3 questions to consider before you retire in Georgia

While many look forward to retiring, many are concerned about their financial standing. However, there is no need to worry. Answer these three questions before retiring in Georgia to ensure you're on the right track. 

 >>RELATED: 4 myths about retirement in Georgia

Do I need to move further away or closer to Atlanta?

Based upon a Bankrate.com survey, "196 of the best and worst cities for retirement" considers cost-of-living, crime, well-being, walkability, taxes, health care, weather and culture.

At 53, the highest-ranking Georgia city is Roswell followed by Sandy Springs at 56, Marietta at 74 and Atlanta at 106.

However, in another list, Sandy Springs ranks as the sixth cheapest place in the nation for retirement, based upon a Kiplinger survey entitled "12 cheap places to retire that offer great quality of life." Sandy Springs has a retiree cost-of-living that is 5.1 percent below the U.S. average with $376,884 being the lifetime health care costs of a retired couple, according to the article.

Do I have enough money?

About 20 percent of Americans are working beyond age 65, the highest percentage since the 1960s.

According to a clark.com article, employees should consider these five tips to avoid putting off retirement - look at your budget, figure out how much you will spend in retirement, find out if you're on track, create a plan and revisit your plan often.

If your annual salary is $50,000, you should have $300,00 saved. Other tips to keep in mind are to keep spending to a minimum, add as much as possible to your retirement savings, make sacrifices now to be more comfortable later, know all your options and keep an open mind such as retiring abroad, according to Brown.

When should I apply for Social Security?

Instead of waiting to your full retirement age of 67 and if you have children under the age of 18, you may find it to your advantage to apply for Social Security when you turn 62. That way you can receive your monthly benefit plus a monthly benefit for your child and, until your child reaches the age of 16, your spouse. However, your child's money must be used exclusively for your child and not even reserved in his or her savings.

There are limits as to how much monthly income you, your spouse and your child can earn. However, once you reach age 67, income limits no longer apply to you. 

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