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Here’s What It Costs To Retire Comfortably In New Jersey

Retirement can be daunting. It involves a lot of math and, obviously, some educated guesses. But a new report shows that retiring comfortably in one state can can cost nearly twice as much as another. That means a 65-year-old retiree who lives to be 85 might need — get this — an extra half-million dollars for living expenses depending on what where they live.

That’s according to a new report from 24/7 Wall St., which looked at what it costs to retire comfortably in every state. New Jersey ranked as the seventh costliest state for a comfortable retirement in the country, just ahead of Maryland and behind Connecticut. Here’s the breakdown for New Jersey.

  • Estimated yearly retirement costs: $47,760
  • Average yearly earnings for 65+ households: $28,773 (14th highest)
  • Average yearly homeownership costs for seniors: $23,136 (second highest)
  • Percent of residents who are at least 65 years old: 15.7 percent (22nd lowest)

The costliest state to retire comfortably in was Alaska. About 11 percent of Alaskans are over the age of 65, the second-lowest share in the nation, the authors found. That might have something to do with the fact that retirement costs are estimated at $56,879 every year, more than $2,000 more than the second-costliest state, Hawaii.

Here are the 10 costliest states for a comfortable retirement:

  1. Alaska, $56,879
  2. Hawaii, $54,590
  3. New York, $50,321
  4. California, $49,640
  5. Vermont, $49,598
  6. Connecticut, $48,532
  7. New Jersey, $47,760
  8. Maryland, $47,061
  9. Virginia, $46,758
  10. Massachusetts, $46,265

Retirees looking to keep their costs down ought to consider Arkansas or New Mexico, the two least costly states. An Arkansas retiree sees an estimated yearly cost of $36,378, the researchers found. The typical senior pays just $11,112 in homeownership costs.

New Mexico, Kentucky, Ohio, and Michigan rounded out the five cheapest states for a comfortable retirement.

Many expenditures are common across all age groups, but some are specific to retirees. Among these: annual health care costs. Americans ages 65 and over spend more than 34 percent more every year on health care than the typical consumer, according to the Bureau of Labor Statistics’ Consumer Expenditure Survey.

Patch national staffer Dan Hampton contributed to this report.

Photo credit: Christopher Furlong/Getty Images

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Journal Squared gets $258M in financing for Tower Two

Kushner Real Estate Group and National Real Estate Advisors LLC have closed on $258 million in financing for Tower Two of the Journal Squared project in Jersey City, they announced Friday.

Wells Fargo Bank N.A. and Capital One N.A. provided the construction loan to the real estate firm and investment manager.

“The closing of this loan signifies another important milestone for the Journal Squared development, which will continue to bring much-needed housing to this transit-centric neighborhood,” Jonathan Kushner, KRE Group’s president, said in a prepared statement. “Construction of the second tower is already well underway, and we look forward to bringing it to completion in 2021.”

Journal Squared is a three-building project that will bring a total of 1,840 rental units to the Journal Square neighborhood, along with retail space and amenities. Tower One was completed in 2017, comprising 53 stories and 538 apartments.

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The loans must go on: Shutdown can’t stop SBDC from honoring TD Bank, other top lenders

Cherry-Hill based TD Bank was honored as the Diamond Award winner at the annual New Jersey Small Business Development Center awards earlier this week.

TD Bank was the No. 1 participating third-party lender in the 504 loan program; No. 1 in 7A lender awards and small loans lending; and the No. 1 export lender, totaling more than $102.9 million in financing, SBDC officials said.

Silver award winners included: M&T Bank, Wells Fargo Bank, the Regional Business Assistance Corp., JPMorgan Chase Bank, Santander Bank, UCEDC and the Cooperative Business Assistance Corp.

RBAC was the top certified development corporation and No. 1 community advantage lender, while CBAC was the top microloan intermediary.

Bronze award winners included: PNC Bank, Independence Bank, Berkshire Bank, Republic Bank, Newtek Small Business Finance, NewBank and Celtic Bank.

