The answer really depends on what youre looking for in retirement since each state offers different benefits. (n.d.). Even a carefully planned retirement lifestyle may come with unintended consequences. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. For full transparency, we clearly identify our sources in a list at the bottom of each page. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. They also have higher than average property tax rates. Get instant access to our latest in-depth guides covering important retirement topics. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Much of determining where to retire may come down to researching where your money will spend the best. The summers are good for the beach, while winters are good for skiing in the mountains. Essentially, the public transport in North Carolina doesnt cover a huge ground and is rather under-serviced, so it becomes particularly tricky to get from one place to another without a car. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. If you prefer the sea to mountaintops, the state has you covered in that department as well. The state also has major league lacrosse games and all of that is before getting into college sports where there is a fierce following for several college teams. According to the U.S. News and World Report, some of the best beaches and beach town options in North Carolina include Emerald Isle, Bald Head Island and Cape Hatteras. Thats not to say that youll be greeted with open arms (Ive found locals to be friendly, yet reserved Ill cover this in detail shortly) but you will be welcomed and treated with respect. . North Carolinas Medicare quality ranking reflects the availability and effectiveness of Medicare Advantage plans in the state, which are sold privately and are available regionally. Durham. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Alissa has been working in marketing and the senior living industry for over ten years. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. Please call us using the phone number listed on this page. (n.d.). In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. So heads up! It can balance out somewhat, however, since the cost of living and affordability of North Carolina is significantly lower than some similar states that also tax retirement income. According to the communitys website, it is 10 minutes from a city in Wilmington, 30 minutes from the beach and includes many nature attractions and activities. Update your browser for more security, speed and compatibility. North Carolina offers a relatively low cost of living to its residents. 1.. In fact. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-box-4','ezslot_5',111,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-box-4-0'); When moving to a new state, especially with the purpose of living out your retirement years, there are more than a few things to consider. These same mountains include fishing, boating, whitewater rafting, and rock climbing. Do you enjoy the resources RetireGuide provides? Dont hesitate to reach out with questions, Im here to help! In cities such as Charlotte or Raleigh, temperatures during winters rarely drop lower than 35 F. North Carolinas summers are also temperature, even though the temperatures do rise above 90F at times. Is Virginia a good place to retire for taxes? Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. North Carolina offers a relatively temperate climate to enjoy. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Whereas, residents of North Carolina pay 0.85% of their home's market value and offers a deduction of $25K to those who are 65+. The Friendly Community Feeling #6. It also has a lot to offer retirees, from big cities to tightknit mountain communities. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). ; There are no social security taxes. You may be surprised to learn that the home of Duke University and University of North Carolina at Chapel Hill might value public education enough to fund it, but no dice. RetireGuide doesnt believe in selling customer information. Posted by Preston Guyton on Friday, September 30, 2022 at 10:07 AM By Preston Guyton / September 30, 2022 Comment When you think "retirement destination," North Carolina may not be top of mind. The first option is to live inland as the worst effects of the hurricane can impact you in the mountains, while the other option is to buy an insurance plan that covers all aspects of hurricane damage. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. North Carolina is an overall safe state for you and your family to call home. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. South Carolina Is Tax-Friendlier to Retirees Than North Carolina.Kiplinger ranks South Carolina as one of the most-friendly states for taxes on retirees. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. All Rights Reserved. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. The taxes are not overtly high, but still will cost you more than many other parts of the country. Five-star fun. We'd love to hear your thoughts. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. . What this means for you: Anytime you hear mention of a possible hurricane, make a beeline for the grocery store and stock up on essentials. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. North Carolina offers many advantages for older adults. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Receive Helpful Content Straight ToYour Inbox. Consider these retirement communities in North Carolina: Asheville. A State Estate Tax does not exist, and the corporate income tax is low. While most of these are meant for hikers, there are options for mountain biking or horseback riding. 771 Words 4 Pages. Its a major area and feels like it as its the most populous city in the state. Otherwise, it will be impossible to see the lovely beaches and mountainsides. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. The coastal areas are milder, with average temperatures in the 60s and 70s. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. Simmons, Christian. