Is Georgia a Good Place to Retire?

In this article, you will get answers to these questions:

• Is Georgia a good place to retire?
• Where to retire in Georgia
• What is the retirement age in Georgia?
• How much is the Georgia retirement income exclusion?

Introduction

If you’re looking for a great place to retire, the southeast is a good region with warm weather and a variety of locales, from urban to mountainous to rural and coastal. Georgia is favored by many retirees because it offers a relatively low cost of living and abundant cultural history. Here we’ll review highlights that can help you decide if Georgia is right for you.

As you work through your decision-making process, you may have some questions about retirement planning or making adjustments to your current retirement income or accounts. Please see the final section of this guide where you can learn how to get a complimentary, personalized Moore’s Wealth Management retirement analysis.

From pleasant weather to great places to live to tax advantages for seniors, let’s discover why Georgia is one of the top places to retire in the United States.

Cost of Living for Retirees in Georgia

If you are a retiree looking for a state with a more wallet-friendly cost of living index¹, Georgia is a great option.

• Utility costs in Georgia can vary seasonally, with warm summers and mild winters, averaging a low of 50℉ in winter and up to 95℉ in summer, with pleasant spring and fall temperatures ranging from 55°C to 80℉.²
• Healthcare costs in Georgia tend to be moderate, with general doctor costs 36% less than the national average.
• Grocery costs remain reasonable, below the national average.

Note: Cost of living data can vary significantly by region and city. It’s recommended to research specific areas of interest and consult with financial advisors familiar with Georgia retirement planning.

Where to Retire in Georgia

One of the best reasons to retire in Georgia is the lifestyle choices available. It’s remarkable that this one state gives you a choice of city, mountains, rural, or coastal living, and it often finishes on the “best places to retire in the US”³ list.

Where Seniors May Wish to Live: Urban, Rural, Coastal

Georgia invites you to set down roots where you like and travel easily within the state—Georgia’s highways and roads are some of the best in the country⁴. Here are some highlights of top retiree location choices in Georgia:

Cities:

• Atlanta
  Atlanta has a cheaper cost of living compared to many other large cities and a strong job market (should you wish to work in retirement, like some people). Balancing its urban advantages, there is much to see and do, such as throughout the Atlanta BeltLine,⁵ a 22-mile urban trail that connects colorful neighborhoods and art installations.

Atlanta is an area that many people enjoy, but you may want to explore smaller cities. Macon and Savannah are a few cities that offer moderately priced healthcare and lower housing costs than in the Atlanta metropolitan area.

• Macon Macon appeals to residents seeking small-town charm⁶ with city amenities, offering significantly lower housing costs than Atlanta. It has a rich musical heritage, being the hometown of Otis Redding and more great musicians.
• Savannah Savannah attracts residents with its storied atmosphere.⁷ Seniors who wish to retire here will find a fun, historic setting. Seafood dining and viewing ships on the water are favorite activities.

Small towns:

If you’re still weighing your options, Georgia’s smaller cities and towns are also perfect for putting down roots or maybe just planning some fun weekend trips when you’re in the mood for exploration. Here are a few of the many areas you can choose from:

• Covington Covington’s small-town character and Hollywood connections, having served as the filming location for TV and movies, make it a fun place to retire. As the Newton County seat,⁸ it offers nearby retail stores and special events.
• Americus Americus is known for its diverse and hospitable downtown.⁹ It’s located near Plains, Jimmy Carter’s hometown. Habitat for Humanity’s headquarters is located here. Also near Plains is the exquisite Providence Canyon¹⁰, often called “Georgia’s Little Grand Canyon.” The canyon is part of the State Park in Stewart County, southwestern Georgia, which is about 150 miles south of Atlanta. These canyons were formed uniquely—not through the usual natural processes—but through poor farming practices in the 1800s, which led to erosion. Some of the gullies are up to 150 feet deep. Orange, pink, red, and purple sediments were revealed due to the formation of the canyon, and these date back to the Cretaceous Period. 43 different colors of soil are viewable throughout the canyon system.
• North Georgia Wine Country The North Georgia Mountains wine region¹¹, centered around towns like Dahlonega, Cleveland, and Helen, is home to dozens of wineries and vineyards located in the foothills of the Appalachian Mountains. The area’s unique climate and soil, along with elevations ranging from 1,300 to 1,800 feet, create excellent growing conditions for Cabernet Sauvignon, Chardonnay, and Merlot, as well as native Muscadine grapes. Many of the family-owned wineries here offer tasting rooms with spectacular mountain views, restaurants, and special events. The Georgia Wine Highway connects multiple vineyards and provides scenic views of the North Georgia landscape.

