How Do Georgia’s
IF YOU’RE LOOKING FOR A great place to retire – where the sun shines with great regularity, there’s plenty to do in your spare time and people genuinely care for one another – you can hardly go wrong anywhere along the Southeast coast. Your final decision on where
you will spend your golden years certainly will be based on a wide range of factors. Are you a beach person, undeniably addicted to the sound of surf gently lapping against the shore and the feel of sand sift- ing between your toes, or do you find serenity in a brisk walk in the crisp mountain air? Do you revel in the bright lights and endless shopping and dining opportuni- ties of the big city, or do you prefer the solitude of small-town living? Would it make you feel better if a major airport and a bustling uni- versity were nearby?
Tese all should be important considerations in helping you decide where to settle, but the most critical factor in your final deci- sion probably will involve finances. Where will you be able to stretch your retirement dollar as far as pos-
Taxes $tack Up?
sible? Federal taxes will be the same regardless of where you live, but the amount of money other govern- ment entities allow you to spend any way you wish varies from state to state. How does Georgia stack up against the other 49 states? Te Peach State offers its residents and visitors warm temperatures, a beautiful coastline and the ancient Blue Ridge Mountains, an inviting environment, especially for people pounded annually by the brutal winters of the Northeast and the Midwest. According to Kiplinger. com, the state’s economic environ- ment is just as alluring for retirees and others wishing to leave the cold weather behind. To begin with, though the state income tax ranges from 1 percent to 6 percent, Georgia doesn’t collect tax on Social Security benefits and most other pension disbursements – even up to $35,000 in investment income. Te state has a 4-percent sales tax, and local government en- tities can add up to another 4 per- cent. However, Georgia has taken the opportunity to lighten the tax
burden for those of retirement age by eliminating the sales tax on food and prescription drugs. Te state of Georgia collects no inheritance tax or gift tax, and its small estate tax can be used to offset estate taxes paid to the federal government. If you buy a home in the Peach
State, you’ll have to pay property taxes to a variety of government entities, including the state and your city, county and school district. However, if you’re 62 or older and earn $10,000 or less, up to $10,000 of your home’s assessed value will be exempt from school taxes. You can receive an additional exemption from state and county taxes if your family income is below the $30,000 mark and another tax break if you’re 65 and earn $10,000 or less. You’ll save even more with the state’s homestead exemption if you own and occupy your home, and many counties offer additional homestead exemptions. All things considered, Kiplinger. com rates Georgia among the nation’s 18 most pension-friendly states.
www.RetiringToFlorida.com |
www.MillionDollarHomesInFlorida.com |
www.FloridaCondoLiving.net
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