This article looks at the best places in Georgia for a couple to live on only social security. If you wish to skip our detailed analysis on senior housing in the US and Georgia’s retirement-friendly economic outlook, you may skip to the 5 Best Places in Georgia For A Couple To Live On Only Social Security.
If you’ve reached the tail end of your career, it’s natural to evaluate your post-retirement life. In such a case, realizing that the money you’ve saved up maybe inadequate to set you up for a comfortable retirement shouldn’t come out as a shock. Surveys show that 56% of Americans feel they have inadequate funds to sustain themselves after retirement. Even those with 401Ks have their dreams shattered when they realize that their hard-earned income is liable to tax deductions and withdrawal penalties.
Senior Housing in the US
As of November 2023, the typical retired worker receives approximately $1,845 per month in retirement benefits, while the average spouse of a retired worker is entitled to around $886 per month in spousal benefits. This sets an extremely Orwellian backdrop to post-retirement life for the average couple. Furthermore, with interest rates at an all-time high, housing being ridiculously expensive, and continuous inflationary pressures, it is becoming increasingly difficult for the average household to sustain their living standards, even before retirement. This is an important reason that many Americans look towards the possibility of retiring in a different state. In 2023, 338,000 Americans retired to a new home, with a quarter of those moving across state lines.
Even when moving to a new state, the likelihood of being able to purchase a retirement house is becoming increasingly grim for most people. According to JPMorgan Chase & Co. (NYSE:JPM), home prices in the US are less affordable today than at the height of the 2006 housing bubble. It is worth noting that JPMorgan Chase & Co. (NYSE:JPM) was one of the institutions severely impacted by the housing crisis at that time and undertook a $13 Billion settlement with the government for its role in the crisis.
Senior Living Communities
In response to the ongoing housing crisis, senior living communities have emerged as a viable solution to financial insecurity among retiring couples. Companies such as Brookdale Senior Living Inc. (NYSE:BKD) offer both independent and assisted living facilities to seniors. Furthermore, with assisted and independent living rents starting from $800 and $870 respectively (as of August 2023), communities like Brookdale Senior Living Inc. (NYSE:BKD) are conveniently placed to cater to seniors receiving social security income.
Welltower Inc. (NYSE:WELL) recently announced that it is entering into partnership with Affinity Living Communities to develop 25 new senior housing communities across America. Welltower Inc. (NYSE:WELL) is a real estate investment trust that invests in healthcare infrastructure
Shankh Mitra, CEO of Welltower Inc. (NYSE:WELL), commented on this project by stating,
“Our Wellness Housing portfolio helps address the significant and growing unmet demand for wellness focused rental housing for seniors.”
Georgia’s Retirement Friendly Outlook
While Florida continues to be the most popular retirement location in the US, the state of Georgia is a very feasible alternative for those wondering where is the most affordable place to live for seniors. Apart from favorable weather conditions and a vibrant retirement community, it’s also one of the best places for couples to live on only social security.
Georgia hosts a vast range of retirement communities, including communities by Brookdale Senior Living Inc. (NYSE:BKD). The state also offers a very retirement friendly tax structure with a retirement exclusion on all social security income. In case you’ve managed to stow away some savings in a retirement account, the state partially taxes withdrawals from these retirement accounts. This is in important factor why Georgia ranked highly in our list of Best States to Retire on Social Security.
With more and more retirees diverting towards retirement communities, Georgia is expected to receive attention from investors who are looking to bank on relocating seniors. JPMorgan Chase & Co. (NYSE:JPM) recently predicted that the housing crisis in the domestic US market would improve in 3.5 years, however, this would be entirely contingent on a reduction in mortgage rates and an increase in the average income. For those who cannot afford to wait this long, our list of best places in Georgia for a couple to live on only social security offers some food for thought.
15 Best Places in Georgia For A Couple To Live On Only Social Security
Methodology
To develop the most insightful list of best places in Georgia for a couple to live on only social security, we selected 10+ sources including, but not limited to NASDAQ News, Middle Georgia CEO, and Movoto. Using a consensus approach, we identified the most frequently recommended places as the best places in Georgia for a couple to live on only social security.
We obtained additional data on these shortlisted places. This included metrics like cost of living, obtained from salary.com, and the livability index, obtained from the Area Vibes repository. Other metrics included figures for housing costs and the health index, each obtained from the AARP database. After converting each category on a 1-5 scale we developed a scorecard. Since all the places are within a single state, we did not introduce any metrics for taxation laws and other retirement benefits. Finally, we sorted our places in order of their cumulative scores and selected the top 15 places as the best places in Georgia for a couple to live on only social security. While some places in our list have higher living costs than the national average, Georgia’s taxation laws and the presence of retirement communities in these locations meant that they were some of the best places in Georgia for a couple to live on only social security.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are 15 Best Places in Georgia For A Couple To Live On Only Social Security
15. Gainesville
IM Score: 10
Livability Index: 66
Cost of Living Index: 103.1
Population: 47,999
Positioned at the base of the Blue Ridge mountains, Gainesville is the first city on our list of best places in Georgia for a couple to live on only social security. It has gained a lot of traction for its beautiful parks and welcoming small-town community. Although the cost of living is 3.1% higher than the national average, the housing costs are relatively affordable, and the town features a number of retirement communities that any outsider can easily settle into.
