North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. When it comes to retirement, there's a lot to consider. Decent Essays. North Carolina offers a relatively low cost of living to its residents. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. North Carolina is making headlines as an up and coming place to retire, even earning some retirees moving there the nickname, halfbacks as retirees from Florida move halfway back home to the mid-Atlantic and mid-South states. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. But dont just take my word for it. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide Posted by Preston Guyton on March 3, 2023 . 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). 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. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. North Carolina's rich history influences much of the cultural scene. Cmon now, my grubby little hands will never squeal! North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. Marion. Javascript must be enabled for the correct page display. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Whether youve longed to live by an ocean view or in a town surrounded by towering mountains, North Carolina is the ideal state for you! 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 So heads up! The median home price in Myrtle Beach is $216,000, and rent also . With a B.S. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. North Carolina is an overall safe state for you and your family to call home. Alissa has been working in marketing and the senior living industry for over ten years. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. It's somewhat of a hobby, and we want to share what we've learned with you. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Regardless of your preference, know this: you cant go wrong but you better learn to defend it. But before I get some sassy remark, allow me to explain. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. But thats not all there is to this wonder. Why do retirees move to North Carolina? - 2023 Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Pros and Cons of Living in North Carolina | Expat Exchange Thats our promise. We can be reached via email at contact@retirefearless.com. The Good Life - Pros and Cons of Retiring in South Carolina One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. The Appalachian Mountains have a strong folk art and music tradition. Americas Health Rankings. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. Retrieved from, U.S. News & World Report. All rights reserved. The state is home to a handful of great cities, but most of the Tar Heel State is rural. As you think about it, the state does have a lot to love for retirement. Published in Forbes, Senior Finance Advisor, Alzheimers.net and on other leading senior care blogs, she leverages her working knowledge of the senior care industry with leading research and best practices to create engaging content benefitting seniors and their caregivers. Mild Weather Year-Round #3. North Carolina doesnt tax Social Security retirement benefits. (n.d.). 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. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. State Individual Income Tax Rates and Brackets for 2020. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. Overall, the cost of living in North Carolina comes in 5 points below the national average. The good thing is that they are more than willing to welcome newcomers with open arms. 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+. Otherwise, it will be difficult to visit the beautiful beaches and mountains. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. What Are The Pros And Cons Of Living In Myrtle Beach? In fact, according to a 2019 report,1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. Speaking from personal experience, one of the best things about living in North Carolina is actually being able to enjoy life without feeling the pinch of irrational rent prices and overall high cost of living. But I dont want to fool you, its not all sunshine and peach cobbler gossip runs rampant in the rural parts of town and youll need to be mindful of the tea youre spilling. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). 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. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. Rapidly Increasing Economy. Your web browser is no longer supported by Microsoft. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. 6. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. When it comes to weather, North Carolina has the best of both worlds. North Carolina cost of living is 90.6. The Pros of Retiring in Georgia are: It is incredibly tax-friendly - As one of the most tax-friendly states, Georgia offers people over the age of 65 a $65,000 deduction per individual on retirement income outside of social security and up to $130,000 per couple. Many retiree-friendly communities have been developed with top-notch health care facilities. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. If youre considering retiring in North Carolina but still require some convincing, Ive lined up more than a few reasons to help you make a decision. 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. 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. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. The EBNC is The Eugenics Board of North Carolina. Is North Carolina a good place to retire? Abandoning the city has its advantages, especially when considering the scenery. Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Your email address will not be published. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Its your time to build your future. Regardless of your preference, both city and rural life have an overall laid-back quality about them that I havent seen in other places Ive lived. That rate continues to drop from what was 5.75% in tax years 2015-2016. . Heck, it wont take long after moving to North Carolina for you to realize the vital role BBQ plays and that folks are willing to defend the honor of their preferred style. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. North Carolina VS South Carolina - Which One is Better - Movingist Contact us today to get started. Better with age, exceptional with us! in the state is 5.8 per 100,000, 10% higher than the national average. Expats, digital nomads and retirees living in North Carolina responded: "People who live in North Carolina enjoy the mild climate, the beautiful beaches, and the friendly people. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? Drawing people from all over the country with its beauty, stunning coastline, and southern hospitality, theres a lot to love about retiring in North Carolina. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Ready to Retire in North Carolina? Check out these Pros and Cons. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. 15 HONEST Pros & Cons of Living in Asheville, North Carolina Taxes - North Carolina's recent income tax reform lowered its rate to a flat 5.57 percent, but there are several states that don't tax resident income at all. Festivals and events take place throughout the year. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Pros And Cons Of South Carolina. Many of our communities include a wide range of amenities including. Where do most retirees live in North Carolina? Many of the mountainous small towns typically come with very low costs of living. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Once you have a good understanding of how much it costs to live on your own, you will have a more comprehensive understanding of the cost of senior living. One of the downsides to living in Maine is the fact that the income tax and retirement income tax rate can be as high as 7.15%. If you consider yourself a nature nut, you will love living in North Carolina. Greensboro. