With our mild winters, quaint towns and breathtaking scenery, we always knew Georgia was a great place for your retirement years. Turns out it’s also a great place for your retirement money.
According to a recent study by TopRetirements.com, Georgia was ranked the third most affordable state for retirees, with a cost of living 7% below the national average.
Kiplinger has more good news for the Peach State. Their study shows that with Georgia’s favorable tax laws, a retiree’s income – including investments, pensions and social security – can go even further here.
So, here are some facts to consider when mapping out your plans for a move down south: Georgia does not tax social security retirement benefits and it allows a generous deduction of $65,000 per person on all types of retirement income for anyone 65 or older. Seniors even qualify for deductions on their property taxes.
What’s more, with an average statewide sales tax of 7% and no statewide sales tax on grocery items, retirees have a little more buying power than they might elsewhere.
So if you’re looking for a place where the folks are friendly to you and to your money, Georgia just might be the ideal state for you. And The Landings just might be the place you’d like to call home.