Prosecutors say Woodson is the co-defendant of Reginald Anthony, 28, of East Orange.
Police say Reginald Anthony was hired as a chauffeur for 91-year-old Robert Foster Nevius' family.
Nevius was found murdered in his Fells Road home on Thursday. Nevius, known as 'Foster', was a WWII veteran, who survived the allied invasion of Normandy.
Both Anthony, arrested Friday, and Woodson have been arrested on murder, robbery, conspiracy and weapons offenses.
According to investigators, Anthony and Woodson robbed and then killed Mr. Nevius after driving Mrs. Nevius to New York City on Thursday.
The cause of death was blunt force trauma and strangulation, according to the autopsy report.
The investigation is continuing.
Bail for Woodson was set at $1.5 million, while bail for Anthony is set at $1 million by the same judge. Both Woodson and Anthony are being held in the Essex County Correctional Facility.
If found guilty of these charges, both defendants face a minimum of 30 years to life in New Jersey state prison.
Nevius is survived by his wife and two daughters.