Georgia Retirement Taxes

Thanks to its great weather and laid-back southern charm, Georgia is a popular retirement destination. But what you might not know is that Georgia retirement taxes are incredibly friendly towards seniors. They are, in fact, a big part of the reason why so many people choose to retire in Georgia, and why 17% of Georgia’s population is over 60.

Georgia Retirement Tax Friendliness

Georgia is highly favorable for retirees in terms of tax friendliness. The state does not tax Social Security benefits, withdrawals from pensions and retirement accounts are only partially taxed, and anyone over 62 or who are permanently disabled can qualify for a retirement income exclusion of $65,000. They’ve also decided to implement a flat income tax rate of 5.49% in 2024. Georgia also provides various tax relief programs for retirees, including homestead exemptions and additional exemptions for those aged 65 and older.

Is It Cheaper to Retire in Florida or Georgia?

When comparing the cost of living for retirees, Georgia emerges as the more affordable option compared to Florida. While Florida’s taxes for retirees are also very friendly, Georgia beats Florida when it comes to overall cost of living, especially in areas like housing and healthcare. Ultimately, whether it’s cheaper to retire in Florida or Georgia depends on individual circumstances and priorities like income sources, lifestyle preferences, healthcare needs, and desired location amenities.

Pros and Cons of Retiring in Georgia

Georgia is a great state to retire in for many reasons. With its warm climate, low cost of living, and attractive tax benefits for seniors, it’s easy to see why it’s a top choice. Beyond financial perks, retirees can enjoy Georgia’s rich cultural heritage, plentiful recreational opportunities, and southern hospitality. While Georgia summers can be hot and humid, and certain areas face challenges like traffic, hurricanes, and mosquitos, these factors are often mitigated by living in a well-planned retirement community.

Should You Consider Moving to a Retirement Community in Georgia?

Hopefully by now Georgia’s retirement tax friendliness is obvious. The state is a great place for retirees to live. But what type of environment within Georgia should you live? We recommend considering a continuing care retirement community. They are safe, relaxing, filled with amenities and activities, free of added expenses and stresses like home maintenance and utilities, and ensure healthcare is covered (typically right on campus) should you ever need a higher level of are. 

Learn more about our continuing care retirement community in Georgia, or get a free information kit for pricing details:

Lanier Village Estates
4000 Village View Dr, Gainesville, GA 30506