For Georgians, retiring early may be a realistic goal.
According to GoBankingRates, Peach State residents can retire by the age of 56 with at least $827,246 in their savings. This comes after WalletHub named Georgia the No. 7 most affordable state to retire in.
This means, that you can retire at least five years earlier than the average American — according to a 2022 Gallup poll — just by living in Georgia. But what makes Georgia the best place to enjoy the most out of your retirement?
The cost of living and low taxes contribute to what makes Georgia an attractive and affordable place to retire. Across the country, the average price of a house as of the first quarter of 2022 was $428,700, according to personal finance product review website The Ascent. But in Georgia, that number dropped to $318,273. Making Georgia just over 25% cheaper than the rest of the country.
If you want to look for the most affordable city in Georgia to move to, you have a few options to choose from. According to Livability, the most affordable cities in Georgia are Warner Robins, Duluth, Gainesville, Smyrna, Marietta and Newnan.
In 2022, Bankrate named Georgia as the second-best state to retire in. Comparing categories of affordability, wellness, culture, weather, and crime, Georgia came out on top. Georgia performed strongly in weather and affordability. Yet Georgia ranked lower in categories such as culture and diversity due to the lower percentage of residents over 65 in the state.
Last year, WalletHub also ranked Atlanta No.13 best city to retire out of 182 cities. Atlanta performed better than average because of the number of things to do and how affordable it was compared to other cities across the country.
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