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-leader-1','ezslot_14',114,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-1-0'); The true reality of a state can often be judged through its people, and if thats the case, then North Carolina truly is the most charming state in the US. True to form, locals focus on getting to know their neighbors and building a sense of community. This can be attributed to several factors, including a lower-than-average cost of housing. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. isnt one of the easiest states to find work, 16 HONEST Pros & Cons of Living in Georgia (Lets Talk), 12 HONEST Pros & Cons of Living in Minneapolis, 15 HONEST Pros & Cons of Living in Charlotte, North Carolina, Property taxes: 0.84%, well below the national average, Access to the mountains (alright, hills) and the beach. The sales tax rate is 6.98%, which falls into about the middle tier nationally. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. The coastal areas are milder, with average temperatures in the 60s and 70s. Being called maam isnt a reference to your age, fret not. Residents can claim a $3,000 deduction if they are under 65 or $15,000 if they are over 65, making it exceptionally welcoming for senior citizens who are receiving income from sources other than social security. The low property taxes in the state are one of the reasons for the below-average housing costs. Retrieved from, United Health Foundation. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. Before moving to North Carolina I found myself living in Chicago, where I braced for winters with the enthusiasm reserved for water-downed cocktails and malfunctioning alarm clocks. Here's What You Need to Know. 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. Read More. The low property taxes in the state are one of the reasons for the below-average housing costs. You can learn more about our writers, here. But one mountain city that stands out is Asheville. Simmons, Christian. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. 8 Things You Must Know About Retiring to the Carolinas 2023 Best & Worst States for Retirement | Retirement Living The cost of living in Charlotte is lower than in other cities along the East Coast. Good news for retirees eyeing North Carolina as a landing pad for their golden years: State residents 65 and older can, on a space-available basis, audit classes tuition-free at the campuses of. The scenery is also beautiful, and its one of the few states that is diverse enough to offer everything from small mountain towns to major cities and beaches. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. 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. The fact is that every place you consider moving to will have its benefits and pitfalls; you will have to decide the factors that are important to you and the ones youre willing to look past. The state is best known as the birthplace of Aviation, irresistible barbecue and friendly locals theres so much to love about living in North Carolina. Top 10 places to retire in NC. We'd love to hear your thoughts. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. Pros of living in North Carolina 1. One of the reasons people retire to North Carolina is the stunning scenery. The state also offers other generous exemptions on other types of retirement income. The Southern states have seen massive growth recently, with the region becoming one of Read More, These Markets Are Projected to Have the Most Home Price Change in 2023. Retrieved from, Loughead, K. (2020, February 3). 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. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. Access to Nature #2. A State Estate Tax does not exist, and the corporate income tax is low. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. Pros of retiring in North Carolina Beautiful scenery Diversity in locations Low cost of living And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. (n.d.). Estimate how long you'll live and explore retirement options for a long life. cost 9.8% of ones yearly income. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. And the next 10 years are predicted to bring even more growth. North Carolinas crime rate almost matches the national average. Cities such as Raleigh and Charlotte have a public transportation system, but they lack the convenience that other cities, such as Chicago or New York, offer. 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. So what does that mean for you? For instance, Duke University Hospital is among the best in the country. Update your browser for more security, speed and compatibility. We offerindependent living servicesat Treeo Raleigh in North Carolina. And while seasonal weather is a benefit to some, other retirees may simply want to move far enough south to never even have to think about snow again. Usually, there are two options to steer clear of hurricane damage. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. If youre considering retiring in North Carolina but still require some convincing, Ive lined up more than a few reasons to help you make a decision.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-banner-1','ezslot_8',112,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-banner-1-0'); If youve spent most of your life living and working in a metropolitan city, the best thing about retirement is the opportunity to pack up your life and move to a quiet place with majestic views. Find fishing, boating, hiking, golfing, and much more. ; There are no social security taxes. Sorry there was an error. 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. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. How much money do you need to retire in North Carolina? 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. RetireGuide doesnt believe in selling customer information. The Friendly Community Feeling #6. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. Im not joking, the debate has become the subject of state legislation with bills being introduced over which of the two prominent BBQ styles should be deemed official. The Pros and Cons of Retiring in South Carolina - EZHomeSearch.com It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. 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. . 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. The fact is that not everything is rainbows and butterflies in the Old North State. Dont hesitate to reach out with questions, Im here to help! IBM WatsonHealth named it a Top 50 cardiovascular . Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. This is very ideal for retirees. Hickory. North Carolina is certainly an interesting state. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. If it sounds appealing, start looking at these 16 top cities in NC. They also have higher than average property tax rates. Black Mountain. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. 10 Pros and Cons of Living in North Carolina Right Now North Carolinas total state and average local sales tax rate is 6.98%. 1.. Small City . Best North Carolina Beaches. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. The state is 560 miles wide from east to west! Retrieved from, Missouri Economic Research and Information Center. 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 maintains seasons but doesnt suffer from the same regularly severe weather as northern states. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Pros & Cons of Living in Asheville . However, with your retirement nearing, you dont have to look past this wonderful state. Retiring in Asheville, NC: Reasons, Best Places & More! Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina.
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