Since the U.S. Small Business Administration and other federal government agencies are not operating due to the federal government shutdown, NJSBDC — which was the co-sponsor of the event as SBA’s major partner — conducted the awards presentation at this affair.

Brenda Hopper, NJSBDC network CEO and state director, said she was glad the organization was able to step up.

“We were glad to fill in to conduct the annual luncheon and lenders awards presentation,” she said. “The banquet room was packed with lenders, and we were glad to host the event and acknowledge their financing benchmarks.”

Hopper and Deborah Smarth, NJSBDC network chief operating officer and associate state director, led the event.

Rutgers Business School Professor Arturo Osorio gave the keynote address, emphasizing that the fiscal status of individuals and households affects their health, lifespan and the overall well-being of the community.

The NJSBDC network’s 12 centers rely on federal, state and other private/public funding and sponsorships to maximize resources and technical assistance for the state’s small businesses and entrepreneurs in all 21 counties.

Because of this, Hopper and Smarth are hoping that the federal government will open for business soon.

“During this shutdown period, we are relying on other funding sources,” Smarth said. “The state investment portion is extremely important. The Legislature restored state funding increases in 2015 and again in 2018 in the Appropriation Act and the (Gov. Phil) Murphy administration’s continued support is important.”

The NJSBDC is a nonprofit federal-state-educational partnership leveraging funding from the SBA, the New Jersey Business Action Center and other private/public grants/sponsorships. It is headquartered in Newark at the Rutgers Business School.

Visit www.njsbdc.com for more information.

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Stro acquires a 2-property portfolio in Clifton

The Stro Companies announced recently it has acquired a two-property portfolio in Clifton.

The portfolio, which totals 55,000 square feet, is located at 499-515 River Road and consists of two buildings: a 30,000-square-foot industrial warehouse and a 25,000-square-foot industrial truck terminal.

The buildings are fully leased and are located within close access to Routes 21 and 3, and the Lincoln Tunnel.

“These two properties align perfectly with our acquisition criteria and allow us to grow our already strong footprint in the Clifton submarket,” Todd Minerley, director of acquisitions and leasing for Stro, said. “We are one of the most active investors in the New Jersey market resulting in our portfolio doubling in just over four years. The River Road properties will be our fourth acquisition in the last nine months.”

Financial terms were not disclosed.

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ALC appoints Johnson as its new chief data officer

ALC, a Princeton-based data solutions provider for marketers, announced it has named Andy Johnson its new chief data officer.

In this role, Johnson will be responsible for the company’s data strategy, acquisition and operations.

Johnson, who has 22 years of experience in the marketing industry, most recently served as senior vice president and audience solutions for Acxiom/LiveRamp. Before that, he spent 16 years at Experian Marketing.

“Andy is a unique talent in our industry,” CEO Rick Erwin said. “In addition to being among the most knowledgeable experts in the collection and use of person-level data, he is also an exceptional leader who exemplifies the trustworthiness and data stewardship that is so critical in the new data economy.”

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CarePlus NJ, Uber Health team up to ensure appointment transportation for patients

CarePlus NJ is teaming up with ride-sharing platform Uber’s Uber Health service to provide rides for those traveling to and from appointments, the Paramus-based health services company announced Friday.

The initiative is part of a larger plan by CarePlus to expand access to treatment, allowing those receiving primary medical care and behavioral health services at CarePlus facilities to obtain transportation through Uber Health.

“People miss appointments every day for vital outpatient services, including ambulatory detox and psychiatric evaluations,” Jeremy Levy, associate vice president of strategy and innovation at CarePlus, said in a prepared statement. “Lack of reliable transportation is one of the leading causes of missed appointments and can particularly impede access and continuity of care for underserved populations, such as veterans and justice-involved individuals.

“Working with Uber Health will enable CarePlus to connect individuals to care they would otherwise not receive due to transportation barriers.”

Using the service, CarePlus staff can request and coordinate rides for patients using HIPAA privacy-compliant technology.

