Are you considering retiring in Georgia? Here’s how the Peach State matches up to the rest of the country when it comes to retirement.
A recent report from Bankrate ranks Georgia at No. 15 among the best states to retire in 2023.
Bankrate used five categories and weighed them to determine what states were the best and worst for retirees. The categories in order by weight were: affordability at 40%, overall well-being at 25%, quality and cost of health care at 20%, weather at 10%, and crime at 5%.
The Peach State’s highest ranking was No. 4 in weather. Georgia comes in at No. 12 in the country for affordability. Bankrate also ranked it No. 29 in crime, No. 35 in quality/cost of health care, and No. 42 in well-being.
Although it’s not typically the Southern state that many Americans have in mind when picturing retirement — and detractors may point out that Georgia’s rank fell from No. 2 in 2022 to No .15 this year — the state should not be counted out.
Georgia is home to naturally scenic areas, historic sites, and affordable communities where retirees can relax while also stepping out on the town from time to time.
Georgia is also very tax-friendly toward retirees. The state does not tax Social Security and gives a $65,000 deduction per person on retirement income for people over 65, according to SmartAsset.
In a 2023 Retirable list of the best cities in Georgia to retire, Atlanta, Marietta, Stone Mountain, and Augusta were listed among them. So, if you’re in metro Atlanta you may not have to move far for your retirement.
Augusta has a cost of living for retirees that is 13% below the nation’s average, which is the greatest percentage among the 10 cities Retirable ranked. The city is on the riverfront and has many historic sites, such as the Lucy Craft Laney Museum of Black History and the childhood home of former President Woodrow Wilson. It also has plenty of places for shopping and eating.
Of course, you cannot talk about Georgia without mentioning Atlanta where 11.5% of the population is over 65. Atlanta is full of areas for shopping, eating, entertainment, and accessing medical care. And you can’t forget the numerous civil rights sites to view Black history.
Although a bit more on the expensive side, St. Simons Island down near the Georgia coast is ranked by Retirable as a top contender for one of the best places to retire. The cost of living is 15% above the nation’s average, but people over 65 are 35.1% of the population. The island has exclusive resorts and beaches, and it stays warm for around seven months out of the year according to Movoto Real Estate.
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