This can take out a big chunk of your retirement savings. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Healthcare is a massive concern for those looking to move to another state, especially retirees. Contact us today to get started. 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. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. North Carolina has become one of the best retirement states in recent years. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. 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 state averages homeowners pay 0.85% of property value. The good thing is that they are more than willing to welcome newcomers with open arms. Although the good news is that Maine . The company also offers access to third-party pre . The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). 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. Travel Challenges 4. The EBNC is The Eugenics Board of North Carolina. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Best North Carolina Beaches. Low Cost of Living 2. Another pro of retiring in North Carolina is excellent health care. It also has a lot to offer retirees, from big cities to tightknit mountain communities. Festivals and events take place throughout the year. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? True to form, locals focus on getting to know their neighbors and building a sense of community. Marion. One of our content team members will be in touch with you soon. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. 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. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Mild Weather Year-Round #3. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. 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. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. Five-star fun. However, it does so at a reduced rate, with almost 2% on most food. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. 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. 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. For instance, Duke University Hospital is among the best in the country. 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. Estimate how long you'll live and explore retirement options for a long life. . When you think "retirement destination," North Carolina may not be top of mind. But thats not all there is to this wonder. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. North Carolina's rich history influences much of the cultural scene. Low Employment Opportunities 3. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. So what does that mean for you? North Carolinas crime rate almost matches the national average. Pros of Retiring in West Virginia 1. The first option is to live inland as the worst effects of the hurricane can impact you in the mountains, while the other option is to buy an insurance plan that covers all aspects of hurricane damage. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. The residents of this state display that Southern charm regularly. Theres something for everyone! District of Columbia costs $2,324 to rent. Williamston. Is Virginia a good place to retire for taxes? For full transparency, we clearly identify our sources in a list at the bottom of each page. 890 Words; 4 Pages; Open Document. If you fancy yourself a city-dweller, you wont be disappointed either. 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. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. Were you able to find the information you were looking for on RetireGuide.com? North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. 4 Full Seasons Cons of Retiring in West Virginia 1. It came in as the 20th most-taxed state. However, European countries had beforehand . For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. As in North Carolina, South Carolina does not tax Social Security benefits. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. in the state is 5.8 per 100,000, 10% higher than the national average. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) Is North Carolina a good place to retire? 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. Many of our communities include a wide range of amenities including. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Chicago Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Today, we're going to highlight 7 of the best places to retire in North Carolina. North Carolina is the third most popular retirement destination. Thinking about living in North Carolina? It's somewhat of a hobby, and we want to share what we've learned with you. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. Required fields are marked *. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. Find fishing, boating, hiking, golfing, and much more. Please wait a moment and try again. Pros & Cons of Living in Asheville North Carolina. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. Alissa has been working in marketing and the senior living industry for over ten years. Plenty of Outdoor Activities 3. These include Chapel Hill, Raleigh, and Asheville. However, with your retirement nearing, you dont have to look past this wonderful state. As for my favorite BBQ joint? As a mid-sized city of around 275,000 residents, Durham has all the excitement . The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. But dont just take my word for it, with an unemployment rate sitting at 3.8%, North Carolina isnt one of the easiest states to find work. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. Enter North Carolina, sweet North Carolina. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. Pros of living in North Carolina 1. The answer really depends on what youre looking for in retirement since each state offers different benefits. 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. Expenses like groceries, housing, and transportation were under national expenditures. RetireGuide.com. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. IBM WatsonHealth named it a Top 50 cardiovascular . North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. 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. 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. amongst states with the highest per capita tax. But there are still notable drawbacks to retiring in North Carolina. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Its all about the meat in this method, and sauce would serve as a mere distraction although a small side of ketchup-based sauce is provided, for those so inclined. 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. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. 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 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. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. Access to Nature #2. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. 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. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 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. Living in Pennsylvania . Central North Carolina's Piedmont region is home to the state's capital, Raleigh. Explore the local galleries for hand-crafted pottery and other creations. The Friendly Community Feeling #6. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. With a B.S. MLA North Carolina offers mild weather and beautiful seasons while also keeping older adults closer to the communities they came from, offering a more pleasing retirement life. Thank you! 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 North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. 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. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. In her free time, Alissa loves to travel, read, cook, and spend time with her family. 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. While most of these are meant for hikers, there are options for mountain biking or horseback riding. But even then, its hard to fault someone who considers living in North Carolina the end prize. Receive Helpful Content Straight ToYour Inbox. 