In this article, you will get answers to these questions:
- How much savings should I have for retirement?
- What retirement expenses should I consider?
- What lifestyle and cost-of-living advantages does Georgia offer retirees?
- How can a financial advisor help me with Georgia retirement planning?
Setting Your Retirement Goals
Whether you’re 25 or 55, the question is the same: “How much will I need for retirement?” Obviously a 25-year-old has more years to plan and save, but not all younger people prioritize retirement saving and planning. This sometimes cannot be helped, as immediate concerns may make it challenging to save. A 55-year-old may worry that they have too little time to plan for retirement.
You can plan for retirement at any age or income level. It starts with a goal: what do you want your retirement lifestyle to be? Then put together steps to help achieve your goal.
So how to start? Step one is deciding where you’d like to live in retirement. Your other plans will be greatly affected by this choice.
Many people look for a retirement setting that offers a warm climate, social opportunities, and a variety of urban and rural living options. Georgia offers several lifestyle elements that can become the cornerstone of your retirement plan.
1) What Does it Cost to Live in Georgia?
You might want a general rule of thumb to use when planning retirement savings and income. One planning approach suggests having 10 times your final annual salary saved1. Along with that, you could follow the 4% rule2, which some believe is a good budget roadmap. It states that in the first year you withdraw 4%, then the same dollar amount adjusted for inflation, each year after that for 30 years. Your retirement savings should provide you with that much income each year through dividends and interest.
While deciding where to settle in Georgia, you can use those savings and budget plans—or those like them—as a benchmark to work from. With a cost of living approximately 11% below the national average3 and tax-friendly policies for retirees, your retirement dollars can stretch further in Georgia. Georgia exempts Social Security benefits from state taxes, and retirees aged 65 and older can exclude up to $65,000 per person of retirement income from state taxation. This combination of benefits provides an excellent foundation for retirement planning. Our recent blog offers insights on these and more issues relating to seniors and taxes in Georgia.
As you work out your plan, consider cost trade-offs versus conveniences and necessities that can make your life easier as you age. It can be wise to factor in what you may want and need at ages 60, 70, and beyond, and then plan accordingly. We recommend consulting with your financial advisor so they can help you set goals that work for you.
Keeping expenses, convenience, and needs at future life stages in mind, you can dig deeper into where you may wish to live in the state. If you’d like to live in Atlanta, for example, expenses will be higher than in Augusta, Macon, or Columbus, but you may benefit more with various services available in the larger metroplex. You can use calculators to work out your costs and review your choice of city and other cost of living factors4.
For more information, see our blog post about areas in Georgia suitable for retirees according to cultural, social, and geographic-specific factors.
Even Unexpected Costs Can Be Lower in Georgia
As you calculate the main costs of living, such as rent or mortgage, food, and home maintenance, it’s easy to overlook other things that can contribute to your quality of life. Transportation needs evolve over time; you could potentially reduce or eliminate driving (which can free up money you may wish to use for other pursuits). Public transportation access could also become more important to you due to health reasons. While not everyone will wish to reduce or give up driving, Georgia provides over 120 transit systems in its cities and over 100 rural transit options you can take advantage of. Commuting, enjoying social opportunities, and staying connected to friends and family are within your reach on public transit in most areas in the state. The Georgia Transit Association’s Transit Near Me page5 provides statewide public transit information.
2) Enjoy Winter Comfort and Increased Outdoor Activity Options in Georgia
AARP reports that a major reason that retirees favor living in Georgia is the short, mild winters, which often don’t get below 50 degrees6. Georgia has warm winters with little snow (just a few inches per year,7 mostly in the northern part of the state). Some people find the hot summers different than what they are used to, and Georgia Power offers insights and energy tips8 if you are new to the state.
Georgia Makes It Easy to Get Outside Throughout the Year
In every part of the state, Georgia provides a variety of free and low-cost ways to enjoy your retirement outside, regardless of how much time you want to devote or your ability level. These and many other natural spaces await you:
North: Amicalola Falls State Park
At Amicalola Falls State Park9 in north Georgia, you can marvel at the Southeast’s tallest cascading waterfall that drops 729 feet through the dense mountain forest. Stroll through the park’s free-access West Ridge Trail, which offers spectacular views without requiring the entrance fee needed for the more developed areas. The falls staircase provides exciting views of the Chattahoochee National Forest. There is an ADA-accessible trail and stairs to reach the top of the falls. You might see black bears, white-tailed deer, or wild turkeys while exploring the park’s quieter corners.
Central: High Falls State Park
At High Falls State Park10 in central Georgia, you can walk along the wooden overlook to view the largest cascading waterfall south of Atlanta, where the Towaliga River plunges 135 feet over massive rocks. Fish for bass, catfish, and bream in the 650-acre lake, with just a small parking fee and a Georgia fishing license. This park features remnants of a once-thriving 1800s industrial town, including abandoned foundations and a hydroelectric powerhouse. The Historic Trail is ADA accessible.
