Georgia is one of the most tax-friendly retirement destinations in the United States, boasting major tax breaks for senior citizens. Adults over the age of 62 may be eligible for an exemption of up to $35,000 on most types of retirement income, while those aged 65 and older can enjoy exemptions of up to $65,000. All Social Security income is completely exempt from taxation.
On top of friendly tax rates, the city of Savannah also offers a low cost of living for local families. Older adults can save on everything from housing to medical care, leaving them with more to spend on the important things in life.
Savannah residents who are looking for a home can find a relatively cheap property within the city. According to Forbes, the median price of a Savannah area house was just $171,000 as of 2016. Rental prices around the city are also low, averaging $854 per month for a single bedroom apartment and $999 per month for a double.
Seniors who are unable to live on their own can find affordable rooms in local residential living facilities. Assisted living services cost a median of $33,840 per year for Savannah adults, which is almost $10,000 less than the national average.
Chatham County residents tend to pay slightly less than other Americans for Medicare services. In 2014, local Medicare spending amounted to just $9,199 per beneficiary, while spending across the rest of the nation reached $9,501 per person. While Medicare spending tends to be lower in Savannah than elsewhere, beneficiaries should still remember that they are responsible for covering certain copayments and deductibles.
Owning a car as a Savannah resident is relatively inexpensive. Insurance rates and gasoline prices in the area are in line with prices throughout the rest of Georgia. Senior drivers who maintain a clean driving record may be able to save on their insurance bill each year through safe driver discounts. Check with local insurance companies to learn more about coverage options or to get a quote.
If you are unable to drive or don’t have access to a car, there’s no need to worry. Savannah offers convenient and affordable transportation options for local families. The Chatham Area Transit (CAT) system operates a number of bus lines that run throughout the city. Seniors over 65 can purchase discounted tickets through the CAT Half-Fare Program. If you are in the mood to do some sightseeing, CAT offers a network of free shuttles, streetcars, and ferries that take visitors through Savannah’s Historic District.
As you ride fare-free shuttles or ferries through the Savannah Historic District, you can enjoy all of the architectural and cultural gems that this national landmark has to offer. Forsyth Park, Fort Pulaski, the Cathedral of St. John The Baptist and other popular highlights of the Historic District do not charge an admission fee. Art lovers can enjoy local galleries and studios for free during the First Friday Art March, held on the first Friday of each month.
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