Here’s how much it costs to retire comfortably in GA and how far $1M will take you

As retirement looms for more adults, some seniors are uneasy about what that may look like in today’s economy. In Georgia, the issue feels especially urgent as the state’s population is quickly aging with the share of residents 65 and older rising nearly 16% since 2020, according to the U.S. Census Bureau.

Personal finance website GoBankingRates looked into what it would take to retire in each state and how far $1 million of savings will take you across the US.

How much should I plan to save in Georgia to retire?

Georgia residents will need to plan their retirement budgets with care. The state falls in the middle of the pack, neither among the best-prepared nor the worst.

According to Kiplinger, Georgia ranks as the 11th most affordable state to retire, placing it solidly within the nation’s top 30.

Georgians should plan for at least $792,126 in retirement savings to maintain your quality of life.

Retirement in Georgia, by the numbers:

• Annual cost of living (total expenditures): $54,859
• Annual Social Security income: $23,174
• Annual expenditures (after Social Security): $31,685
• How much savings you need to retire: $792,126

How does Georgia measure up against other states?

Georgia stacks up well for cost-conscious retirees, especially compared to our close neighbors.

Coastal and Northeastern locations are far more expensive, with minimum recommended retirement savings beyond $2 million in some states.

These are the most expensive states to retire:

• Hawaii - $2,228,205
• Massachusetts -  $1,612,313
• California - $1,595,789
• Alaska - $1,280,333
• New York - $1,272,822

The least expensive states to retire:

• West Virginia -$683,969 
• Oklahoma - $708,004
• Kansas - $727,532
• Mississippi - $741,052
• Arkansas-  $753,069

How long does $1 million in retirement savings last in Georgia?

GoBankingRates suggests that the traditional standard for a comfortable retirement is around $1 million. Despite that number sounding like a huge pile of money, it doesn’t get you as far as you think.

If the average annual expenditures in Georgia total approximately $55,060 you could, theoretically live for a little over 18 years with $1 million in savings.

Here’s what that could realistically look like.

• Annual groceries cost: $4,822
• Annual housing cost: $9,487
• Annual utilities cost: $4,217
• Annual transportation cost: $4,442
• Annual healthcare cost: $7,965

How did they get these findings?

GOBankingRates used a straightforward but robust method, using state-specific sources and data.

Data sources:

• Bureau of Labor Statistics’ Consumer Expenditure Survey (state-specific retiree spending)
• Missouri Economic Research and Information Center’s cost-of-living index

Method:

• Calculate average annual expenditures for retirees (65+) in each state
• Subtract fixed Social Security income ($23,174)
• Determine the remaining yearly gap to be covered by savings
• Multiply that gap to reflect a safe 4% annual withdrawal rate (standard retirement planning rule)

Timing:

• Findings are based on the latest data available as of April 17, 2025

The math shows what it really takes to retire comfortably. For Georgians, it’s a reminder that Social Security helps, but savings still need to do the heavy lifting. If you haven’t started saving for retirement, it’s time to get started.

Do these numbers seem reasonable to you? Email me at srose@ledger-enquirer.com or find me on social media.