So now that you’ve discovered a little about why Georgia is a good place to retire, you may be interested in learning about the state’s retirement age and more tax-related questions.

Here’s a preview: Georgia’s tax-friendly policies for seniors make retiring in the state very attractive.

What is the Retirement Age in Georgia?

Georgia does not have a set age at which people have to retire. You may wish to check with the state and various Georgia employers who may have their own retirement regulations if you move here and continue working or plan on retiring here in a few years.

How Much is the Georgia Retirement Income Exclusion?

The retirement income exclusion in Georgia is one of the best in the Southeast. Locals aged 62 to 64 will be able to avoid paying state taxes on up to $35,000 of their retirement income as of 2024. The exclusion increases to $65,000 per person for people 65 and older. This means that married people who are 65 or older may be able to exclude up to $130,000 a year in retirement income.

Qualified retirement income includes pensions, annuities, interest, dividends, net rental income, capital gains, and income from self-employment. Get in-depth details about the Georgia income exclusion and more Georgia retirement tax matters in our recent blog post.

There are many additional tax advantages for seniors in this state:

• Certain types of retirement income are not taxed in Georgia, and Social Security benefits are not taxed (see our post)
• Also, there are no state estate taxes (see our post).
• Additionally, property taxes are relatively moderate, and there are homestead exemptions¹² specifically for senior citizens.
• You may also wish to check with the state Department of Revenue for more retirement-specific information.¹³

Georgia Can be a Great Place to Retire

Overall, Georgia has much to offer retirees. You’ll find the pleasant climate, varied geography, and moderate cost of living all attractive reasons to retire in the state, plus you may also benefit from Georgia’s tax-related advantages for seniors.

Get Your Free Retirement Analysis from Moore’s Wealth Management

We invite you to take advantage of our free retirement analysis. During your complimentary consultation, we’ll discuss how you can transition your investment strategy from wealth accumulation to creating a sustainable retirement income. This free, one-hour session can be conducted in-person at our Georgia offices, virtually, or by phone.

What Can You Expect?

We’ll assess your risk tolerance, develop income strategies, review tax efficiency, evaluate healthcare planning, and address estate protection. Our comprehensive approach is designed to provide personalized guidance aimed at protecting your savings, maintaining growth potential, and supporting the creation of lasting retirement income.

After your consultation, you’ll have a clearer understanding of your retirement path and the confidence that comes from working with experienced professionals who put your needs first.

Our goal is to help you develop a plan that fits your life and that you can’t outlive. If you want to achieve peace of mind regarding your retirement, we encourage you to speak with a Moore’s advisor.

Contact Moore’s Wealth Management today to learn more.

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:

¹Ramsey Solutions. (October 24, 2024) “Cost of Living in Georgia”. Ramseysolutions.com. Retrieved January 12, 2025.

²Explore Georgia. Georgia Weather. (no publication date provided) https://exploregeorgia.org/georgia-weather#:~:text=Our%20summers%20are%20warm%2C%20our,virtually%20none%20in%20other%20regions Retrieved January 28, 2025.

³Zhekova, Dobrina. (September 26, 2024) “This Southern U.S. State Is One of the Best Places to Retire for Its Cost of Living—and No, It’s Not Florida or a Carolina”. Travel + Leisure. Retrieved January 12, 2025.

⁴Swavely, Susan. (April 9, 2024) “Georgia Roads Rank 2nd Best In The U.S., According To New Study”. Secret Atlanta. Retrieved January 12, 2025.

⁵AtlantaBeltline. (no publication date provided) www.beltline.org/visit/. Retrieved January 12, 2025.

⁶Visit Macon Georgia. (no publication date provided) https://visitmacon.org/music/otis-redding/. Retrieved January 12, 2025.

⁷Visit Savannah. (no publication date provided) https://visitsavannah.com/. Retrieved January 12, 2025.

⁸Newton Chamber of Commerce. (no publication date provided) Cities/Covington. Retrieved January 12, 2025.

⁹Americus, GA. (no publication date provided) americusga.gov. Retrieved January 12, 2025.

¹⁰Georgia Department of Natural Resources. Providence Canyon. (no publication date provided) https://gastateparks.org/ProvidenceCanyon. Retrieved January 28, 2025.

¹¹Eubanks, Caroline. (no publication date provided) “Georgia Wineries with Breathtaking Views”. Explore Georgia. Retrieved January 28, 2025.

¹²Georgia Department of Revenue. (no publication date provided) “Property Tax Homestead Exemptions”. Retrieved January 12, 2025.

¹³Georgia Department of Revenue. (no publication date provided). “Retirees – FAQ”. Retrieved January 12, 2025.