Hickory. These include Chapel Hill, Raleigh, and Asheville. Sorry there was an error. In fact, Virginia was colonized almost sixty years before South Carolina was. 4.3. 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. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. North Carolina is generally an affordable state. (2021). While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. We offerindependent living servicesat Treeo Raleigh 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. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. (30) Living in North Carolina (99) Living in Ohio (11) . In sum, heres a quick roundup of the pros and cons of moving to North Carolina. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-narrow-sky-1','ezslot_19',147,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-narrow-sky-1-0'); With multiple family members currently in senior living facilities, David is in the trenches every week, learning the ins and outs of nursing homes, assisted living, memory care, and general senior living. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. There are many advantages to retiring in North Carolina. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. 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? From Sir Walter Raleigh landing in NC in 1587 to NC succeeding during the Civil War, this state has witnessed its fair share of nation-defining historical events. The coastal areas are milder, with average temperatures in the 60s and 70s. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Williamston. Overall, the cost of living in North Carolina comes in 5 points below the national average. Top 10 places to retire in NC. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. Receive Helpful Content Straight ToYour Inbox. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. 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. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. https://www.wral.com/new-study-reveals-best-places-to-retire-in-north-carolina-they-re-all-small-towns/19879509/, https://money.usnews.com/money/retirement/baby-boomers/articles/best-places-to-retire-in-north-carolina, https://assets.americashealthrankings.org/app/uploads/2021-senior-report-%E2%80%93-state-summaries.pdf, https://taxfoundation.org/state-individual-income-tax-rates-and-brackets-for-2020/, https://meric.mo.gov/data/cost-living-data-series, https://web.archive.org/web/20230126082510/https://www.usnews.com/news/best-states/rankings/aging, https://travel.usnews.com/rankings/best-beaches-in-north-carolina/, This article contains incorrect information, This article doesn't have the information I'm looking for, Winner of the Florida Society of News Editors Journalism Contest, Member of the Association for Financial Counseling & Planning Education, Founded an independent, student-run publication at UCF, Leah, H. (2021, September 16). Here's what you need to know about the state before you make your move. 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. North Carolina doesnt tax Social Security retirement benefits. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. The EBNC is The Eugenics Board of North Carolina. The sales tax is around 6.98%, with municipalities having special leverage. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. But there are still notable drawbacks to retiring in North Carolina. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. According to the U.S. News and World Report, some of the best beaches and beach town options in North Carolina include Emerald Isle, Bald Head Island and Cape Hatteras. You can thank me later. Even popular tourist spots like Myrtle Beach can offer affordable living. , both states ranked in the top five for net migration of people aged 60 and older. Find fishing, boating, hiking, golfing, and much more. If you consider yourself a nature nut, you will love living in North Carolina. True to form, locals focus on getting to know their neighbors and building a sense of community. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. Access to Nature #2. 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. Your money will go far there, helping you to have a full retirement. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. Consider leaving a review on Google or Facebook. When it comes to weather, North Carolina has the best of both worlds. If youre new to North Carolina, allow me to fill you in. 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. 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. This can be attributed to several factors, including a lower-than-average cost of housing. North Carolina is the third most popular retirement destination. For full transparency, we clearly identify our sources in a list at the bottom of each page. Cities such as Raleigh and Charlotte have a public transportation system, but they lack the convenience that other cities, such as Chicago or New York, offer. So what does that mean for you? Overall Score. 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. North Carolinas crime rate almost matches the national average. By 63, you no longer pay taxes. 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. 1. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. 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. Contact us today to get started. 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. 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. 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. We appreciate your feedback. Pros of living in North Carolina 1. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. Sadly, our state has one of the most poorly funded schools systems in the nation. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. And the next 10 years are predicted to bring even more growth. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. 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. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. Thats our promise. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. Being called maam isnt a reference to your age, fret not. The Best Places to Retire in North Carolina. 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. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. Moreover, there are also smaller university hospitals in the state that are nationally ranked. If youre the self-sufficient sort youll have plenty to do. Get instant access to our latest in-depth guides covering important retirement topics. 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 state is home to a handful of great cities, but most of the Tar Heel State is rural. "North Carolina Retirement." document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. Its true, but this point warrants a deeper dive. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. 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. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. Pros and Cons of a Georgia Retirement. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. Today, we're going to highlight 7 of the best places to retire in North Carolina. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. He covers Medicare and important retirement topics. Low Employment Opportunities 3. Speaking from personal experience, one of the best things about living in North Carolina is actually being able to enjoy life without feeling the pinch of irrational rent prices and overall high cost of living. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. And its true, with median home prices coming in at $330,000, many folks end up moving to North Carolina to fulfill their lifelong dream of owning a home (myself included). For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. (n.d.). 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. 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. Please call us using the phone number listed on this page. One of the largest is Brunswick Forest, which is located outside of Wilmington. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. But dont just take my word for it. Low Cost of Living 2. Healthcare is a massive concern for those looking to move to another state, especially retirees. Pros And Cons Of South Carolina. