GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Everyone enjoys daydreaming aboutretirementonce in a while.
But most Americans 53% say theyve fallen behind on planning and saving, according to aCNBC poll.
That raises the question: How much do you really need to retire now, anyway?
But factors like thelength of your retirement and lifestyle can impact that.
However, your retirement savings wont have to cover all of that.
The average older American also gets around $21,567 per year from Social Security.
That means your retirement savings just have to cover the remaining $30,990 annually.
From here, its easy to calculate the amount of money youll need for your retirement in Georgia.
Just multiply $30,990 by the number of years you want to cover.
Your personal retirement costs can vary quite a bit.
Thats why its important to consider the assumptions made when calculating the average cost of living in Georgia.
Will You Need More or Less Than $620K?
So do you really need at least $620,000 to retire in Georgia?
It depends on how much you spend in your next act.
Consider Leaving Metro Atlanta
Thecost of livingin Atlanta is about 10% higher than the state average.
Doing so could save you thousands on housing and other expenses annually.
Downgrade If Possible
you might also consider moving intomore humble lodgings.
For example, some parents choose to sell the family home and move into a condo in retirement.
If you get there, start looking for ways to bring in more income in retirement.
Nearby options like Alabama and Mississippi are slightly less expensive than Georgia especially if you live rurally.
However, the South as a whole is among the cheapest places to retire in the U.S.
If you cant afford to do it here, you may struggle to do so anywhere.
But dont worry: This just means you need a new plan to reach your goal.
All data was collected and is up to date as of Jan. 8, 2024.
More From GOBankingRates
Share This Article:
