retiring in north carolina pros and cons

Pros of retiring in North Carolina All four seasons. The sales tax is around 6.98%, with municipalities having special leverage. 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. 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. Sorry there was an error. With a B.S. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. The Friendly Community Feeling #6. 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. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. 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. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. No matter which sport you love, North Carolina has it. 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. 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. Pros & Cons of Living in Asheville North Carolina. Another pro of retiring in North Carolina is excellent health care. Low Employment Opportunities 3. 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. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. 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. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. Simmons, Christian. Better with age, exceptional with us! 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. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-2','ezslot_11',135,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-2-0');North Carolina has relatively low property taxes. By 63, you no longer pay taxes. Usually, there are two options to steer clear of hurricane damage. 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. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. 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. Benefits of Retiring In Virginia (Pros & Cons) | Retire Fearless But thats not all there is to this wonder. Its your time to build your future. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. As for my favorite BBQ joint? Greensboro. In cities such as Charlotte or Raleigh, temperatures during winters rarely drop lower than 35 F. North Carolinas summers are also temperature, even though the temperatures do rise above 90F at times. Dine Well, Live Well at The Vero at Orange, One Month Rent-Free Incentive at Treeo Raleigh, Memory Care at MacKenzie Place Fort Collins, February Fitness Frenzy at Fairwinds Rio Rancho, True restaurant dining, with made to order meals, Gym memberships and fitness classes through PrimeFit, Assisted living and memory care services, if needed. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. Pros And Cons Of South Carolina. Hickory. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. [ See: The Best Places to Retire in 2022. ] North Carolina offers a relatively temperate climate to enjoy. This could include having an evacuation route and plan and supplies to ride out the storm. Travel Challenges 4. However, the sales tax differs from county to county. 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. As you think about it, the state does have a lot to love for retirement. The coastal areas are milder, with average temperatures in the 60s and 70s. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. Your email address will not be published. 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. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. What is the property tax in North Carolina? - 2023 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. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. 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 even then, its hard to fault someone who considers living in North Carolina the end prize. 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. Contents1 Is it cheaper to live in SC [] Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. You never know when the threat will come to fruition so youll want to be prepared. 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. The access to nature and plethora of outdoor recreational is hard to beat. You will need to invest in a car to get the most out of living in North Carolina. However, it does so at a reduced rate, with almost 2% on most food. You can thank me later. Home to a combination of 21 professional and minor league teams, North Carolina has a football team, minor league baseball teams, basketball, and hockey teams. You will need to invest in a car to get the most out of living in North Carolina. Pros of living in North Carolina 1. The Pros and Cons of Retiring in North Carolina (2022) 22 Living in North Carolina Pros and Cons - Vittana.org If youre the self-sufficient sort youll have plenty to do. Five-star service. Rapidly Increasing Economy. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. Obviously your lifestyle with depend on your way of life in North Carolina. Retrieved from, U.S. News & World Report. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. cost 9.8% of ones yearly income. 10 Pros and Cons of Living in North Carolina Right Now 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. 2023 Retire Fearless. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. Overall Score. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. 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. But dont just take my word for it. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Local venues often have bluegrass and country music bands creating a folk atmosphere. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. 3. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. 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. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. 1.. 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. 2023 Best & Worst States for Retirement | Retirement Living 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. 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%. Retrieved from, United Health Foundation. Read More. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Know what that means? The 7 Best Places to Retire in North Carolina - msn.com Benefits of Retiring In West Virginia (Pros & Cons) - Retire Fearless In fact. It came in as the 20th most-taxed state. Pros And Cons Of South Carolina - 890 Words | Bartleby 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. Explore the local galleries for hand-crafted pottery and other creations. North Carolina ranks 19thamongst states with the highest per capita tax. Small City . But there are still notable drawbacks to retiring in North Carolina. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. So heads up! Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. 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. 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. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-2','ezslot_9',145,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-2-0'); One of the most popular trails in the state is the Appalachian Trail. Both of those are key areas for seniors and certainly good news. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. 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. Is Virginia a good place to retire for taxes? When you think "retirement destination," North Carolina may not be top of mind. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. First off, accommodation is the biggest expense that any states residents have to incur. North Carolina Pros And Cons - 771 Words | Internet Public Library The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. 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. 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. A State Estate Tax does not exist, and the corporate income tax is low. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. Want to Retire in North Carolina? For instance, with the highest average rent in the United States, a one-bedroom apartment in the. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Americas Health Rankings. But the rate in North Carolina is modest, coming in at 5.25%. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. "North Carolina Retirement." 1. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. On average, individualstate and municipal taxescost 9.8% of ones yearly income. (2021). 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. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Our calculator will help you determine the life insurance policy size that best fits your circumstance. 12 HONEST Pros & Cons of Living in NORTH CAROLINA Summers in North Carolina are the worst. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. Social Security Income is exempt. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. One of the reasons people retire to North Carolina is the stunning scenery. . Weigh the pros and cons to see if retiring in North Carolina is right for you. However, that doesnt mean that crime in the state is non-existent. No matter your preference, you're sure to find it in North Carolina. Simmons, C. (2023, February 20). Your web browser is no longer supported by Microsoft. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. North Carolina has a diverse range of weather and climate, depending on which region you retire to. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. 5 Reasons to Consider Buying a House in Boone, NC 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. 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. Unlike most other states, North Carolina taxes groceries. When it comes to retirement, there's a lot to consider. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. Social Security is not taxed, but 401(k) and pension distributions are. 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. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. Retrieved from, Loughead, K. (2020, February 3). North Carolina VS South Carolina - Which One is Better - Movingist 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. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. 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. 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. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. District of Columbia costs $2,324 to rent. As far as the major cities, Asheville may offer the most affordable lifestyle. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Retiring in Asheville, NC: Reasons, Best Places & More! Pros & Cons of Living in Asheville . 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. Your money will go far there, helping you to have a full retirement. Forest City. Should You Retire in Georgia or Florida? Let's Compare! The state experiences all four seasons, with hot summers and cold winters in the mountains. 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. 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. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. Thats lower than every bordering state except Tennessee. In North Carolina, there is no tax on Social Security Income, income taxes have been lowered a flat rate (and that rate has been decreasing), there is no State Estate Tax, and a low corporate income tax. 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. The Lively Music Scene #5. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-mobile-leaderboard-1','ezslot_16',134,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-mobile-leaderboard-1-0');The hurricane season hits North Carolina from June to November. One of the largest is Brunswick Forest, which is located outside of Wilmington. Pros of Living in Asheville #1. 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. 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. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Pros Quality healthcare. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. Low Cost of Living 2. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. 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. March 2023 Blog Posts - EZ Search Real Estate Blog Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. With over 300 miles of beaches, you are sure to find one you love. Sadly, our state has one of the most poorly funded schools systems in the nation. It may seem like all of this comes at a cost, but North Carolina actually has a lower cost of living than the national average. Why do retirees move to North Carolina? - 2023