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. This is considered southern etiquette and folks are keen to teach their children manners. 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 We can be reached via email at contact@retirefearless.com. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? No matter your preference, you're sure to find it in North Carolina. They also have higher than average property tax rates. 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. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. North Carolina is home to a thriving arts and culture scene. Thank you! The company also offers access to third-party pre . . If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. Everything is a lot cheaper here, especially when it comes to housing. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Living in Pennsylvania . 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. 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. Pros & Cons of Living in Asheville North Carolina. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. You'll need to buy an automobile to get the most out of living in North Carolina. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. But there are still notable drawbacks to retiring in North Carolina. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. 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. You will need to invest in a car to get the most out of living in North Carolina. You will also want to think through what is included at the community you are considering. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. 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. A State Estate Tax does not exist, and the corporate income tax is low. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. 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+. First off, accommodation is the biggest expense that any states residents have to incur. After all, this state has a lot to offer. 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 . . All Rights Reserved. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Pinehurst. in the state is 5.8 per 100,000, 10% higher than the national average. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. 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. Consider these retirement communities in North Carolina: Asheville. If you need help pricing and building your medicare plan, call us at 844-572-0696. 1.. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. 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. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. Forest City. ; There are no social security taxes. 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. However, certain types of crimes are more common in the state than others. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. 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. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. It's somewhat of a hobby, and we want to share what we've learned with you. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. However, the sales tax differs from county to county. Thinking about living in North Carolina? Do you enjoy the resources RetireGuide provides? So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. The sales tax rate is 6.98%, which falls into about the middle tier nationally. 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. What more could you want in a new community? On average, individualstate and municipal taxescost 9.8% of ones yearly income. With a B.S. North Carolina cost of living is 90.6. IBM WatsonHealth named it a Top 50 cardiovascular . Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Read More. 2. Raleigh and Durham. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. Brevard. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. The state has a moderate climate while still offering four distinct seasons. One option that stands out is Hendersonville. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. It offers a small-town vibe nestled within the North Carolina mountains. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. 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. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). 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. RetireGuide doesnt believe in selling customer information. But I dont want to get ahead of myself, so lets cover everything you need to know about moving to North Carolina based on firsthand experience. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. . Five-star service. Read More. 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 residents of this state display that Southern charm regularly. Contents1 Is it cheaper to live in SC [] North Carolina ranks 19thamongst states with the highest per capita tax. (n.d.). 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. The rolling landscape is dotted with lakes and reservoirs. 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%. Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Your email address will not be published. For instance, if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-large-leaderboard-2','ezslot_15',113,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-leaderboard-2-0');Duke University Hospital is among the best in the country. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. 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. The cost of living in Charlotte is lower than in other cities along the East Coast. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. 0.77%. The High Cost of Housing #2. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. However, that doesnt mean that crime in the state is non-existent. 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. Even a carefully planned retirement lifestyle may come with unintended consequences. 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. 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. Therefore it becomes challenging to get from one place to another without a vehicle. Enter North Carolina, sweet North Carolina. [ See: The Best Places to Retire in 2022. ] The only downside to the easy going vibe is the lack of ambition you may come across from time to time. 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 offers a relatively temperate climate to enjoy. Cons of Retiring in North Carolina Threat of hurricanes. Theyre non-negotiable in my book because they prevent things from molding overnight. North Carolina offers a relatively low cost of living to its residents. State Individual Income Tax Rates and Brackets for 2020. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. The state has been hit by several major storms, including Hurricane Florence in 2018. 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. 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. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. When it comes to retirement, there's a lot to consider. If youre considering retiring in North Carolina but still require some convincing, Ive lined up more than a few reasons to help you make a decision. The state is best known as the birthplace of Aviation, irresistible barbecue and friendly locals theres so much to love about living in North Carolina. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. Chicago 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. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. Another pro of retiring in North Carolina is excellent health care. RetireGuide.com. North Carolina doesnt tax Social Security retirement benefits. . Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. North Carolina is certainly an interesting state. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. We'd love to hear your thoughts. Know what that means? Our calculator will help you determine the life insurance policy size that best fits your circumstance. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Something went wrong while submitting the form.