Georgia Ranks as the #9 Lowest-Cost State to Retire

Georgia Ranks as the #9 Lowest-Cost State to Retire

According to a recent study by GOBankingRates, Georgia ranks as one of the best states to retire if you’re trying to stretch your nest egg.

If you have $100,000 saved, for example, you can expect to live off that for 877 days in Georgia (roughly 2-1/2 years). The study considered the average total expenditures for people aged 65 and over, as well as the cost of living index in each state.

The cheapest state to retire is Mississippi (946 days), while the most expensive is Hawaii (428 days). The national average is 780 days, which equates to nearly $48,000 in annual expenditures.

Are You Ready to Retire?

Retiring in Georgia can be a good choice if your retirement savings are less than you’d like. More than half of American workers (52%) say they’re behind where they should be in saving for retirement, according to a study by Bankrate.com. Just 16% say they are right on track, and 11% feel they are ahead of where they should be in terms of saving. Another 20% of respondents say they don’t know if they’re on track or not. And a full 38% say they have never had a retirement account at all!

“Getting your retirement savings on track begins by fully utilizing your tax-advantaged retirement savings options, such as a workplace 401(k) and supplementing that with an IRA,” said Bankrate’s chief financial analyst, Greg McBride, CFA. “Aim to save at least 10% — and ideally 15% — of your income specifically for retirement. The best time to start is ‘today,’ and the worst time to start is ‘someday.’”

The tendency to be behind on retirement savings is highest among households with an annual income between $30,000-$49,999, with 62% responding that they are behind where they should be. That figure falls to 52% for households earning an income under $30,000 per year, and 48% for households with incomes of $80,000 or more.

We Can Help

No matter where you are in your retirement savings timeline, we can help you get started — or keep going — so you can retire wherever you want to and not worry about your savings running out. Call us today!

Sources: Yahoo! Money, GO BankingRates, BankRate

The information provided here by Premier CPA Services PC is for general information only. It does not constitute legal, accounting, tax or other professional advice or services, and is presented without any representation or warranty as to the accuracy or completeness of the information. Please contact us for information as it relates to your circumstances.
How Do the Fed Rate Cuts Effect You?

How Do the Fed Rate Cuts Effect You?

In July, the Federal Reserve lowered the federal funds rate by 25 basis points, to a range of 2% to 2.25%. This is the first time the Fed has lowered interest rates since 2008, in the midst of the global financial crisis. Federal Reserve Chairman Jerome Powell has signaled the possibility of another rate cut as soon as next month. In fact, President Trump is seeking a cut of as much as 1%.

Typically, such a rate cut is a preventive measure designed to keep the economy on track. Lower rates put more money into the economy, encouraging businesses to invest and consumers to spend and borrow. While lower interest rates do help, they don’t help everyone. Here’s who stands to benefit the most — and who could suffer a hit:

Home Buyers: Mortgage rates were already trending lower, so the Fed’s move is good news if you’re in the market for a mortgage or refi. You’ll also see a little relief if you have an adjustable-rate home equity loan or line of credit.

Credit Cardholders: If you’re carrying a balance (nearly half of all cardholders do), you may see a slightly lower APR, depending on your credit card issuer. A lower APR could help, considering the average U.S. household pays more than $1,150 in interest each year.

Savers: Expect interest rates on savings accounts, money market accounts and CDs to decline. This might be a good time to rate-shop savings accounts and lock in a rate with a CD.

Investors: Lower interest rates generally boost the stock market. However, investors tend to get nervous if the Fed cuts rates repeatedly, because it may indicate a recession is looming.

(Sources: NPR, Bankrate.com, CNBC)

Did You Know?

The U.S. Mint’s online store offers a variety of unique products, including:

Uncut sheets of paper currency in $1, $2, $10, $20, $50 and $100 denominations.

An engraved print of the Gettysburg Address that includes a portrait of President Abraham Lincoln.

$1 coins for the new American Innovation Coin Program.

Gold Congressional Medals honoring the Native American Code Talkers from WWI and WWII.

2019 coin sets commemorating a birth, a birthday or other special occasion.

Visit the website to order online.

 

The information provided here by Premier CPA Services PC is for general information only. It does not constitute legal, accounting, tax or other professional advice or services, and is presented without any representation or warranty as to the accuracy or completeness of the information. Please contact us for information as it relates to your circumstances.