RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. . Retrieved from. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] One option that stands out is Hendersonville. Estimate how long you'll live and explore retirement options for a long life. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. We are a publishing team of licensed Nursing Home Administrators, Nurses, Assisted Living Directors, and individuals with vast personal experience with retirement communities and senior living. When you think "retirement destination," North Carolina may not be top of mind. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Retiring in North Carolina Is North Carolina a good place to live? Black Mountain. North Carolina doesnt tax Social Security retirement benefits. The cost of living in Charlotte is lower than in other cities along the East Coast. North Carolinas Medicare quality ranking reflects the availability and effectiveness of Medicare Advantage plans in the state, which are sold privately and are available regionally. North Carolina offers many advantages for older adults. 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. Mild Weather Year-Round #3. 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. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. Top 10 places to retire in NC. 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. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. There are many advantages to retiring in North Carolina. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. 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. 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. . This includes looking into hospitals, clinics, and doctors in the area. 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. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. 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 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. in the state is 5.8 per 100,000, 10% higher than the national average. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. I think this is a normal human reaction to outsiders, but it takes a little while for folks to warm up and to make genuine friends after moving to North Carolina. . 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. With over 300 miles of beaches, you are sure to find one you love. Is South Carolina or North Carolina better for retirement? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. If you need help pricing and building your medicare plan, call us at 844-572-0696. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Pros of Living in Asheville #1. (n.d.). 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. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. Pinehurst. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. 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. Usually, there are two options to steer clear of hurricane damage. It wont come easy (Ill touch on this shortly as well). 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. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. Our calculator will help you determine the life insurance policy size that best fits your circumstance. The company also offers access to third-party pre . Since they live in a gorgeous state, youll find most people casually walking around looking happy and enjoying life. The low property taxes in the state are one of the reasons for the below-average housing costs. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. However, that doesnt mean that crime in the state is non-existent. 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. Abandoning the city has its advantages, especially when considering the scenery. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Winston-Salem. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. MLA The median home price in Myrtle Beach is $216,000, and rent also . Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. Unfortunately, North Carolina is located in an area susceptible to hurricanes. No matter which sport you love, North Carolina has it. The average cost of living was $38,295. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. The access to nature and plethora of outdoor recreational is hard to beat. Chicago However, its important to remember that the cost of living varies from state to state. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Many of our communities include a wide range of amenities including. 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. Table of Contents. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. Where do most retirees live in North Carolina? The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. cost 9.8% of ones yearly income. The taxes are not overtly high, but still will cost you more than many other parts of the country. 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. 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. In North Carolina, the public transportation network is limited in scope and under-served. Its a major area and feels like it as its the most populous city in the state. The Lively Music Scene #5. While most of these are meant for hikers, there are options for mountain biking or horseback riding. Aging in America Rankings. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. Living in Pennsylvania . I was fortunate enough to keep my teleworking job while living in North Carolina, so I didnt experience the challenges of find a job firsthand. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. By 63, you no longer pay taxes. 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. The similarities end with the choice of meat (both use pork), from there the methods differ. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. Rapidly Increasing Economy. North Carolina has become one of the best retirement states in recent years. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. 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. For instance, Duke University Hospital is among the best in the country. Small City . 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. Property taxes vary from county and municipality. Otherwise, it will be difficult to visit the beautiful beaches and mountains. Both of those are key areas for seniors and certainly good news. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. 1.. Most weekends can be spend hiking, biking, fishing, swimming or hunting. 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. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. 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. North Carolina cost of living is 90.6. The High Cost of Housing #2. 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 North Carolina is home to a thriving arts and culture scene. 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. Low Employment Opportunities 3. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. Sadly, our state has one of the most poorly funded schools systems in the nation. With a B.S. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. 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. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. However, the state will tax other types of retirement income, including 401(k) and pension distributions. How much money do you need to retire in North Carolina? Sauna-quality humidity (yay!). However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. However, certain types of crimes are more common in the state than others. Fall and spring are a good time to enjoy scenic views of the outdoors. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Overall Score. The sales tax rate is 6.98%, which falls into about the middle tier nationally. 