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-medrectangle-3','ezslot_3',110,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-3-0'); The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. For instance, Duke University Hospital is among the best in the country. True to form, locals focus on getting to know their neighbors and building a sense of community. There are many advantages to retiring in North Carolina. The city mixes the old with the new in an innovative way, bringing history to life with Civil War landmarks, the Discovery Place, the NASCAR Hall of Fame, and even Carowinds, a sprawling theme park all within the Queen City. Read More. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? Charlotte. But I dont want to get ahead of myself, so lets cover everything you need to know about moving to North Carolina based on firsthand experience. amongst states with the highest per capita tax. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. Usually, there are two options to steer clear of hurricane damage. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. Read More. The company also offers access to third-party pre . In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. One of the most important aspects to consider when buying a house is the quality of schools your Read More, North Carolina vs. Virginia: Which is the Better State? The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. North Carolina is certainly an interesting state. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. Sadly, our state has one of the most poorly funded schools systems in the nation. However, that doesnt mean that crime in the state is non-existent. North Carolina Pros And Cons; North Carolina Pros And Cons. After all, this state has a lot to offer. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. The cost of senior living in North Carolina is fairly consistent across the state, coming in at $3250 per month for assisted living care, below than the national average. It can be exciting to move somewhere new, start fresh, and . Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. No matter your preference, you're sure to find it in North Carolina. For starters, Social Security income is not taxed and if youre over 65 years old, up to $35,000 of your retirement income is exempt from state taxes. Retiring in North Carolina Is North Carolina a good place to live? Therefore it becomes challenging to get from one place to another without a vehicle. You'll need to buy an automobile to get the most out of living in North Carolina. While many of these trials are for hikers, you can also easily come across some excellent trails where you can enjoy horse riding or mountain biking. Posted by Preston Guyton on March 3, 2023 . 3. Contact us today to get started. It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. Pros of Living in Asheville #1. You're signed up for our free newsletter! The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Better with age, exceptional with us! The cost of senior living in North Carolina is fairly consistent across the state, coming in at $3250 per month for assisted living care, below than the national average. Asheville is the #1 retirement town in the U.S. As a result the entire region has experienced rapid growth as tens of thousands of retirees have migrated to these mountains in western North Carolina. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Although the good news is that Maine . There are several prominent health care systems throughout the state that have been nationally ranked for different specialties, including cardiac surgery; rheumatology; ear, nose, and throat; and cancer. This is considered southern etiquette and folks are keen to teach their children manners. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. https://www.wral.com/new-study-reveals-best-places-to-retire-in-north-carolina-they-re-all-small-towns/19879509/, https://money.usnews.com/money/retirement/baby-boomers/articles/best-places-to-retire-in-north-carolina, https://assets.americashealthrankings.org/app/uploads/2021-senior-report-%E2%80%93-state-summaries.pdf, https://taxfoundation.org/state-individual-income-tax-rates-and-brackets-for-2020/, https://meric.mo.gov/data/cost-living-data-series, https://web.archive.org/web/20230126082510/https://www.usnews.com/news/best-states/rankings/aging, https://travel.usnews.com/rankings/best-beaches-in-north-carolina/, This article contains incorrect information, This article doesn't have the information I'm looking for, Winner of the Florida Society of News Editors Journalism Contest, Member of the Association for Financial Counseling & Planning Education, Founded an independent, student-run publication at UCF, Leah, H. (2021, September 16). South Carolina Low Cost of Living. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] District of Columbia costs $2,324 to rent. Winston-Salem. Overall, the cost of living in North Carolina comes in 5 points below the national average. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. We can be reached via email at contact@retirefearless.com. The cost of living in North Carolina is relatively low compared to other US states. Overall Score. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). It offers a small-town vibe nestled within the North Carolina mountains. The hurricane season hits North Carolina from June to November. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. The answer is yes, between the affordable housing market, low cost of living and unmistakable southern hospitality, living in North Carolina is living life on easy mode. We will work closely with you and your family to create a lifestyle that meets care and budget needs while making the most of every day of retirement. 4.3. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. The state offers various outdoor activities Whether you enjoy hiking, biking, fishing, or camping, North Carolina has plenty of outdoor activities to keep you busy. First off, accommodation is the biggest expense that any states residents have to incur. Best North Carolina Beaches. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. 4 Full Seasons Cons of Retiring in West Virginia 1. In my experience, locals are very friendly, but theres a reserved nature about them. Both of those are key areas for seniors and certainly good news. In her free time, Alissa loves to travel, read, cook, and spend time with her family. