retiring in north carolina pros and cons
One of the largest is Brunswick Forest, which is located outside of Wilmington. Another pro of retiring in North Carolina is excellent health care. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. (n.d.). NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. Your email address will not be published. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Retrieved from, Brandon, E. (2021, February 22). 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. As for my favorite BBQ joint? South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Top 10 places to retire in NC. Read More. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. It can be exciting to move somewhere new, start fresh, and . Florida and Arizona may be the most popular spots, but they are paired with extreme heat, virtually nonexistent seasons and are as far away as can be from the Northeast or Midwest where many retirees come from. We can be reached via email at contact@retirefearless.com. Simmons, C. (2023, February 20). One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Low Cost of Living 2. The low property taxes in the state are one of the reasons for the below-average housing costs. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. Estimate how long you'll live and explore retirement options for a long life. 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! We appreciate your feedback. Social Security is not taxed, but 401(k) and pension distributions are. Most weekends can be spend hiking, biking, fishing, swimming or hunting. Brevard. However, its important to remember that the cost of living varies from state to state.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-leader-4','ezslot_13',144,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-4-0'); North Carolina has a complicated tax system. Otherwise, it will be difficult to visit the beautiful beaches and mountains. 890 Words; 4 Pages; Open Document. Retrieved from, United Health Foundation. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. In fact. One option that stands out is Hendersonville. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. Get instant access to our latest in-depth guides covering important retirement topics. The hurricane season hits North Carolina from June to November. More so, to celebrate their states rich and abundant history, North Carolina actively funds and looks after the many museums and historical sites in the state. North Carolina experiences moderate temperatures in all four seasons. (2021). A recent study by MIT found that a single adult (without kids) needs to make a minimum of $31,660 per year to live in North Carolina. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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. 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. Abandoning the city has its advantages, especially when considering the scenery. Unlike most other states, North Carolina taxes groceries. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. 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. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. You will need to invest in a car to get the most out of living in North Carolina. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. 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. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. Pinehurst. Well, if youre moving to North Carolina with kids in tow then you will want to budget private education into your cost of living in North Carolina. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. The state also offers other generous exemptions on other types of retirement income. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. One of our content team members will be in touch with you soon. By 2026, the individual income tax will drop to 3.99%. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. 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. All Rights Reserved. An amount below 100 means North Carolina is cheaper than the US average. ; There are no social security taxes. The state is 560 miles wide from east to west! However, it does so at a reduced rate, with almost 2% on most food. When it comes to weather, North Carolina has the best of both worlds. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. Thats lower than every bordering state except Tennessee. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. This post is for you. Retrieved from, U.S. News & World Report. 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. According to a chart from the U.S. News & World Report, North Carolina also has a poor ranking for Medicare quality, coming in at 38th. The High Cost of Housing #2. The states property tax rate stands at 0.77%, which means that a homeowner has to pay around $770 every year for every $100,000 in home value. 0.77%. Although the surgeon population for the Charlotte area is beginning to minimize this advantage, the cost of living here is still lower than it is across the United States, and especially along the eastern seaboard. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. However, the state will tax other types of retirement income, including 401(k) and pension distributions. As in North Carolina, South Carolina does not tax Social Security benefits. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. Retiring in North Carolina brings tax benefits, which means that the state considered pro-business, with a great outlook on jobs for seniors looking to start their own business or begin a second career. Even popular tourist spots like Myrtle Beach can offer affordable living. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Much of determining where to retire may come down to researching where your money will spend the best. 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. But even then, its hard to fault someone who considers living in North Carolina the end prize. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Theyre non-negotiable in my book because they prevent things from molding overnight. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Since they live in a gorgeous state, youll find most people casually walking around looking happy and enjoying life. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. For instance, if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-large-leaderboard-2','ezslot_15',113,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-leaderboard-2-0');Duke University Hospital is among the best in the country. Living in Pennsylvania . 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. Unlike most other states, North Carolina taxes groceries. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. (30) Living in North Carolina (99) Living in Ohio (11) . 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. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. However, it does so at a reduced rate, with almost 2% on most food. However, that doesnt mean that crime in the state is non-existent. Pros & Cons of Living in Asheville . Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. You're signed up for our free newsletter! With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. This can be attributed to several factors, including a lower-than-average cost of housing. Access to Nature #2. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] If youre more interested in a small-town retirement, the U.S. News & World Report also pointed to Hickory as an option, which is opposite from Charlotte. 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. Sorry there was an error. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. The state has been hit by several major storms, including Hurricane Florence in 2018. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. Mild Weather Year-Round #3. The south is known for hospitality, and North Carolina is no exception. North Carolina doesnt tax Social Security retirement benefits. Want to Retire in North Carolina? There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. 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. With a B.S. 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. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 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. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Aging in America Rankings. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. Fall and spring are a good time to enjoy scenic views of the outdoors. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. The similarities end with the choice of meat (both use pork), from there the methods differ. This could include having an evacuation route and plan and supplies to ride out the storm. The states property tax rate stands at 0.77%, which means that a homeowner has to pay around $770 every year for every $100,000 in home value. You can learn more about our writers, here. 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. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. 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%. Contact us today to get started. Something went wrong while submitting the form. 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. North Carolina is home to several historical sites, including battlefields from the Civil War, the Thomas Wolfe Memorial, the first documented gold find in the U.S., and the Battleship USS North Carolina. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. Many of our communities include a wide range of amenities including. 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.