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 Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. 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. But one mountain city that stands out is Asheville. Healthcare is a massive concern for those looking to move to another state, especially retirees. 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. Here's What You Need to Know. Your web browser is no longer supported by Microsoft. The summers are good for the beach, while winters are good for skiing in the mountains. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. Either way, since most seniors seek to build a home in a place with moderate weather, North Carolina is an excellent choice or at least a much better choice than Florida or New York. Marion. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. One of the largest is Brunswick Forest, which is located outside of Wilmington. Here are the pros and cons of retiring to Asheville, North Carolina. . The residents of this state display that Southern charm regularly. Williamston. 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. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. Pros And Cons Of Living In North Carolina First of all, these are the top 10 North Carolina pros and cons: Great sense of community Low cost of living and economic opportunity Temperate weather and mild winters Abundant outdoor activities Access to quality health care High tax burden Sub-par K-12 education High crime rates Lack of weather variety The answer really depends on what youre looking for in retirement since each state offers different benefits. Please call us using the phone number listed on this page. 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. 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. (n.d.). District of Columbia costs $2,324 to rent. Of course, your location influences your total costs. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 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. North Carolina offers a relatively temperate climate to enjoy. Thats our promise. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. 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. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. As for my favorite BBQ joint? Theres something for everyone in the mountains of North Carolina. Cons of Retiring in North Carolina Threat of hurricanes. So heads up! YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. However, the sales tax differs from county to county. You will need to invest in a car to get the most out of living in North Carolina. If you prefer the sea to mountaintops, the state has you covered in that department as well. 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. One big perk for retirees is that North Carolina will not tax your Social Security, which can give you thousands of extra dollars each year. Theyre non-negotiable in my book because they prevent things from molding overnight. North Carolina is an overall safe state for you and your family to call home. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-narrow-sky-1','ezslot_19',147,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-narrow-sky-1-0'); With multiple family members currently in senior living facilities, David is in the trenches every week, learning the ins and outs of nursing homes, assisted living, memory care, and general senior living. Get instant access to our latest in-depth guides covering important retirement topics. Receive Helpful Content Straight ToYour Inbox. 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%. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. If youre the self-sufficient sort youll have plenty to do. Do you enjoy the resources RetireGuide provides? The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. How much do you need to retire in North Carolina? Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. 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. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. So what does that mean for you? 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 murder ratein the state is 5.8 per 100,000, 10% higher than the national average. 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. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. North Carolina experiences moderate temperatures in all four seasons. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. You can thank me later. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. RetireGuide doesnt believe in selling customer information. 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. Weigh the pros and cons to see if retiring in North Carolina is right for you. North Carolina's rich history influences much of the cultural scene. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. Its true, but this point warrants a deeper dive. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. Posted by Preston Guyton on March 3, 2023 . Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. We appreciate your feedback. Better with age, exceptional with us! Festivals and events take place throughout the year. Simmons, C. (2023, February 20). But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. 4 Full Seasons Cons of Retiring in West Virginia 1. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. As far as the major cities, Asheville may offer the most affordable lifestyle. The job market in Raleigh is thriving right now. 5 Reasons to Consider Buying a House in Boone, NC Pros And Cons Of South Carolina. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. He covers Medicare and important retirement topics. Read More. 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 . This can be attributed to several factors, including a lower-than-average cost of housing. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Sorry there is a continuing error in our system. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. In my experience, locals are very friendly, but theres a reserved nature about them. Its your time to build your future. 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? "North Carolina Retirement." You can just as easily find a charming apartment in the city or a farmstead, if you so choose. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. Travel Challenges 4. From Sir Walter Raleigh landing in NC in 1587 to NC succeeding during the Civil War, this state has witnessed its fair share of nation-defining historical events. Now to answer the big question: Is North Carolina a good place to live? Social Security is not taxed, but 401(k) and pension distributions are. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. 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 we talk about numbers then, South Carolina is a clear winner as the people here pay 0.56% of their home's market value, and also people above 65 years of age get a deduction of about $50K. 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. 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. 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. Just when you think summers in North Carolina cant get worse, youll experience the threat of a looming hurricane. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. , both states ranked in the top five for net migration of people aged 60 and older. This is something to keep in mind if you're considering retiring to North Carolina. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. Oops! The Friendly Community Feeling #6. Everything is a lot cheaper here, especially when it comes to housing. APA 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. Pros of living in North Carolina 1. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance.
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