Hundreds of Morris residents head south to retire

Hundreds of Morris County residents have been moving to Ocean County, New Jersey for a number of reasons, including the promise of lower property taxes.

"One of the reasons is the lower price of homes," said longtime realtor Michael Kosman, who moved from Clifton in Passaic County to Holiday City South in Berkeley Township where he and his wife Carol have lived for the past 12 years.

"The reason my wife and I moved down from north Jersey to here is because there are much more activities and organizations to get involved in down here," Kosman said. Plus Ocean County has the advantages of lower taxes and more affordable homes than in north Jersey, he added.

"Ocean County has a lot to offer an aging population, including retirement community homes for over 160,000 seniors," said Donna Flynn, Ocean County's public information director. "That's the second largest number of seniors of any U.S. state after Florida, which ranks number one in the country."

In 2012, an estimated 468 people moved from Morris County to Ocean County, Flynn said.

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Joan Heid said she and her husband Fred, who have two daughters and one son, moved to Parsippany for good schools in 1969, and to Holiday City in Ocean County to escape high taxes in Morris County.

Reggie and Rosann Goodman also made the moved to Holiday City South last month.

"We're retiring and looking for a more affordable place to live so we can enjoy our retirement," Reggie Goodman said. The Goodmans had lived in Parsippany before moving to Ocean County.

"We lived in a single family house in Parsippany," said Reggie Goodman. "We were looking to downsize. We also wanted to continue to be social, and we looked for an area where we could socialize a little more easily. Our new home is all on one floor which makes it a little easier to take care of."

The couple said they love being out in the fresh air and are now very happy with their house. "(When) we lived in Parsippany, everything became more work than fun," Goodman said. "We sold the home in a day. The way this all came together for us, we knew it was what the Lord wanted for us."

"Price and low taxes are the incentives for moving into Whiting," said realtor Darlene Buonomo, who has a real estate office in the Crestwood Village 7 Clubhouse in Whiting, a section of Manchester Township.

"Whiting is kind of a hidden gem," Buonomo said. "It's far enough from the shore line yet a relatively quick drive to the shore area. You can get a nice move-in condition home in Whiting for under a hundred thousand dollars."

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Plan ahead before retiring

Marco Lima, a certified financial planner with Ameriprise Financial Services in Parsippany, recommends creating a written retirement income plan before retiring or moving out of Morris County.

"The plan should consider your committed and lifestyle expenses, taxes, inflation, rates of withdrawal on investments, health care expenses and estate planning," said Lima. "Review your plan at least once a year on your own or with the help of a retirement income professional."

Lima provides a checklist to review before retiring or moving out of the area:

Monthly budget — Re-estimate your monthly budget in the new house, especially if on a fixed income.

Emergency fund — Have a cash reserve/emergency fund of six to 12 months.

Renovation budget — Plan to budget for renovations very carefully. Add a 20 percent cushion to address unforeseen expenses.

Umbrella insurance — Consider obtaining an umbrella insurance policy (ULI). This type of policy provides liability protection above and beyond the basic coverage that homeowners/renters and auto insurance policies usually offer, to protect against the catastrophic losses if sued. ULI is often referred to as excess coverage.

Realty Transfer Fee — Speak with your tax advisor to estimate a Realty Transfer Fee tax. This tax is mandatory and it is often overlooked by homeowners selling properties in New Jersey. To calculate an estimated tax based on a property's sales price, visit www.realstorynj.com/sellers/realty-transfer-fee-calculator.

New healthcare providers — Research healthcare providers in your new town to avoid "reverse commuting" back to Morris County to obtain proper healthcare in the future.

Have you decided to stay or move out of the area after retirement? Email Eva Abreu, eabreu@GannettNJ.com