One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. Retiring in Asheville, NC: Reasons, Best Places & More! North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. Published in Forbes, Senior Finance Advisor, Alzheimers.net and on other leading senior care blogs, she leverages her working knowledge of the senior care industry with leading research and best practices to create engaging content benefitting seniors and their caregivers. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Its a major area and feels like it as its the most populous city in the state. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. We appreciate your feedback. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). Being called maam isnt a reference to your age, fret not. A State Estate Tax does not exist, and the corporate income tax is low. In my experience, locals are very friendly, but theres a reserved nature about them. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. 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. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. According to the states residents, North Carolina only happens to experience two seasons summer and fall. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. Usually, there are two options to steer clear of hurricane damage. The access to nature and plethora of outdoor recreational is hard to beat. However, the state will tax other types of retirement income, including 401(k) and pension distributions. The sales tax rate is 6.98%, which falls into about the middle tier nationally. When it comes to retiring for cheap, leaving the United States to a cheaper region is possible and two places worth considering are Belize and Costa Rica. 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. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. 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. No matter your preference, you're sure to find it in North Carolina. 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. Well, if youre moving to North Carolina with kids in tow then you will want to budget private education into your cost of living in North Carolina. 22 Living in North Carolina Pros and Cons - Vittana.org How is North Carolina for retirement? - meetbeagle.com One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. Thank you! Insurance is often more expensive in rural areas, and there are fewer providers to choose from. 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. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. . Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. Posted by Preston Guyton on Friday, September 30, 2022 at 10:07 AM By Preston Guyton / September 30, 2022 Comment When you think "retirement destination," North Carolina may not be top of mind. North Carolina Retirement. It also has a lot to offer retirees, from big cities to tightknit mountain communities. Drawbacks of Retiring in North Carolina | Newsmax.com For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. 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. 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. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. Now to answer the big question: Is North Carolina a good place to live? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. This includes looking into hospitals, clinics, and doctors in the area. Retirement in North Carolina vs. South Carolina - Acts 2023 Best & Worst States for Retirement | Retirement Living The EBNC is The Eugenics Board of North Carolina. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless (n.d.). 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. in the state is 5.8 per 100,000, 10% higher than the national average. 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. One of the reasons people retire to North Carolina is the stunning scenery. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. 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. . The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. However, that doesnt mean that crime in the state is non-existent. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Pros of Living in Asheville #1. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. 0.77%. The cost of living in Charlotte is lower than in other cities along the East Coast. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. 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. This can be attributed to several factors, including a lower-than-average cost of housing. As far as the major cities, Asheville may offer the most affordable lifestyle. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. Benefits of Retiring In Virginia (Pros & Cons) | Retire Fearless If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Low Employment Opportunities 3. Cost of Living Data Series. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. "North Carolina Retirement." Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. 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. 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. Healthcare is a massive concern for those looking to move to another state, especially retirees. 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. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. North Carolina's property tax rates are relatively low in comparison to those of other states. Sauna-quality humidity (yay!). Retrieved from, U.S. News & World Report. Unlike most other states, North Carolina taxes groceries. Pros & Cons of Living in Asheville North Carolina. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. Your web browser is no longer supported by Microsoft. The High Cost of Housing #2. Best known for the Blue Ridge Parkway and the Appalachian Trail, the mountains of North Carolina also boast stunning waterfalls, one of the oldest rivers in North America, farm-fresh foods, and even some of Americas best craft beer. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. 1.. North Carolina VS South Carolina - Which One is Better - Movingist Regardless of your preference, know this: you cant go wrong but you better learn to defend it. 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. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Most weekends can be spend hiking, biking, fishing, swimming or hunting. 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. "North Carolina Retirement." She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. The cost of living in North Carolina is relatively low compared to other US states. 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. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. 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. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. North Carolina ranks 19thamongst states with the highest per capita tax. Know what that means? If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. North Carolina doesnt tax Social Security retirement benefits. 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. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. 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. On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. Pros and Cons of Retiring in South Carolina The advantages of retiring in South Carolina include an affordable lifestyle where your money can go much farther than in many other parts of the country. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. North Carolina has a diverse range of weather and climate, depending on which region you retire to. For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. North Carolina does have a low corporate tax rate, making it more business-friendly. Retrieved from, Brandon, E. (2021, February 22). But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. North Carolina is home to a thriving arts and culture scene. 