Bergen County, New Jersey, is among the top 50 highest-income counties in the United States. Bergen is also one of New Jersey’s top 10 counties for over age 65 population size.
Planning for retirement is a critical step for Bergen County residents, especially those with significant assets. As you approach or enjoy retirement, taking a strategic approach to finances, estate planning, healthcare, and lifestyle can ensure you make the most of this next chapter in life.
The following mybergen.com guide focuses on essential steps to secure your legacy and enhance your quality of life while staying grounded in real opportunities and resources available in Bergen County.
This article is part of the Next Chapter: Active & Engaged Over 60 in Bergen County series on mybergen.com. We’re providing the best information and resources for Bergen County’s large and growing active aging population to help them stay active, healthy, and engaged in our community.
Retirement Planning for Bergen County Residents
Estate planning is vital for protecting your assets and ensuring they are distributed according to your wishes. For high net-worth retirees in Bergen County, it’s especially important to minimize tax liabilities and ensure that your family’s future is secure.
Key Steps:
- Draft or Update Your Will: Ensure your will reflects your current financial situation and intentions. Bergen County has numerous qualified estate planning attorneys who specialize in high net-worth estates. You’ll find a comprehensive directory of Bergen County area attorneys in the mybergen.com Directory of Bergen County Businesses.
- Set Up Trusts: Trusts can help reduce estate taxes and protect assets for future generations.
- Healthcare Directives: Create a living will and designate a healthcare proxy to ensure your medical preferences are honored.
- Power of Attorney: Assign a trusted individual to handle your financial matters if you become incapacitated.
Resource: The New Jersey State Bar Association offers a directory of qualified attorneys specializing in estate planning and elder law.
New Jersey’s tax landscape can be complex for retirees. Understanding the tax implications of your income sources and assets is essential to preserving wealth.
Tax Tips:
- Pension and Social Security Income: While NJ does not tax Social Security benefits, pensions and other retirement income may be taxable. Speak with a local CPA to understand your tax bracket and deductions.
- Property Taxes: Bergen County’s property taxes are among the highest in the state. Consider downsizing to a more tax-efficient home or exploring tax relief programs like the NJ Senior Freeze (Property Tax Reimbursement).
- Capital Gains Tax: Plan the timing of asset sales to minimize capital gains tax liabilities. Working with a financial advisor can help optimize your portfolio.
Resource: The NJ Division of Taxation provides guidance on senior-specific tax programs.
Bergen County offers a range of upscale retirement living options for those seeking a vibrant and fulfilling lifestyle. These communities provide amenities tailored to high net-worth seniors, combining luxury with convenience.
Bergen County Area Senior Communities and Assisted Living Facilities:
Features to Look For:
- Access to healthcare services
- Fitness and wellness programs
- On-site dining and cultural activities
- Proximity to family and familiar surroundings
Giving back to the community is a meaningful way to leave a lasting legacy. High net-worth retirees in Bergen County often engage in philanthropic efforts that align with their values.
Options for Giving:
- Donor-Advised Funds (DAFs): These accounts allow you to make charitable contributions while receiving immediate tax benefits. Work with financial institutions like Merrill Lynch in Paramus.
- Private Foundations: Establishing a private foundation enables you to support causes over time. Consult with local philanthropy advisors to get started.
- Local Nonprofits: Support organizations such as the Center for Food Action in Englewood or the Hackensack University Medical Center Foundation. Mybergen.com frequently features news and information about local nonprofits.
Resource: Bergen Volunteers offers opportunities to connect with local nonprofits and charitable organizations.
Maintaining your health is crucial for enjoying retirement. High net-worth retirees often prioritize access to top-tier healthcare and wellness services.
Healthcare Options:
- Concierge Medicine: Practices like Englewood Health’s concierge program provide personalized healthcare with shorter wait times and comprehensive annual exams. Read more about concierge medicine on mybergen.com.
- Private Health Networks: Leverage private insurance to access premier specialists and hospitals, such as Hackensack University Medical Center or Valley Hospital.
Staying Active:
- Join fitness programs tailored to seniors, such as yoga and Pilates at local studios like LifeTime in Montvale. The mybergen.com Directory of Bergen County Businesses features a variety of Bergen County area health clubs and gyms to choose from.
- Explore outdoor activities at Bergen County parks, including Overpeck County Park and Saddle River County Park. The mybergen.com Directory of Great Places to Visit in Bergen County features a number of the region’s leading parks and recreation areas.
Checklist: Additional Steps to Retirement Readiness
Preparing for retirement doesn’t have to be overwhelming. Even if you don’t have a detailed plan, taking small, actionable steps now can significantly improve your financial security and lifestyle as you approach retirement. Consider using this checklist to get started:
- Envision your ideal retirement lifestyle and set goals accordingly.
- Start planning today, even with small adjustments.
- Reduce or eliminate debt or other financial concerns where possible.
- Maximize contributions to your 401(k) or retirement plan and make sure you’re taking full advantage of your employer’s 401(k) match.
- Use auto-escalation features in retirement plans to increase savings gradually.
- Calculate your net worth to understand your financial baseline.
- Develop strategies to grow your assets sustainably.
- Consider extending your career or part-time employment if this aligns with your goals.
- Create a Social Security account to monitor benefits and plan distributions.
- Use financial management apps to track and optimize your budget.
- Establish or update your will to reflect your current situation.
- Follow a realistic budget that aligns with your retirement goals.
- Make financial planning a consistent habit.
- Talk to other retirees for insights and advice on the retirement experience.
- Open an IRA to diversify your retirement savings.
A Holistic Approach to Retirement
Retirement planning for high net-worth individuals in Bergen County requires a holistic approach. By addressing estate planning, taxes, lifestyle, philanthropy, and health, you can secure your legacy and fully enjoy the opportunities this next chapter brings. Local resources and professionals are available to guide you every step of the way.
Enjoy the Next Chapter!
Stay tuned to mybergen.com for more articles in the Next Chapter: Active & Engaged Over 60 in Bergen County series, where we bring you the best advice and insights for living well after 60.
Aging in Place in Bergen County: Services, Resources, and Tips for Seniors
