$1.2 million won’t last as long in NJ. Here’s where New Jerseyans are taking it.

I'm getting close to 65. And lately, one question comes up at every lunch table, every family dinner and every conversation with friends my age.

When?

Not whether we'll retire. When. And whether we can actually afford to do it here.

A new analysis put a number on it, and for New Jersey, the number isn't kind.

What $1.2 million buys you in New Jersey

Financial site MoneyLion calculated how long a $1.2 million nest egg lasts in every state. New Jersey ranked 44th.

• With Social Security: 24.69 years
• Without it: 16.44 years
• Average yearly spending for a 65-plus household here: $72,981
• What you'd still need each year after Social Security: $48,600

Here's the simple math. Covering that $48,600 gap for 30 years comes to about $1.46 million, before investment growth or inflation. So a typical retired household here is looking at a seven-figure number just to cover the gap.

And that's the average. It isn't the floor, and it isn't the dream. I broke down the real numbers on retiring in New Jersey earlier this year, and they haven't gotten any friendlier.

SEE ALSO: 10 reasons New Jersey is so expensive, and why it keeps getting worse

For many New Jersey couples, the retirement question isn't if, but when, and where | Photo by Peter Amende on Unsplash

Where the money lasts longest

The same $1.2 million goes a lot further elsewhere, according to MoneyLion:

• Oklahoma: 44.59 years with Social Security
• Alabama: 43.11 years
• Mississippi: 42 years

Florida, the classic New Jersey escape hatch, comes in at 31.81 years. That's better than here, but not the bargain it used to be.

Where New Jerseyans actually go

Everyone assumes Florida. The numbers say Pennsylvania.

More people who left New Jersey in 2024 moved to Pennsylvania than to any other state: 38,500, according to Census Bureau data compiled by USAFacts. New York was second at 36,000. Florida was third at 22,600.

It makes sense. In Pennsylvania, $1.2 million lasts 34.57 years, about a decade longer than here. And family is still a car ride away.

Oklahoma? Not for me. I need the ocean and the mountains within a day's drive.

So when is the right time?

The average American retires around 62, according to USA Today.

But claim Social Security at 62, and if you were born in 1960 or later, your benefit is cut by 30%, permanently, according to the Social Security Administration. Full retirement age for us is 67.

That's one reason so many New Jerseyans I know are working into their 70s, as long as their company will have them.

The early retirement "offer"

That last part is where I get suspicious.

Here's what I've read and heard over the years: a lot of companies practice what I call hidden ageism. They offer people in their 60s "optional" early retirement packages.

The way I see it, what they're often doing is offloading higher salaries and health care costs, and with them the loyal, talented people who helped build the company.

If you're handed one of those packages, know your rights. Federal law gives workers 40 and older at least 45 days to consider a group exit offer, and 7 days to change your mind after signing, according to the EEOC.

Use every one of those days. And talk to a financial professional before you sign. I'm not one.

The right time to retire is when you decide it is, not when someone else decides for you.

Opinions expressed in the post above are those of New Jersey 101.5 show host Eric Johnson only.