How much will it cost to retire in Georgia?

MACON, Georgia (41NBC/WMGT) – How much will it cost you to retire? A recent study by GOBankingRates shared the number for Georgians. 

The study predicts one needs nearly $750,000 in savings to retire. GoBankingRates also deems the realistic age of retirement as 57-years-old.

However, Mercer University economist Dr. Antonio Saravia says those numbers don’t apply to most Middle Georgians. He says to retire, a person needs about one million dollars. 

That number assumes a person’s retirement period lasts 20 years. 

The problem with Gobankingrates study

“If we can retire at 57 in Georgia [plus] twenty years, that’s 77. But life expectancy in the United States is 80,” Dr. Saravia said.

He says another problem is that the average income for Middle Georgia residents is lower than that of those in other parts of the state.

The solution

Dr. Saravia said, “You should make sure the interest on whatever account you are using for retirement is compounding.”

He added that people should set up a retirement account. Do not touch the money in the account and also invest in the stock market.

Click here to see the study done by Gobankingrates.