“We are excited to partner with CarePlus NJ in our efforts to remove transportation as a barrier to care,” Aaron Crowell, head of Uber Health, said in a statement. “Every year, 3.6 million Americans miss doctor appointments due to a lack of reliable transportation. By leveraging the HIPAA-compliant Uber Health platform, CarePlus coordinators are able to schedule reliable, comfortable rides for those in need.”

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TMA acquires SpecComm tobacco magazine assets

Princeton Junction-based TMA, a nonprofit that focuses on tobacco and nicotine issues globally, announced it has acquired SpecComm International Inc. and its publications.

Raliegh, North Carolina-based SpecComm’s assets include the GTNF Conference, TabExpo, Tobacco Reporter, Vapor Voice, Tobacco Farm Quarterly, Tobacconist, Pipes & Tobacco, and Cigars & Leisure magazines.

Under the deal, TMA will create a new division, The GTNF Trust, to operate the GTNF Conference, Tobacco Reporter Magazine and Vapor Voice Magazine.

“All of us on the TMA board are very excited about the future for TMA with the inclusion of these new assets,” Mike Ligon, TMA board chairman, said. “TMA will create a tobacco and nicotine content experience for industry and all stakeholders that has more depth and coverage than anywhere else. And watch for new topical content coming soon.”

TMA currently has 26 publications that provide information and analysis on tobacco and related issues.

The company also announced leadership changes:

  • Chris Greer, TMA CEO and president, will now oversee TMA and The GTNF Trust;
  • Robert Crosby, vice president and chief financial officer at TMA, will oversee finances and administration for TMA and The GTNF Trust;
  • Elise Rasmussen has been named The GTNF Trust executive director and TMA vice president of sales and marketing;
  • Taco Tuinstra, Tobacco Reporter’s editor in chief, has been named TMA vice president and chief content officer;
  • Darryl Johnson will join TMA as vice president and chief operating officer;
  • Mike MacDonald will join TMA as director of product and circulation;
  • Chris Moll will join TMA as director of information services.

“All of us at TMA are eager to combine TMA’s platform with the tremendous content of the magazines and successes of the GTNF and TabExpo,” Greer said. “TMA has been working on this purchase for some time and the Board and staff believe that the acquisition brings more value to membership, provides enhanced content for our subscribers, and enables TMA, GTNF, and TabExpo to deliver world class forums, conferences and expositions that bring people and ideas together.”

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Asset sales highlight Mack-Cali transaction activity from 2018 into new year

Mack-Cali Realty Corp. has released a transaction update for the year ending in 2018 through Thursday.

“We enter 2019 with a substantially repositioned mixed-use portfolio concentrated on the Jersey City waterfront after entering into or actively negotiating nearly $1.3 billion of transactions. We are delivering on our commitment to exit both non-core assets and non-core markets while enhancing the synergies and quality of the remaining portfolio. Our strategy is clearly tied to the vibrant Jersey City and Port Imperial Waterfront communities where we have a dominant market share and can offer our office users and residents a unique live, work, play value proposition,” CEO Michael DeMarco said.

Jersey City-based Mack-Cali, which develops and manages office and multifamily properties, said in 2018, it completed $384 million non-core asset sales at an average cap rate of 6.3 percent.

In addition, Mack-Cali also is currently negotiating the $487.5 million sale of its remaining 56-building, 3.1 million-square-foot portfolio. The firm said it expects the sale to close in the first half of 2019.

Subsequent to year end, the company said it sold two non-core office properties for $22 million and sold one multifamily property for $35 million.  Mack-Cali also has additional non-core properties under contract, and said it expects to receive approximately $83 million in proceeds from the sales.

