In fact, Virginia was colonized almost sixty years before South Carolina was. They also appreciate the state's diverse culture, with its many festivals and events. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. Theres something for everyone! If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. 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. Better with age, exceptional with us! However, that doesnt mean that crime in the state is non-existent. The state has a moderate climate while still offering four distinct seasons. A State Estate Tax does not exist, and the corporate income tax is low. And the next 10 years are predicted to bring even more growth. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. Thats lower than every bordering state except Tennessee. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Is South Carolina or North Carolina better for retirement? Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) 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. Unfortunately, North Carolina is located in an area susceptible to hurricanes. All rights reserved. Retrieved from. . So heads up! 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. By 2026, the individual income tax will drop to 3.99%. Sorry there is a continuing error in our system. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. As far as the major cities, Asheville may offer the most affordable lifestyle. Aging in America Rankings. Here's What You Need to Know. Pros & Cons of Living in Asheville . North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. With a B.S. If you prefer the sea to mountaintops, the state has you covered in that department as well. . 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. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. Simmons, Christian. Brevard. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. Thats not to say that youll be greeted with open arms (Ive found locals to be friendly, yet reserved Ill cover this in detail shortly) but you will be welcomed and treated with respect. If you consider yourself a nature nut, you will love living in North Carolina. But even then, its hard to fault someone who considers living in North Carolina the end prize. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. The low property taxes in the state are one of the reasons for the below-average housing costs. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. 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. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. The state has been hit by several major storms, including Hurricane Florence in 2018. By 63, you no longer pay taxes. 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 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. 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 came in as the 20th most-taxed state. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. North Carolinas total state and average local sales tax rate is 6.98%. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Read More. Posted by Preston Guyton on March 3, 2023 . North Carolina does have a low corporate tax rate, making it more business-friendly. He covers Medicare and important retirement topics. Required fields are marked *. Pinehurst. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. Is North Carolina a good place to retire? During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. One of the most significant advantages of retiring in South Carolina is the low cost of living. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. 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. Usually, there are two options to steer clear of hurricane damage. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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 EBNC is The Eugenics Board of North Carolina. RetireGuide.com. Retrieved from, Missouri Economic Research and Information Center. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. North Carolina has a diverse range of weather and climate, depending on which region you retire to. Retiring in North Carolina Is North Carolina a good place to live? Hickory. It wont come easy (Ill touch on this shortly as well). 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. In my experience, locals are very friendly, but theres a reserved nature about them. 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. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. 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 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. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). According to the states residents, North Carolina only happens to experience two seasons summer and fall. Read More. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. Obviously your lifestyle with depend on your way of life in North Carolina. 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. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. You never know when the threat will come to fruition so youll want to be prepared. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). 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? The state also offers other generous exemptions on other types of retirement income. [ See: The Best Places to Retire in 2022. ] In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. Both of those are key areas for seniors and certainly good news. The. North Carolina is a retiree's paradise when it comes to outdoor recreation. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Although the good news is that Maine . For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. 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. Sorry there was an error. However, the sales tax differs from county to county. Local venues often have bluegrass and country music bands creating a folk atmosphere. However, the sales tax differs from county to county. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. 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. State Individual Income Tax Rates and Brackets for 2020. This post is for you. However, with your retirement nearing, you dont have to look past this wonderful state. Its true, but this point warrants a deeper dive. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Pros & Cons of Living in Asheville North Carolina. Your money will go far there, helping you to have a full retirement. In North Carolina, the public transportation network is limited in scope and under-served. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. 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. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. ; There are no social security taxes. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. 2023 Retire Fearless. The Appalachian Mountains form most of North Carolinas territory, providing the state with. The Friendly Community Feeling #6. Retirefearless.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. 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. Likewise, rain is not uncommon during the summer months. Explore the local galleries for hand-crafted pottery and other creations. How much do you need to retire in North Carolina? North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. When you think "retirement destination," North Carolina may not be top of mind. If you need help pricing and building your medicare plan, call us at 844-572-0696. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. The answer really depends on what youre looking for in retirement since each state offers different benefits. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. Small City . In her free time, Alissa loves to travel, read, cook, and spend time with her family. Best North Carolina Beaches. Pros of Retiring in West Virginia 1. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. Here's what you need to know about the state before you make your move. Truthfully speaking, the friendly community feel took some adjusting at first because Ive mostly lived in large cities where being greeted by name was deemed unusual. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. The coastal areas are milder, with average temperatures in the 60s and 70s. 1. But one mountain city that stands out is Asheville. North Carolina has become one of the best retirement states in recent years. Pros Quality healthcare. In fact. It can be exciting to move somewhere new, start fresh, and . But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. First off, accommodation is the biggest expense that any states residents have to incur. Here are the pros and cons of retiring to Asheville, North Carolina. Dont hesitate to reach out with questions, Im here to help! Most weekends can be spend hiking, biking, fishing, swimming or hunting. The state is home to a handful of great cities, but most of the Tar Heel State is rural. Unlike most other states, North Carolina taxes groceries. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. We love planning for retirement. Black Mountain. North Carolina cost of living is 90.6. and youll see what all the fuss is about. Get instant access to our latest in-depth guides covering important retirement topics. 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. The sales tax rate is 6.98%, which falls into about the middle tier nationally. Is Virginia a good place to retire for taxes? 1.. The Southern states have seen massive growth recently, with the region becoming one of Read More, These Markets Are Projected to Have the Most Home Price Change in 2023. However, it does so at a reduced rate, with almost 2% on most food. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. 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. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities.