There are many advantages to retiring in North Carolina. Low Employment Opportunities 3. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. 5 Reasons to Consider Buying a House in Boone, NC Retirement in North Carolina vs. South Carolina - Acts Although the good news is that Maine . In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. 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 you consider yourself a nature nut, you will love living in North Carolina. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. Locals Tip: Something that caught me off guard after moving to North Carolina was hearing kids use yes maam and no sir in practically every interaction. 10 Reasons to Retire in North Carolina - Leisure Care 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Even a carefully planned retirement lifestyle may come with unintended consequences. 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. North Carolina has a diverse range of weather and climate, depending on which region you retire to. 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. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. North Carolina does have a low corporate tax rate, making it more business-friendly. Otherwise, it will be impossible to see the lovely beaches and mountainsides. 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. On average, individualstate and municipal taxescost 9.8% of ones yearly income. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. 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. 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. In her free time, Alissa loves to travel, read, cook, and spend time with her family. Thank you! North Carolina cost of living is 90.6. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. One option that stands out is Hendersonville. Black Mountain. 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. Plenty of Outdoor Activities 3. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Obviously your lifestyle with depend on your way of life in North Carolina. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. Retrieved from, Loughead, K. (2020, February 3). Pros Quality healthcare. However, that doesnt mean that crime in the state is non-existent. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. 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. So heads up! Reidsville. The Pros and Cons of Retiring in South Carolina - EZHomeSearch.com in the state is 5.8 per 100,000, 10% higher than the national average. This could include having an evacuation route and plan and supplies to ride out the storm. Why do retirees move to North Carolina? - 2023 Pros of Retiring in Virginia: Robust Economy: Even though the COVID-19 pandemic considerably affected the state's economic growth, Virginia still remains one of the US's strongest economies. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. Better with age, exceptional with us! The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. Simmons, Christian. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. I knew that living in North Carolina would require becoming acquainted with a humid sub-tropical climate, but even after 12 years I still cant get used to it. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Social Security is not taxed, but 401(k) and pension distributions are. These include Chapel Hill, Raleigh, and Asheville. If you need help pricing and building your medicare plan, call us at 844-572-0696. North Carolina is the third most popular retirement destination. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. Our calculator will help you determine the life insurance policy size that best fits your circumstance. "North Carolina Retirement." Here's What You Need to Know. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. Pros and Cons of a Georgia Retirement. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. The answer really depends on what youre looking for in retirement since each state offers different benefits. However, the sales tax differs from county to county. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. 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. Required fields are marked *. Unlike most other states, North Carolina taxes groceries. Access to Nature #2. 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. Local venues often have bluegrass and country music bands creating a folk atmosphere. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. 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 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. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Pros And Cons Of South Carolina. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Retrieved from, Brandon, E. (2021, February 22). Here are 10 pros and cons of living in North Carolina to consider before making this state your home. 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. 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. What more could you want in a new community? In fact. 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. amongst states with the highest per capita tax. 1. Pinehurst. Top 10 places to retire in NC. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. 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. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. Overall, the cost of living in North Carolina comes in 5 points below the national average. Abandoning the city has its advantages, especially when considering the scenery. Cmon now, my grubby little hands will never squeal! Roxboro. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. 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 certainly an interesting state. We can be reached via email at contact@retirefearless.com. 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. Chicago While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. It's somewhat of a hobby, and we want to share what we've learned with you. Five-star fun. 4 Full Seasons Cons of Retiring in West Virginia 1. This is very ideal for retirees. 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. 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. Many of our communities include a wide range of amenities including. What Are The Pros And Cons Of Living In Myrtle Beach? South Carolina Low Cost of Living. MLA But thats not all there is to this wonder. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. 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. Therefore it becomes challenging to get from one place to another without a vehicle. . According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. 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.
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