250,000+ bracket of the survey also reported financial strain due to high economic costs, specifically property taxes. One respondent earning over $250,000 shared that they spend over $2,000/month on property taxes and will leave New Jersey to avoid the cost.
By 2034 New Jersey’s 65+ population is expected to increase by 414,262 people to a total of 1,857,200– indicating 20% of the state’s total population (NJ.gov). Counties like Cape May (27.6%) and Ocean County (22.3%) already have a high percentage of older residents. Several respondents from the NJAAW survey have also addressed the need to expand tax relief and housing services. Homeownership may promote an illusion of stability, but older adults with limited income face increased property taxes and maintenance fees. Some households may not even qualify for housing aid since they own a home yet don’t have the means to move or modify it.
In 2024, the federal poverty level for a single individual is $15,060, while the Elder Economic Index states that a single older adult needs $28,000–$41,000 per year to meet their needs in New Jersey. The United Van Lines outbound migration report found that New Jersey had the highest migration rate in the country, with 67% of residents leaving—and over 40% of those were aged 65 and older. Especially in a high-cost state like New Jersey, there must be more policy solutions in place to lower the cost of living. An example can be to preserve and expand services like the Supplemental Nutrition Assistance Program (SNAP). SNAP is a federal program set by state limits that provide food assistance. In 2024, approx. 20.7% of 60+ adults relied on SNAP as well as 312,000 veterans from all age groups, yet the longevity of this program is uncertain since there is no standardized budget.
To address this issue and preserve affordability, a Multi-Sector Plan on Aging (MPA) can be implemented to address the economic needs of this growing population.
This op-ed is written in hopes for policy makers, legislators and future administrations to acknowledge these gaps and listen to the concerns of older residents. Follow discussions on this topic at Lifelongstrongnj.org.