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Estimate how long you'll live and explore retirement options for a long life. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-3','ezslot_12',146,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-3-0'); The fact is that not everything is rainbows and butterflies in the Old North State. Worth mention: The flat 4.99% state income tax is one of the lowest in the country, further adding to the lost cost of living in North Carolina. North Carolina is the third most popular retirement destination. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Living in North Carolina during the winter months is easy compared to other places Ive lived, and its one of the things I most enjoy about daily life here. If youre the self-sufficient sort youll have plenty to do. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Not only will you get amazing service when you visit the store or supermarket, but youll also receive kind gestures from random people you bump into on the streets. How much money do you need to retire in North Carolina? As one of the original 13 colonies, you'll find important historical sites in American history, from Revolutionary-era buildings to Civil War battle sites. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. North Carolina does have a state income tax, which can be unappealing to some retirees and sets it back from a financial perspective from popular retirement states like Florida, which doesnt have tax income at all. Retrieved from, U.S. News & World Report. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. Forest City. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. Retrieved from, Brandon, E. (2021, February 22). As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. Even popular tourist spots like Myrtle Beach can offer affordable living. List of the Pros of Living in Charlotte, NC 1. This site also participates in other affiliate programs such as CJ, ClickBank and more, and is compensated for referring traffic and business to these companies. Moreover, given the vast and diverse landscape, you can engage in a myriad of outdoor activities, such as visiting the beach or trekking, completely free of cost. Best known for the Blue Ridge Parkway and the Appalachian Trail, the mountains of North Carolina also boast stunning waterfalls, one of the oldest rivers in North America, farm-fresh foods, and even some of Americas best craft beer. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. That rate continues to drop from what was 5.75% in tax years 2015-2016. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. As in North Carolina, South Carolina does not tax Social Security benefits. Theres something for everyone in the mountains of North Carolina. North Carolina does have a low corporate tax rate, making it more business-friendly. The first option is to live inland as the worst effects of the hurricane can impact you in the mountains, while the other option is to buy an insurance plan that covers all aspects of hurricane damage. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. For anyone who is looking for housing for themselves or a loved one who is a senior citizen, North Carolina has many options to choose from. Thank you! Table of Contents. However, it does so at a reduced rate, with almost 2% on most food. The state averages homeowners pay 0.85% of property value. 890 Words; 4 Pages; Open Document. From Sir Walter Raleigh landing in NC in 1587 to NC succeeding during the Civil War, this state has witnessed its fair share of nation-defining historical events. Thats a similar level of cost of living for states like Wyoming or Wisconsin, and significantly lower than most of the states that make up the Northeast, Midwest and West Coast. If you're considering retiring to the coastal region of North Carolina, it's important to have a plan in place in case of a hurricane. Retirees can enjoy beautiful falls and springs without the harsher weather found in more northern states while appreciating nature that ranges from towering mountains to sandy beaches. North Carolina Retirement. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. Low Population 4. Pros and Cons of Retiring in South Carolina The advantages of retiring in South Carolina include an affordable lifestyle where your money can go much farther than in many other parts of the country. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. You never know when the threat will come to fruition so youll want to be prepared. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. Americas Health Rankings. In North Carolina, the public transportation network is limited in scope and under-served. Historically, Virginia has had a reputation for wealth creation. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. You will also want to think through what is included at the community you are considering. The Outer Banks' positioning on the east coast makes them more susceptible to direct hits or brushes from tropical storms that ride up the East Coast. But thats not all there is to this wonder.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-medrectangle-4','ezslot_6',109,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-4-0'); North Carolina has some majestic views, temperate weather, lower-than-average cost of living, above-average healthcare, and a welcoming population. Are you considering buying a house in the mountains of North Carolina but arent sure where Read More, 8 Best NC School Districts for Buying a House Thinking about living in North Carolina? If youve ever wondered how some of our favorite Hollywood stars continue to make a living after their film days are over, they usually have several options. This post is for you. According to How Stuff Works, "the average cost of living for a retired couple in South Carolina is about $37,000 a year," which is significantly lower than many other states in the US. Many retiree-friendly communities have been developed with top-notch health care facilities. Greensboro. The Appalachian Mountains have a strong folk art and music tradition. A popular getaway for beachcombers, the Outer Banks is ideal for climbing sand dunes, cruising the ocean, learn more about history, exploring nature, and more.