771 Words 4 Pages. Update your browser for more security, speed and compatibility. The job market in Raleigh is thriving right now. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. While the state has always had plenty to offer, one of its biggest advantages for retirees is that it can essentially serve as a middle ground between more extreme retirement destinations. [ See: The Best Places to Retire in 2022. ] The Outer Banks' positioning on the east coast makes them more susceptible to direct hits or brushes from tropical storms that ride up the East Coast. placing it on the ranking of 26 in the nation. The state is home to a handful of great cities, but most of the Tar Heel State is rural. 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. Local venues often have bluegrass and country music bands creating a folk atmosphere. 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. It can be exciting to move somewhere new, start fresh, and . Retrieved from. Worth mention: The flat 4.99% state income tax is one of the lowest in the country, further adding to the lost cost of living in North Carolina. North Carolina cost of living is 90.6. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. 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. Otherwise, it will be impossible to see the lovely beaches and mountainsides. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. That rate continues to drop from what was 5.75% in tax years 2015-2016. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Obviously your lifestyle with depend on your way of life in North Carolina. North Carolina doesnt tax Social Security retirement benefits. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. Pros of retiring in North Carolina All four seasons. . Roxboro. Pinehurst. And the next 10 years are predicted to bring even more growth. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. 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. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. North Carolina is certainly an interesting state. Many retiree-friendly communities have been developed with top-notch health care facilities. On average, individualstate and municipal taxescost 9.8% of ones yearly income. North Carolina offers a relatively low cost of living to its residents. When it comes to weather, North Carolina has the best of both worlds. North Carolina ranks 19thamongst states with the highest per capita tax. 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. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Retrieved from, Loughead, K. (2020, February 3). She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. After all, this state has a lot to offer. Social Security is not taxed, but 401(k) and pension distributions are. Small City . If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. 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%. Likewise, rain is not uncommon during the summer months. What this means for you: Anytime you hear mention of a possible hurricane, make a beeline for the grocery store and stock up on essentials. Please call us using the phone number listed on this page. 6. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. The. The state also offers other generous exemptions on other types of retirement income. Now to answer the big question: Is North Carolina a good place to live? North Carolina is an overall safe state for you and your family to call home. 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 state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. According to the states residents, North Carolina only happens to experience two seasons summer and fall. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. The state has a moderate climate while still offering four distinct seasons. Sadly, our state has one of the most poorly funded schools systems in the nation. If youre new to North Carolina, allow me to fill you in. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. The state is 560 miles wide from east to west! We offerindependent living servicesat Treeo Raleigh in North Carolina. Your money will go far there, helping you to have a full retirement. 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. 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. 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. . If youre the self-sufficient sort youll have plenty to do. 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. All rights reserved. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Black Mountain. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Its a major area and feels like it as its the most populous city in the state. 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. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. This area is famous for its beaches, lighthouses, and wildlife. But dont just take my word for it. The taxes are not overtly high, but still will cost you more than many other parts of the country. Many of the mountainous small towns typically come with very low costs of living. No matter which sport you love, North Carolina has it. 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. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. It offers a small-town vibe nestled within the North Carolina mountains. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. One option that stands out is Hendersonville. But the rate in North Carolina is modest, coming in at 5.25%. Its more of a low-impact retirement destination than Florida or Arizona, keeping many snowbirds closer to home and maintaining the seasonal changes that many Americans enjoy without as much severe weather. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Brevard. All-in-all, you will find that the big city vibe doesn't come with a significant price tag. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. , both states ranked in the top five for net migration of people aged 60 and older. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] If you prefer the sea to mountaintops, the state has you covered in that department as well. But there are still notable drawbacks to retiring in North Carolina. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. North Carolina's property tax rates are relatively low in comparison to those of other states. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. . (n.d.). For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. 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. Know what that means? North Carolina is making headlines as an up and coming place to retire, even earning some retirees moving there the nickname, halfbacks as retirees from Florida move halfway back home to the mid-Atlantic and mid-South states. 3. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. 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. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. There are several prominent health care systems throughout the state that have been nationally ranked for different specialties, including cardiac surgery; rheumatology; ear, nose, and throat; and cancer. . The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. In fact, Virginia was colonized almost sixty years before South Carolina was. Asheville is a unique mixture of a lively city with an active and modern culture that is surrounded by the Blue Ridge Mountains and plenty of nature. First off, accommodation is the biggest expense that any states residents have to incur. Pros & Cons of Living in Asheville . According to the communitys website, it is 10 minutes from a city in Wilmington, 30 minutes from the beach and includes many nature attractions and activities. However, the sales tax differs from county to county. We appreciate your feedback. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? Poverty is seen as a significant contributor to the relatively higher crime rate in the state. The fact is that not everything is rainbows and butterflies in the Old North State. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. 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. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. If you consider yourself a nature nut, you will love living in North Carolina. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate.