Peach State residents should strongly consider finances if planning for retirement in Georgia, a recent report shows. Seniorly ranked Georgia as the No. 22 worst state to retire on a budget in 2024.
The senior housing advising company studied several data points when determining the best and worst states to retire on a budget in. Among them were: housing costs, inflation rates, taxes, the cost of everyday necessities, Medicare, and Social Security payments.
Data from the U.S. Census Bureau, U.S. Bureau of Economic Analysis, the Energy Information Administration, Social Security Administration, Senate, Centers for Medicare & Medicaid Services, AAA, Zillow, and Kiplinger was used for the state rankings.
Iowa and New Mexico topped Seniorly’s list of the best states to retire on a budget in 2024, at one and two, respectively.
California and New York topped Seniorly’s list of the worst states to retire on a budget in 2024, at one and two, respectively.
Going down the list, Nebraska is ranked No. 21, Georgia is No. 22 and Montana is No. 23.
The report also broke down where Georgia lands in other categories. The median rent is $1,948, tying with Maine at No. 37. The Peach State is ranked No. 5 in the annual growth in median home value, at 19.1%. The cost of the average home electricity bill in Georgia is $151, and the average Social Security payment cost is $598 monthly. Georgia has an 80% 65 and over homeownership rate and a $300 average grocery bill.
But there is an upside.
Macon is ranked as one of 15 Southeastern cities that are good for older adults retiring on a budget, according to GOBankingRates.
Macon’s costs of living for groceries and transportation are below the nation’s average. The average rent per month is $1,182. However, there are high utility costs — greater than 3% above the national average.
Still, there are ways to save money in retirement.
U.S. News & World Report listed several ways to retire on a low budget. They included keeping an emergency savings account, planning meals for the week to cut down on grocery costs, living in an area with lower costs, and paying attention to your spending.
“Divide your expenses between fixed and reducible so you can pivot, make changes, or plan for upcoming costs,” Northwestern Mutual wealth management advisor Chantel Bonneau told the outlet.
