This is how much it costs to comfortably retire in Georgia

Tens of millions of Americans have lost their jobs as the coronavirus ravages the economy, bringing the unemployment rate to a Great Depression-level, with many looking for emergency lifelines to meet living expenses and retirement accounts will be a tempting option. (Thomas Fuchs/The New York Times) -- NO SALES; FOR EDITORIAL USE ONLY WITH NYT STORY VIRUS RETIREMENT FUNDS BY MARK MILLER FOR MAY 10, 2020. ALL OTHER USE PROHIBITED. --
Tens of millions of Americans have lost their jobs as the coronavirus ravages the economy, bringing the unemployment rate to a Great Depression-level, with many looking for emergency lifelines to meet living expenses and retirement accounts will be a tempting option. (Thomas Fuchs/The New York Times) -- NO SALES; FOR EDITORIAL USE ONLY WITH NYT STORY VIRUS RETIREMENT FUNDS BY MARK MILLER FOR MAY 10, 2020. ALL OTHER USE PROHIBITED. --

Credit: THOMAS FUCHS

Credit: THOMAS FUCHS

Thinking about retirement? Here’s how much it will cost to live comfortably in Georgia, according to GOBankingRates

Deciding when to retire is largely a financial decision and determining if you have enough cash in the bank to do so depends on where you call home.

A new report found some good news for Georgians. The Peach State is among the places where comfortably retiring is most affordable, comparatively.

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The report, published by personal finance website GoBankingRates, determined how much it costs to retire comfortably in every state. To do so, the report looked at factors like price of groceries, health care, housing and transportation.

Then, after calculating the retirement income needed to cover living expenses state by state, the report added an additional 20% to account for a “comfortable” retirement.

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“In some places, you can get by on even a small nest egg, while in others, even $2 million won’t be enough. Your age at retirement also plays a factor,” the report notes.

GoBankingRates also based the numbers on a 20-year retirement.

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After crunching the numbers, they determined that a comfortable retirement in Georgia costs $56,477.88 a year.

That makes Georgia the 11th most affordable state for comfortable retirement in country. However, those who live in metro Atlanta may be surprised to find that low housing costs contributed to Georgia’s good marks. Keep in mind, the report looked at the whole state.

“Housing costs in Georgia are eighth-lowest in the country, giving retirees more discretionary income in their pockets,” GoBankingRates reports.

How much does it cost to have a comfortable 20-year retirement in Georgia? GoBankingRates says $1,129,557.60.

The report determined that Hawaii, the District of Columbia, California, New York and Massachusetts are the most expensive places to have a comfortable retirement. In Hawaii, it requires $117,724 annually.

While the report notes that “most of the 10 cheapest states for retirement are in the South and Midwest, where overall living costs are particularly low.”

Mississippi is the cheapest state in the nation to have a comfortable retirement — at $53,071 per year.

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