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. North Carolina is the third most popular retirement destination. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. North Carolina is a retiree's paradise when it comes to outdoor recreation. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. Even popular tourist spots like Myrtle Beach can offer affordable living. 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. Get instant access to our latest in-depth guides covering important retirement topics. (n.d.). Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. The taxes are not overtly high, but still will cost you more than many other parts of the country. Retiring in North Carolina Is North Carolina a good place to live? 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. Festivals and events take place throughout the year. District of Columbia costs $2,324 to rent. 2023 RetireGuide LLC. The cost of living in Charlotte is lower than in other cities along the East Coast. Raleigh and Durham. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. As in North Carolina, South Carolina does not tax Social Security benefits. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. Best North Carolina Beaches. Alissa has been working in marketing and the senior living industry for over ten years. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. 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. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. The answer really depends on what youre looking for in retirement since each state offers different benefits. 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. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. Sorry there is a continuing error in our system. Sorry there was an error. Pinehurst. It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. The hurricane season hits North Carolina from June to November. North Carolina offers many advantages for older adults. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Want to Retire in North Carolina? Identifying a state with a low cost of living and still offers a vibrant post-retirement lifestyle can be difficult, but North Carolina checks both boxes. The rolling landscape is dotted with lakes and reservoirs. There's a reason why retiring in the southeast, for example, is such a popular choice: it's the perfect intersection of affordability, convenience, and climate that many retirees crave. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. An amount below 100 means North Carolina is cheaper than the US average. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. But one mountain city that stands out is Asheville. The median home price in Myrtle Beach is $216,000, and rent also . As for my favorite BBQ joint? If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. The fact is that not everything is rainbows and butterflies in the Old North State. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. 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+. North Carolina is home to a thriving arts and culture scene. In my experience, locals are very friendly, but theres a reserved nature about them. Overall Score. 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. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. We can be reached via email at contact@retirefearless.com. 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. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. Usually, there are two options to steer clear of hurricane damage. The job market in Raleigh is thriving right now. If youre the self-sufficient sort youll have plenty to do. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Retrieved from, Loughead, K. (2020, February 3). For instance, Duke University Hospital is among the best in the country. For full transparency, we clearly identify our sources in a list at the bottom of each page. Here are the pros and cons of retiring to Asheville, North Carolina. Moreover, there are also smaller university hospitals in the state that are nationally ranked. After all, this state has a lot to offer. 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. 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. 5 Reasons to Consider Buying a House in Boone, NC document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. Save my name, email, and website in this browser for the next time I comment. If youre hoping to stay in touch with civilization in retirement, this city offers everything from a great culture to major sports teams and events while still giving you the chance to experience seasonal weather with mountain ranges and nature activities nearby. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Americas Health Rankings. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. North Carolina ranks 19thamongst states with the highest per capita tax. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. North Carolina experiences moderate temperatures in all four seasons. So Ive told you home much I enjoy the mild winters after moving to North Carolina, but Id be doing you a disservice if I didnt mention the blistering hot summers. But the rate in North Carolina is modest, coming in at 5.25%. 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. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Estimate how long you'll live and explore retirement options for a long life. However, with your retirement nearing, you dont have to look past this wonderful state. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. 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. Our calculator will help you determine the life insurance policy size that best fits your circumstance. The board was formed to repeal a 1929 law that had been put in place to provide sterilization for persons that were feeble minded and mentally . 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. The Best Places to Retire in North Carolina. To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. As far as the major cities, Asheville may offer the most affordable lifestyle. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. It wont come easy (Ill touch on this shortly as well). If you consider yourself a nature nut, you will love living in North Carolina. North Carolina is certainly an interesting state. . This could include having an evacuation route and plan and supplies to ride out the storm. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. This is very ideal for retirees. The sales tax is around 6.98%, with municipalities having special leverage. (n.d.). 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. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. As a mid-sized city of around 275,000 residents, Durham has all the excitement . We appreciate your feedback. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. With that said, after researching one too many US states with retirement potential, I decided to dig deeper into the hidden wonder that is North Carolina. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. 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. 4 Full Seasons Cons of Retiring in West Virginia 1. 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. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. One of our content team members will be in touch with you soon. According to a study by Safewise, 11% of the states residents encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. Many of our communities include a wide range of amenities including. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. Five-star service. It truly offers the best of both worlds to prospective retirees. Pros of Retiring in South Carolina Beautiful Landscapes Tax-Friendly Good Healthcare System Great Weather Numerous Outdoor Activities Southern Hospitality Convenient Transportation Historically Rich Low Crime Rates Free Education for Retirees Cons of Retiring in South Carolina High Cost of Living Too Much Construction Hurricanes Flood Alligators It came in as the 20th most-taxed state. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Find fishing, boating, hiking, golfing, and much more. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. The. 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. 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. Black Mountain. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. Better with age, exceptional with us! Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Sadly, our state has one of the most poorly funded schools systems in the nation. These same mountains include fishing, boating, whitewater rafting, and rock climbing. Retrieved from, United Health Foundation. But thats not all there is to this wonder. How much money do you need to retire in North Carolina? Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. When it comes to retirement, there's a lot to consider. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. Otherwise, it will be impossible to see the lovely beaches and mountainsides. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. 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). As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. Moreover, there are also smaller university hospitals in the state that are nationally ranked. High Crime Rate 2. While most of these are meant for hikers, there are options for mountain biking or horseback riding. Here, retirees can enjoy a more peaceful and relaxed pace of life. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. 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. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. You're signed up for our free newsletter! All-in-all, you will find that the big city vibe doesn't come with a significant price tag. 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 If youre new to North Carolina, allow me to fill you in. "North Carolina Retirement." Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. Consider these retirement communities in North Carolina: Asheville. 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. Expenses like groceries, housing, and transportation were under national expenditures. , both states ranked in the top five for net migration of people aged 60 and older. 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. 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? Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). Were you able to find the information you were looking for on RetireGuide.com? You'll need to buy an automobile to get the most out of living in North Carolina. Your money will go far there, helping you to have a full retirement. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. (30) Living in North Carolina (99) Living in Ohio (11) . 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. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. 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. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. placing it on the ranking of 26 in the nation. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. 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. Is South Carolina or North Carolina better for retirement? A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. 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. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. Social Security is not taxed, but 401(k) and pension distributions are. We'd love to hear your thoughts. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. 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. 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. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. 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. Pros Quality healthcare. 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. 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. You will need to invest in a car to get the most out of living in North Carolina.
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