ATLANTA — The Peach State is a popular - and preferred - state to retire to, according to a new study.
Bankrate just released its 2022 list, ranking states where retirees plan to ease up and enjoy this next milestone of their lives. The company weighed five main factors including affordability, wellness, culture, weather and crime. To note, Bankrate put extra emphasis on the affordability factor, considering the tough real estate market, inflation and COVID pandemic impacts.
"As a result, many retirees are looking for ways to stretch their savings," the study said.
To no surprise, Florida was ranked the best state to retire, but Georgia was close behind as was followed by Michigan, Ohio and Missouri to round out the top five.
Affordability was a major selling point that helped catapult Georgia toward the top of the list. The state has a low cost of living and light tax burden to rank No. 7 in affordability when compared to the other 49 states in the nation.
The weather was another selling point with an average annual temperature of 64 degrees, according to Bankrate, becoming the fifth-warmest in the nation. Natural disasters were also taken into consideration with earthquakes being rare and tornado risks being above average. The Peach State does see hurricanes but with Georgia's small coastlines the threat of tropical cyclones seems lighter than the threats its neighbor the Sunshine State faces.
However, Georgia did rank low when it came to culture. Bankrate said Georgia has one of the nation's lowest percentages of over 65 residents, and it ranks near the bottom in arts and entertainment establishments per capita, Bankrate said, citing Census data.
Georgia does have a lot to offer though, with scenic mountains, opportunities to visit a city, a coastline that can offer quieter beach life and lakes that can supplement summer activities.
To see where Georgia ranks in each category, check out Bankrate's study.
