New Jersey State Policy Lab Report Release: Economic Challenges for Older New Jersey Residents
In February 2024, New Jersey Advocates for Aging Well (NJAAW) conducted a Statewide Survey of Older Adults. This survey gathered both quantitative and qualitative data from residents aged 60+ on the challenges and concerns related to aging in New Jersey. The findings show that the cost of living, including taxes, housing costs, and overall expenses, is a top concern and the main reason people would leave New Jersey to retire.
Multiple respondents to the NJAAW Survey reported they do not have what they need to age in place and face an eligibility cliff that determines getting assistance or paying for supports and services out of pocket, which is neither affordable nor practical for meeting their changing needs. While New Jersey’s Division of Aging Services has expanded the eligibility for programs designed to help low-income older residents, people at every income level reported facing challenges in meeting their needs. These include housing, property taxes, cost of living, and supports within the home, as well as assistance with things not covered by government programs, like roof replacement or renovations to make a home age friendly.
Like most of the United States, New Jersey is experiencing a rapid demographic shift towards an older population, and like most states, is not prepared. According to U.S. Census data, residents over the age of 60 are the most rapidly growing demographic cohort, and by 2034, New Jersey will have more residents over the age of 60 than students in its classrooms. Efforts are underway to explore a Multi-Sector Plan for Aging (MPA), which requires innovative collaborations from all sectors of the state and economy, including government, service providers, business, and the private sector, in order to meet the needs of our aging population (see Lifelong Strong NJ). Several states have included specific efforts to address affordability for older residents in their MPAs and offer potential solutions that New Jersey could adopt.
This report explores potential solutions to the affordability crisis facing New Jersey’s older residents, with particular focus on neighboring states Pennsylvania and New York, as well as North Carolina and Massachusetts. Several solutions could be included in an MPA to increase economic security for residents over 60, as well as our future, older residents.