Retire in Savannah

Affordability

Find out how much it costs to live in Savannah.

Cost of Living

With low state sales taxes, no social security taxes, no pensions taxes for those over 62, and very low state income taxes, it's no surprise Georgia is rated by Kiplinger as "Most Tax Friendly" for retirees. Savannah also has a very low cost of living in comparison to the rest of the United States, making the city a great choice for those looking to retire on a budget.

Kiplinger Rating:

Most Tax Friendly

State Income Tax:

1-6%

Social Security Tax?

None

County + State Sales Tax

7%

Property Tax Rate *

0.8%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

1560

* 2008-2010

Cost of Living Index (100=average):

92

Housing + transportation costs as % of income:

51%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

None (Over 62 years old)

Tax burden: % income going to state and local taxes:

8.8%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

None (Over 62 years old)

Property Tax Break for Seniors (per Kiplinger):

For homeowners 62 and older who earn $10,000 or less, up to $10,000 of their property's assessed value is exempt from school taxes. People 62 or older whose family income does not exceed $30,000 may qualify for an exemption from state and county property taxes equal to the amount by which the assessed value of the home exceeds the assessed value for the preceding tax year. Individuals age 65 and older can claim an exemption from all state property taxes on their home and up to ten acres of land surrounding the home. For those 65 and older who earn $10,000 or less, $4,000 of their property's value is exempt from state and county taxes as well. Many counties offer homestead exemptions that are more beneficial to the taxpayer than the exemptions offered by the state. The homestead exemption is deducted from the assessed value (40% of the fair market value) of the home.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Real Estate overview not available for Savannah

To learn more about real estate in Savannah book a visit and we'll help you find the right place to live.

Work Potential

Savannah has an unemployment rate for individuals 65+ which is higher than the national average, with a greater percentage of part time jobs. Some of the area's largest employers include Gulfstream Aerospace Corp, St. Josephs/Candler, and Wal-Mart.

  • Area
  • National Average

5 Largest Companies

  • Gulfstream Aerospace Corp
  • St. Joseph's/Candler
  • Wal-mart
  • Georgia Pacific Corp
  • Kroger

GDP Growth Last 3 Years

10%

Income Growth Last 3 Years

0.5%

Employment Growth Last 3 Years

3.8%

Top Industries Hiring

  • Accommodation and food services
  • Health care and social assistance
  • Retail trade
  • Finance and insurance
  • Wholesale trade

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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