Coastal: Tybee Island’s North Beach
At Tybee Island‘s11 North Beach, you can see Georgia’s oldest and tallest lighthouse while watching container ships glide by on their way to the Port of Savannah. Looking for shells and sharks’ teeth is a beloved pastime. Covered pavilions near the beach offer perfect picnic spots. You’ll find plenty of free parking along the streets just a block or two away from the beach access points, making this a budget-friendly spot to spend your day.
3) Healthcare Costs Compare Favorably to National Averages
Healthcare costs in many parts of Georgia are lower than in the rest of the country as of early 2025. Even so, when people calculate how much they will need to retire in Georgia (or anywhere else), they sometimes underestimate the cost of long-term care. Medicare.gov explains that Medicare doesn’t usually pay for long-term care in a nursing home, and seniors may wish to look into other avenues to plan ahead for these expenses12.
As of February 2025, long-term care costs in some cities in Georgia are less than the national average. You may wish to factor in these potential expenses into your location choice if you’re relocating to, or within, Georgia. LTC News’ calculator shows state-median costs and city-specific costs13 to aid your planning.
Summary: Georgia Offers Seniors Many Retirement Advantages
Georgia offers a unique combination of potential financial advantages and lifestyle opportunities for retirees. Whether you’re targeting a modest, comfortable, or luxurious retirement, the state’s cost of living, tax considerations and favorable climate can help contribute to your retirement goals. Understanding your desired lifestyle, planning for both obvious and hidden costs, and building flexibility into your financial strategy can help you achieve the retirement you want.
Planning Ahead: Future-Proofing Your Retirement Income
Even with Georgia’s appeal as a haven for retirees, it’s wise to build flexibility into your plan. While Georgia’s cost of living increases have historically been moderate, healthcare and housing costs can fluctuate and could outpace general inflation. With increasing life expectancy, plan for a retirement that could last 30+ years. Consider how your needs might change and ensure your financial strategy can adapt accordingly.
Although you likely can create a general plan for retirement, customizing it to your needs may seem overwhelming. It can be helpful to get the perspective of knowledgeable retirement planners who can provide personal guidance.
Next Steps: Receive a Free Retirement Planning Consultation
Now that you’ve reviewed some preliminary retirement planning information, you can next begin formulating your retirement plan (or refine your current strategy). Speaking with a Moore’s Wealth Management advisor is a great way to get a clearer understanding of your retirement path and the specific advantages you may be able to access by retiring in Georgia.
Our comprehensive approach provides personalized guidance to protect savings, maintain growth potential, and create lasting retirement income. We will help you determine your comfort level with risk, work with you to create an income strategy, discuss ways to safeguard your estate, and more.
How much will you need to retire in Georgia? That depends on a variety of factors, and the Moore’s team is here to help you.
Want to learn more? Contact Moore’s Wealth Management today for your free, no-obligation retirement planning consultation.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed. All views/opinions expressed in this newsletter are solely those of the author and do not reflect the views/opinions held by Advisory Services Network, LLC.
Advisory Services Network, LLC, does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation.
References:
1Probasco, Jim. (November 25, 2024) “How Much Do I Need To Save To Retire?” Investopedia. Retrieved February 17, 2025.
2Kagan, Julia. (June 11, 2024) “What Is the 4% Rule for Withdrawals in Retirement?” Investopedia. Retrieved February 18, 2025.
3Ramsey Solutions. (October 24, 2024) “Cost of Living in Georgia”. Ramseysolutions.com. Retrieved February 17, 2025.
4Salary.com. (no publication date provided) “Cost of Living in Georgia”. Retrieved February 17, 2025.
5Georgia Transit Association. (no publication date provided) “Transit Near Me”. Retrieved February 17, 2025.
6Niedt, Bob. (August 01, 2023) “5 Reasons to Retire in Georgia”. AARP. Retrieved February 17, 2025.
7National Weather Service. (no publication date provided) “What’s Typical in North and Central Georgia?” Retrieved February 17, 2025.
8Georgia Power Company. (2020) “Top 10 Energy-Saving Tips”. Retrieved February 17, 2025.
9Moseley, Mark. Mosley, Linda. (2025) “DO IT: Hiking—West Ridge Falls Access Trail—Amicalola Falls” DiscoverGeorgiaOutdoors.com. Retrieved February 17, 2025.
10Georgia Department of Natural Resources, State Parks & Historic Sites. (2025) “High Falls State Park”. Retrieved February 17, 2025.
11Visit Tybee Island. (2025) “Explore Tybee Island”. Retrieved February 17, 2025.
12Medicare.gov. (no publication date provided) “How can I pay for nursing home care?”
Retrieved February 17, 2025.
13LTC News. (2025) “Discover the 2025 Cost of Long-Term Care in Your Area”. Retrieved February 17, 2025.
