Georgia
Believe it or not, Georgia is rising in the ranks when it comes to being one of the most sought-after retirement destinations, and this is in part due to the fact that it is cheaper than other states that are at the top of the list of retirement destinations. After all, the state does supply you with anything you would need: four seasons, easy access to airports, and the opportunity to go both to the mountain and the beach inside the same state.
A house here would be pretty pricey, but not more so than it would be in the Land of Enchantment, with the average hitting $245,000. Medicare Advantage is also on average around $49, so at least on this front, it is a bit cheaper.
Despite this, retirees are excited to come to the Peach State for all the tax benefits they would receive once they were residents of the state. When it comes to Social Security benefits, they are not taxed at all, and if you have already turned 65 or are older, you can end up getting a tax deduction of $65,000 for all retirement income. And even if you have not yet turned this age, you are still in luck! People who are aged between 62 and 64 can deduct up to $35,000.
Property and sales taxes are quite low by comparison, and, just like in Mississippi, there are no enforced estate or inheritance taxes! What’s more, in Georgia, you can also be the beneficiary of a homestead exemption if you are the homeowner of your primary residence. You can get $2,000 off your property taxes if 40% of your property is assessed. And retirees starting at the age of 65, can be eligible for a double homestead. Of course, there are certain limitations to this, and you may have to not exceed certain thresholds to qualify!
