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