14. Twin City
IM Score: 14
Livability Index: 66
Cost of Living Index: 89.3
Population: 1,664
A town in Emanuel County, Twin City is the perfect place to enjoy a reclusive retirement. With a population of just 1,664 people, it offers some of the most affordable housing in the entire state of Georgia. The town is famous for is amicable residents and peaceful streets, with the town slogan being “Twice as friendly, twice as nice”. It is home to various different senior living communities, meaning that both assisted living and independent living opportunities are available. Moreover, it is just 10 miles from the Emmanuel Medical Center in Swainsboro, allowing convenient access to medical help. Furthermore, due to its small population, the town hosts a very close-knit community. There are plenty of activities for sightseeing as the town houses cabins and cottages from the Victorian architecture. The George L. Smith State Park, spread over 1600 acres of land, is a place where locals can visit for a picnic, bike rides, or fishing.
13. Rome
IM Score: 13
Livability Index: 64
Cost of Living Index: 98.4
Population: 38,139
Located in Floyd County, Rome is surrounded by natural beauty including rivers, forests, and parks. It is a convenient location to retire because of its warm climate and favorable cost of living, making it one of the best places in Georgia for a couple to live on social security only. The town has several retirement communities including Brookdale Rome, a project of Brookdale Senior Living Inc. (NYSE:BKD).
12. Athens
IM Score: 14
Livability Index: 80
Cost of Living Index: 103.1
Population: 129,879
In comparison to most of the areas in our list, Athens is a more urban retirement destination with plenty of recreation in the form of sports, music, and architecture. It is home to the University of Georgia, because of which the town has managed to develop a more vibrant and liberal culture. Although cost of living in the city is a bit higher than the national average and home prices have hiked in the last few years, the rental market is still a favorable prospect. The town also has a fare-free public transport system by the name of Athens Transit, which operates on over 20 different routes.
11. Marietta
IM Score: 14
Livability Index: 82
Cost of Living Index: 103.5
Population: 64,178
Located in the suburbs of Atlanta, Marietta has one of the highest scores on our livability index. As with most places in Georgia, the town offers plenty of historical recreation and cultural events. Even though its not the most affordable place to buy a house, you’ll have your choice of picking among retirement communities with approximately 40 different communities in the area. The cost of living is a tad bit higher than the national average, but expenses are significantly curtailed if you find the right community for you and your partner.
10. Albany
IM Score: 14
Livability Index: 64
Cost of Living Index: 90.5
Population: 65,282
Albany is one of the cheapest places to live in Georgia. The town’s cost of living is 9.5% shy of the national average, mainly due to availability of cheap housing options. Thus, if you and your partner feel that a senior living community may not be a viable option for you, this is one of the few areas in Georgia where you might still be able to purchase your dream retirement home at a reasonable price. Conversely, there are also plenty of cheap options inside retirement communities as well.
9. Thomasville
IM Score: 14
Livability Index: 73
Cost of Living Index: 96.9
Population: 18,052
A few years ago, Thomasville might have made the top 5 in our list. However, over the last few years retirees have flocked to this town rapidly, resulting in an upward tick in housing rates. However, despite this, the town offers a very feasible proposition to retirees, especially when compared to similar towns across the border in Florida. It has a cost of living 3.1% below the national average. Thomasville is located in the South of Georgia, just 30 miles north of Tallahassee, Florida with a population of 18,052. Its strategic location allows it to be a popular destination amongst people looking to revel in Georgia’s friendly taxation laws whilst also getting a pinch of the Florida experience.
8. Fayetteville
IM Score: 14
Livability Index: 71
Cost of Living Index: 103.2
Population: 20,377
Fayetteville is a suburban town, a short distance from Atlanta. The town is host to a vibrant suburban community, making it extremely easy for retirees to settle in. Although the average cost of living is higher than the national average, taking into account the state’s taxation benefits means that it is still a very feasible proposition for retirees. Moreover, if you and your partner are not interested in having a reclusive lifestyle but cannot afford a suburban community that has the vibrancy of an urban city, Fayetteville might be the sweet spot for you. The town has plenty of recreational opportunities, one of Georgia’s largest theme parks, and access to great healthcare (through its close proximity to Atlanta).
7. Cumming
IM Score: 14
Livability Index: 74
Cost of Living Index: 103.1
Population: 7,828
Part of the Forsyth County, Cumming is a small town with a population of just 7,828. Cumming is one of the best places in Georgia for a couple to live on only social security. Average housing costs are cheaper in comparison to the rest of Forsyth County, which is one of the most popular destinations to retire in Georgia among wealthy retirees. It has the highest rating on our livability index of all the places in our list and that is partly because it is considered as being a very safe place to live. The area offers access to almost all of the amenities as the rest of Forsyth County, whilst also having housing options that would suit those living on social security alone.
6. St. Simons Island
IM Score: 15
Livability Index: 70
Cost of Living Index: 97.9
Population: 16,675
If you’re shaking your head at the sight of St Simons being on a list of best places in Georgia for a couple to live on only social security, you won’t be alone. Housing costs in this southern coastal town are higher than most of Georgia, and the cost of living isn’t economical enough to make up for it. However, the town houses some of the best senior living communities in the state. If you and your partner have a combined social security upwards of $3,500 it is very likely that you can find an affordable home in one of these communities. Thus, even though you’ll have to forego the luxury of renting an independent home, you’ll be getting plenty of recreational opportunities on this island all year round.
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Disclosure: none. 15 Best Places in Georgia For A Couple To Live On Only Social Security is originally published on Insider Monkey.