A number of this year’s disposition properties are subject to a 1031 Real Estate Exchange, Mack-Cali said, with proceeds used to fund about $402 million of acquisitions currently under contract or in negotiations, including:

  • Soho Lofts, a 377-unit apartment community in Jersey City’s Soho West neighborhood with an average unit size of 1,200 square feet for approximately $263.5 million. Amenities include an infinity pool with cabanas, state of the art fitness center with a multipurpose fitness room, indoor and outdoor theaters, a game room, meditation garden, playground, dog walk, conference rooms and resident lounge.
  • 99 Wood Avenue South, a 272,000 square foot Class A office property for $61.5 million. It is within close access to the New Jersey Transit rail and Amtrak, the Garden State Parkway, and the New Jersey Turnpike. The property is leased by multiple credit tenants including Ernst & Young, Citibank, and Wells Fargo.
  • Consolidation of ownership in M2, a 311-unit operating residential tower on the Jersey City waterfront. Mack-Cali said it intends to acquire Prudential’s 50 percent membership interest and preferred capital account for $77.3 million. Upon closing, Mack-Cali’s ownership in the community will increase to 74.3 percent from 24.3 percent.

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Widespread Flight Delays Impact Newark Due To Gov’t Shutdown

NEWARK — Newark Liberty International Airport is seeing significant delays of at least an hour Friday morning, according to airport officials and the Federal Aviation Administration.

The nationwide delays, reportedly caused by a shortage of air traffic controllers due to the government shutdown, are impacting numerous airports along the East Coast.

The Federal Aviation Administration (FAA) is reporting delays up to 1 hour at Newark. Flights into LaGuardia have been halted.

The FAA reported the following conditions at Newark Airport:

  • “Due to OTHER / STAFFING, departure traffic destined to La Guardia Airport, New York, NY (LGA) is currently experiencing delays averaging 1 hour and 26 minutes.”
  • “Due to TM INITIATIVES:METERING:STAFFING ZDC, traffic is experiencing Gate Hold and Taxi delays between 45 minutes and 59 minutes in length and decreasing.”
  • “Arrival traffic is experiencing airborne delays of 15 minutes or less.”

The FAA confirmed it had initiated procedures to adjust flights at Newark and Philadelphia International Airport because of an increase in sick calls by controllers, USA Today reported.

“We have experienced a slight increase in sick leave at two facilities,” a spokesman for the FAA said in a statement to USA Today. “We’ve mitigated the impact by augmenting staffing, rerouting traffic, and increasing spacing between aircraft when needed. The results have been minimal impacts to efficiency while maintaining consistent levels of safety in the national airspace system. The public can monitor air traffic at fly.faa.gov and they should check with airline carriers for more information.”

Story continues below

Air traffic controllers at Newark Airport are among at least 5,000 furloughed federal government employees in New Jersey who have been going without salaries for weeks as a result of the shutdown, which started with a bitter budget battle between Republican and Democratic lawmakers.

Other federal employees working without pay at Newark Airport include customs inspectors and TSA screeners.

As social media stories of excruciatingly long wait times at Newark Airport mount, many travelers have also been reporting a conspicuous lack of TSA agents at security checkpoints over the past weeks.

While specific data for Newark Airport wasn’t available, a TSA spokesperson told Patch, the agency’s national stats from Martin Luther King Jr. Day showed that the unscheduled absence rate, 7.5%, was more than double that of Monday, Jan. 22, 2018, at 3.3%.

“Many employees are reporting that they are not able to report to work due to financial limitations,” TSA officials said Tuesday, commenting on the national data.

This is a breaking story, check back for updates.

Image via Jenna Fisher/Patch

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Bergen Pet Rescue Collecting Supplies For Furloughed Fed Workers

BERGEN COUNTY, NJ — A pet rescue group is working with local pet stores to help collect pet supplies for local furloughed federal workers who are victims of the ongoing partial government shutdown.

Pet ResQ Inc. in Bergen County is asking locals to donate pet food and supplies at PetValu at 501 Route 17 North in Paramus. Donations may also be dropped off at PetValus in Garwood and Piscataway, Grateful Dog Grooming in Fords, and Pedigree Pet Spa in Metuchen.

The donations will be given to all federal employees who stop in any of the locations and show their federal identification card.

Around 800,000 federal employees, including about 5,000 in New Jersey, have been furloughed or working without pay since Dec. 21 and won’t receive their next paychecks until the government reopens.

Email: daniel.hubbard@patch.com

Image via Shutterstock

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