retiring in north carolina pros and cons

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. Pros of Retiring in West Virginia 1. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. 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. 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. Pros & Cons of Living in Asheville North Carolina. But one mountain city that stands out is Asheville. This includes looking into hospitals, clinics, and doctors in the area. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. 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. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. 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. Sorry there is a continuing error in our system. Five-star service. Unlike most other states, North Carolina taxes groceries. For instance, Duke University Hospital is among the best in the country. 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. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. Were you able to find the information you were looking for on RetireGuide.com? Sauna-quality humidity (yay!). The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. A cost of living index above 100 means North Carolina, North Carolina is more expensive. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. 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. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. Charlotte. We will work closely with you and your family to create a lifestyle that meets care and budget needs while making the most of every day of retirement. The cost of living in Charlotte is lower than in other cities along the East Coast. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. 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. Likewise, rain is not uncommon during the summer months. Simmons, C. (2023, February 20). 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. 1. But dont just take my word for it. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Greensboro. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. 890 Words; 4 Pages; Open Document. 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. 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. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. The rolling landscape is dotted with lakes and reservoirs. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. Healthcare is a massive concern for those looking to move to another state, especially retirees. 2023 RetireGuide LLC. 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. There is no estate tax. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. As far as the major cities, Asheville may offer the most affordable lifestyle. It offers a small-town vibe nestled within the North Carolina mountains. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. Receive Helpful Content Straight ToYour Inbox. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. State Individual Income Tax Rates and Brackets for 2020. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) IBM WatsonHealth named it a Top 50 cardiovascular . 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. Update your browser for more security, speed and compatibility. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. When it comes to retirement, there's a lot to consider. You can learn more about our writers, here. 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. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Regardless of your preference, know this: you cant go wrong but you better learn to defend it. Pros of living in North Carolina 1. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. 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 Appalachian Mountains have a strong folk art and music tradition. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). APA But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. Rapidly Increasing Economy. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. 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. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. According to How Stuff Works, "the average cost of living for a retired couple in South Carolina is about $37,000 a year," which is significantly lower than many other states in the US. Retiring in North Carolina Is North Carolina a good place to live? North Carolina is a retiree's paradise when it comes to outdoor recreation. Retrieved from. The low property taxes in the state are one of the reasons for the below-average housing costs. Retiring in North Carolina brings tax benefits, which means that the state considered pro-business, with a great outlook on jobs for seniors looking to start their own business or begin a second career. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. 2. It came in as the 20th most-taxed state. 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. North Carolina's rich history influences much of the cultural scene. This could include having an evacuation route and plan and supplies to ride out the storm. 4 Full Seasons Cons of Retiring in West Virginia 1. Better with age, exceptional with us! Unfortunately, North Carolina is located in an area susceptible to hurricanes. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. 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 Williamston. Even popular tourist spots like Myrtle Beach can offer affordable living. 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. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. . 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. Simmons, Christian. The low property taxes in the state are one of the reasons for the below-average housing costs. In my experience, locals are very friendly, but theres a reserved nature about them. So what does that mean for you? North Carolina has become one of the best retirement states in recent years. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. Consider leaving a review on Google or Facebook. We offerindependent living servicesat Treeo Raleigh in North Carolina. (n.d.). The job market in Raleigh is thriving right now. Know what that means? North Carolina Pros And Cons; North Carolina Pros And Cons. Chicago Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. If youre the self-sufficient sort youll have plenty to do. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. 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. According to a study by Safewise, 11% of the states residents encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. Retrieved from, Brandon, E. (2021, February 22). If you prefer the sea to mountaintops, the state has you covered in that department as well. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Both of those are key areas for seniors and certainly good news. Enter North Carolina, sweet North Carolina. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. 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. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. Something went wrong while submitting the form. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. 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. The similarities end with the choice of meat (both use pork), from there the methods differ. Aging in America Rankings. Now to answer the big question: Is North Carolina a good place to live? While the people whove been living here for a long are prepared for these types of disasters, those who are unprepared can often be severely injured or embrace mortality due to touching downed wires or getting swept up in flood. 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. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. Read More. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Thats our promise. However, the sales tax differs from county to county. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. These include Chapel Hill, Raleigh, and Asheville. Moreover, there are also smaller university hospitals in the state that are nationally ranked. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. If you consider yourself a nature nut, you will love living in North Carolina. North Carolina has a growing variety of retirement communities, with some as small as a couple hundred homes grouped together and others large enough to qualify as sprawling self-sufficient towns. The state is 560 miles wide from east to west! 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. 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. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Small City . 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 Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. and youll see what all the fuss is about. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Cost of Living Data Series. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. ; There are no social security taxes. North Carolinas total state and average local sales tax rate is 6.98%. Forest City. 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. 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. You're signed up for our free newsletter! We love planning for retirement. Theres something for everyone! If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Social Security is not taxed, but 401(k) and pension distributions are. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Is North Carolina a good place to retire? 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. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. In fact. North Carolina offers many advantages for older adults. The state has a moderate climate while still offering four distinct seasons. We'd love to hear your thoughts. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. "North Carolina Retirement." A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. In her free time, Alissa loves to travel, read, cook, and spend time with her family. . Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. Your money will go far there, helping you to have a full retirement. With over 300 miles of beaches, you are sure to find one you love. The EBNC is The Eugenics Board of North Carolina. Therefore it becomes challenging to get from one place to another without a vehicle. 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. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. 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. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. 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 . 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? Retrieved from, Loughead, K. (2020, February 3). History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. After all, this state has a lot to offer. 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 you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. However, that doesnt mean that crime in the state is non-existent. 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. But thats not all there is to this wonder. . The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. North Carolina has a diverse range of weather and climate, depending on which region you retire to. 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. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. 5 Reasons to Consider Buying a House in Boone, NC Thinking about living in North Carolina? To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. 2023 Retire Fearless. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Read More. As for my favorite BBQ joint? 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. If you fancy yourself a city-dweller, you wont be disappointed either. According to a chart from the U.S. News & World Report, North Carolina also has a poor ranking for Medicare quality, coming in at 38th. 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. This area is famous for its beaches, lighthouses, and wildlife. The Median income in North Carolina is about $56,000. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. You will also want to think through what is included at the community you are considering. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. 0.77%. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. The good thing is that they are more than willing to welcome newcomers with open arms. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. MLA Since they live in a gorgeous state, youll find most people casually walking around looking happy and enjoying life. Thats lower than every bordering state except Tennessee. 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. 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. Property taxes vary from county and municipality. You never know when the threat will come to fruition so youll want to be prepared. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. Your web browser is no longer supported by Microsoft. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. Theyre non-negotiable in my book because they prevent things from molding overnight. The average cost of living was $38,295. Your email address will not be published. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. You'll need to buy an automobile to get the most out of living in North Carolina. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. The company also offers access to third-party pre . 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 state is home to a handful of great cities, but most of the Tar Heel State is rural. Its your time to build your future. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. According to the states residents, North Carolina only happens to experience two seasons summer and fall. 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.