Issue Position: The Babyboomers

Issue Position

Who Will Be the Voice for Those Who Stay Behind?
According to an article published this year in USA Today:

* People are leaving New Jersey at a higher rate than 47 other states, just behind New York, which is No. 1, and Illinois.

* Although data shows the number of people leaving New Jersey has only slightly increased during the past 15 years, demographers predict that the state will see a more significant loss of residents -- especially . . . Baby Boomers -- over the next several years.

* The population of New Jersey isn't decreasing, but the components are changing, according to data from the U.S. Census.

* From 2010 to 2014, about 204,000 people living in New Jersey left. There were about 50,000 more people per year moving out of New Jersey than moving in from other U.S. states.

* During a five-year stretch, from 2006 to 2011, the state lost more than 90,000 taxpayers -- and $8 billion in income -- to other states and countries that was not made up from new workers within the state, according to an analysis of IRS tax and migration records

"It's simple . . . dollars go a lot further in other states and for an aging population every dollar saved, is a dollar earned."

With high property taxes, transportation tolls and death taxes there are all financial disincentives for aging in New Jersey. By the end of 2015, Baby Boomers -- those born between 1946 and 1964 -- will be 51 to 69 years old.

"Taxes in New Jersey are just killing people," says Raymond Francisco a long-time New Jersey resident who recently moved out of state to stretch his dollars. "I look back -- pop my head in the paper or look online -- to see how much people are paying to live, and I don't know how people are surviving anymore."

I's common for families, especially retirees who rode the inflation cycle for years, to cash out on their expensive houses and get something comparable in a Southern state or Midwestern state for half the price.

Hank Schroeder is Meeting with Active Adults Throughout District 30 to Listen to their Concerns and Come Up with A Plan to Take to the State House this November

In the interim, while we're working on plans that would allow further tax breaks for our Baby Boomer population, here are some things that can be one right now to help make the dollar go further:

1. Try to reduce monthly living costs by calling your utility companies, credit cards, car insurance and cell phone carrier to make sure you're getting their best offers and lowest, current rates.

2. Take advantage of discount offers at restaurants. Mondays and Tuesdays tend to be great days when local businesses are slow and often the owners will run special promotions to increase patronage on those days.

3. Cut coupons. It may be tedious work but it sure ads up!

4. Find out if you're getting the best rates on your IRA or 401K.

5. Speak to your local banker and find out if re-mortgaging can lower your monthly mortgage payments, if it is advantageous to downsize or take a reverse mortgage?

6. Contact your insurance agent or a new insurance agent and have them evaluate any of your current insurance plans to make sure you're getting the best rates and coverage?

Source