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. Reidsville. Overview. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. If you fancy yourself a city-dweller, you wont be disappointed either. Here's what you need to know about the state before you make your move. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. The good thing is that they are more than willing to welcome newcomers with open arms. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset [ See: The Best Places to Retire in 2022. ] This is very ideal for retirees. Is It Better To Retire In Virginia Or North Carolina? - CLJ Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. Thats lower than every bordering state except Tennessee. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Retrieved from, Loughead, K. (2020, February 3). A cost of living index above 100 means North Carolina, North Carolina is more expensive. Many of the mountainous small towns typically come with very low costs of living. The state also offers other generous exemptions on other types of retirement income. Hickory. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. North Carolina is certainly an interesting state. Otherwise, it will be difficult to visit the beautiful beaches and mountains. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. Required fields are marked *. Retiring in North Carolina Is North Carolina a good place to live? As in North Carolina, South Carolina does not tax Social Security benefits. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. This can take out a big chunk of your retirement savings. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. You'll need to buy an automobile to get the most out of living in North Carolina. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. amongst states with the highest per capita tax. , both states ranked in the top five for net migration of people aged 60 and older. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. 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. North Carolina offers a relatively temperate climate to enjoy. List of the Pros of Living in Charlotte, NC 1. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. 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. This post is for you. Is Virginia a good place to retire for taxes? The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. One option that stands out is Hendersonville. 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. Consider these retirement communities in North Carolina: Asheville. Many retiree-friendly communities have been developed with top-notch health care facilities. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. Chicago Williamston. Unlike most other states, North Carolina taxes groceries. The state averages homeowners pay 0.85% of property value. For full transparency, we clearly identify our sources in a list at the bottom of each page. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Rapidly Increasing Economy. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. One of the largest is Brunswick Forest, which is located outside of Wilmington. Charlotte. He covers Medicare and important retirement topics. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? The Good Life - Pros and Cons of Retiring in South Carolina Fall and spring are a good time to enjoy scenic views of the outdoors. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. The fact is that every place you consider moving to will have its benefits and pitfalls; you will have to decide the factors that are important to you and the ones youre willing to look past. While most of these are meant for hikers, there are options for mountain biking or horseback riding. The coastal areas are milder, with average temperatures in the 60s and 70s. One of our content team members will be in touch with you soon. retiring in North Carolina pros and cons - Vision Retirement 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. However, certain types of crimes are more common in the state than others. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. How much money do you need to retire in North Carolina? You can learn more about our writers, here. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. North Carolina doesnt tax Social Security retirement benefits. . 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. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Save my name, email, and website in this browser for the next time I comment. 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. The Appalachian Mountains have a strong folk art and music tradition. Pros of Retiring in West Virginia 1. So heads up! 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. Both of those are key areas for seniors and certainly good news. 2023 RetireGuide LLC. Overall, the cost of living in North Carolina comes in 5 points below the national average. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. You will also want to think through what is included at the community you are considering. Of course, your location influences your total costs. We can be reached via email at contact@retirefearless.com. 21 Pros and Cons of Living in Charlotte, NC - Vittana.org The. Marion. 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. But one mountain city that stands out is Asheville. And while seasonal weather is a benefit to some, other retirees may simply want to move far enough south to never even have to think about snow again. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. 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. Pros And Cons Of South 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. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. Something went wrong while submitting the form. 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. 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. 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. Theres something for everyone in the mountains of North Carolina. Five-star service. Each beach has a distinct vibe and feeling and many are surrounded by quaint coastal towns great for family reunions or a quick weekend getaway. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. 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. Although the good news is that Maine . This could include having an evacuation route and plan and supplies to ride out the storm. North Carolina is an overall safe state for you and your family to call home. High Crime Rate 2. Thinking about living in North Carolina? North Carolina is a retiree's paradise when it comes to outdoor recreation. IBM WatsonHealth named it a Top 50 cardiovascular . Even a carefully planned retirement lifestyle may come with unintended consequences. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. But dont just take my word for it. (n.d.). You can thank me later. With an abundance of hiking trails and hundreds of miles of coastline, theres no seeming end to the amount of outdoor expeditions you can enjoy in the state. 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. Retire in Asheville - Asheville North Carolina retirement 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%. 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+. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. Plenty of Outdoor Activities 3. What more could you want in a new community? Update your browser for more security, speed and compatibility. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. For instance, Duke University Hospital is among the best in the country. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees.
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