Planning for retirement is essential for anyone who wants a comfortable and high-quality life during their golden years. Gwinnett County boasts diverse and vibrant communities, beautiful natural landscapes, and abundant recreational activities, making it an attractive place for retirees. This post will explore Gwinnett County’s cost of living, including housing, healthcare, and daily living expenses.
A Guide for Retirees: Cost of Living in Gwinnett County, GA
One of the first few things you need to consider when planning for retirement is how much money you need to sustain yourself during retirement. To know that amount, you must be aware of possible expenses and living costs in Gwinnett County, GA, to prepare better financially.
Housing costs
Living comfortably in Georgia depends on factors like location, family size, salary, housing, and more. However, at a minimum, the recommended income for a family is $70,560 and $55,200 for one person.
The median cost of a home in Gwinnett County is $368,000. It is more expensive than the national average of $338,100 and the state average of $308,200. Despite this, Gwinnett County is still one of the most desirable and second most populated counties in Georgia due to its proximity to Atlanta. Meanwhile, the average monthly renting cost for a two-bedroom unit is $1,550, which is still higher than the national average of $1,430.
Healthcare expenses
Beaumont Hospital Gwinnett, Northside Hospital-Gwinnett, and Eastside Medical Center are among Gwinnett County’s outstanding healthcare facilities. Access to healthcare services is essential for retirees. However, the cost still varies depending on their medical needs, specific healthcare insurance plans, what age they want to retire, and lifestyle choices.
People can easily underestimate the amount of money they need to save for healthcare during retirement. According to the Fidelity Retiree Health Care Cost Estimate, an average person needs about $157,500 saved (after tax) and $315,000 for couples in retirement. Find out how much healthcare can cost you in retirement using their tool to understand your annual healthcare expenses.
Daily living expenses
Based on MIT’s living wage calculation for Gwinnett County, GA, the estimated annual cost for basic needs like food, transportation, and internet is approximately $16,688. Making that $1391 monthly and about $46 daily for a single retiree.
However, this doesn’t account for miscellaneous expenses like personal care needs, entertainment, transaction fees, etc.
Taxes
Georgia offers favorable tax benefits for retirees, including exemptions on Social Security retirement benefits and certain retirement incomes. People aged 62 and above or those who are permanently disabled are qualified for a tax exemption of up to $65,000 per person. Georgia also offers tax relief programs for retirees, like homestead exemptions and other exemptions for people 65 years and older.
Additionally, Gwinnett County has a property tax rate of around 1%, lower than many other areas in the country. Meanwhile, the state sales tax rate is 4%, with Gwinnett County adding a local tax for a combined rate of 6%, which is relatively moderate.
Care That Goes Beyond
Enrich Senior Living fosters an environment of purpose and independence for seniors. We strive to provide every resident with the best possible quality of life. Click here to learn about our customized services, or click here to contact our team.
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