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The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. The south is known for hospitality, and North Carolina is no exception. Likewise, rain is not uncommon during the summer months. 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. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. North Carolina is home to a thriving arts and culture scene. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. 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. It wont come easy (Ill touch on this shortly as well). Most weekends can be spend hiking, biking, fishing, swimming or hunting. 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. (n.d.). This can take out a big chunk of your retirement savings. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. 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. Where do most retirees live in North Carolina? You can just as easily find a charming apartment in the city or a farmstead, if you so choose. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. Many retiree-friendly communities have been developed with top-notch health care facilities. 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. For instance, with the highest average rent in the United States, a one-bedroom apartment in the District of Columbia costs $2,324 to rent.So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. Retirefearless.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. However, the state will tax other types of retirement income, including 401(k) and pension distributions. The taxes are not overtly high, but still will cost you more than many other parts of the country. (n.d.). How much do you need to retire in North Carolina? Thank you! 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 Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. We love planning for retirement. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. This includes looking into hospitals, clinics, and doctors in the area. Being called maam isnt a reference to your age, fret not. 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. Estimate how long you'll live and explore retirement options for a long life. The company also offers access to third-party pre . Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. Now to answer the big question: Is North Carolina a good place to live? You never know when the threat will come to fruition so youll want to be prepared. 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. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. 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. You will also want to think through what is included at the community you are considering. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. 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. 3. 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. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. RetireGuide doesnt believe in selling customer information. 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. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Pros of Living in Asheville #1. 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. . 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. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. 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 Retrieved from, Loughead, K. (2020, February 3). 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. Here's What You Need to Know. The EBNC is The Eugenics Board of North Carolina. When it comes to retirement, there's a lot to consider. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. Is Virginia a good place to retire for taxes? , both states ranked in the top five for net migration of people aged 60 and older. 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. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. Here's what you need to know about the state before you make your move. The state is home to a handful of great cities, but most of the Tar Heel State is rural. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. The state is 560 miles wide from east to west! Retrieved from, Brandon, E. (2021, February 22). Read More. (2021). 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. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. Oops! The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Now to answer the big question: Is North Carolina a good place to live? If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. . Sorry there was an error. 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. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. Healthcare is a massive concern for those looking to move to another state, especially retirees. 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. Williamston. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. However, with your retirement nearing, you dont have to look past this wonderful state. If you fancy yourself a city-dweller, you wont be disappointed either. Save my name, email, and website in this browser for the next time I comment. North Carolina is generally an affordable state. 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. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. North Carolina Retirement. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. Truthfully speaking, the friendly community feel took some adjusting at first because Ive mostly lived in large cities where being greeted by name was deemed unusual. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. 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. North Carolina cost of living is 90.6. One of the most significant advantages of retiring in South Carolina is the low cost of living. All rights reserved. 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. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. Cost of Living Data Series. Fall and spring are a good time to enjoy scenic views of the outdoors. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. 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. MLA North Carolina offers many advantages for older adults. 890 Words; 4 Pages; Open Document. He covers Medicare and important retirement topics. 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+. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Although the good news is that Maine . The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. However, the sales tax differs from county to county. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. North Carolina is certainly an interesting state. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. You will need to invest in a car to get the most out of living in North Carolina. However, with your retirement nearing, you dont have to look past this wonderful state. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. The average cost of living was $38,295. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-1','ezslot_7',143,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-1-0'); First off, accommodation is the biggest expense that any states residents have to incur. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. What more could you want in a new community? Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. Retrieved from, Missouri Economic Research and Information Center. No matter your preference, you're sure to find it in North Carolina. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Theres essentially something for everyone. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. The. Thats lower than every bordering state except Tennessee. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina.