Should You Retire in Georgia or Florida? Let's Compare! 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. Therefore it becomes challenging to get from one place to another without a vehicle. Many retiree-friendly communities have been developed with top-notch health care facilities. A recent study by MIT found that a single adult (without kids) needs to make a minimum of $31,660 per year to live in North Carolina. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. Overall Score. 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). 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. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. But dont just take my word for it. North Carolina offers many advantages for older adults. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. We appreciate your feedback. 10 Pros and Cons of Living in North Carolina Right Now 10 Reasons to Retire in North Carolina - Leisure Care Is North Carolina a good place to retire? JG Wentworth Personal Loans: 2023 Review | Bankrate The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. A cost of living index above 100 means North Carolina, North Carolina is more expensive. 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. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. 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. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Pros of retiring in North Carolina Beautiful scenery Diversity in locations Low cost of living And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. North Carolina is certainly an interesting state. When it comes to weather, North Carolina has the best of both worlds. 4 Full Seasons Cons of Retiring in West Virginia 1. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. . Ready to Retire in North Carolina? Check out these Pros and Cons. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. While the state has always had plenty to offer, one of its biggest advantages for retirees is that it can essentially serve as a middle ground between more extreme retirement destinations. Residents could spend years exploring the state's caverns, gorges, and state parks, but retirees will need to plan their excursions for the summer months before the . Is it cheaper to live in North Carolina? - 2023 These same mountains include fishing, boating, whitewater rafting, and rock climbing. It offers a small-town vibe nestled within the North Carolina mountains. Alissa has been working in marketing and the senior living industry for over ten years. 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. But there are still notable drawbacks to retiring in North Carolina. The median home price in Myrtle Beach is $216,000, and rent also . 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. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. 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. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. Since they live in a gorgeous state, youll find most people casually walking around looking happy and enjoying life. 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. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. One option that stands out is Hendersonville. The residents of this state display that Southern charm regularly. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. 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. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. 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. More so, to celebrate their states rich and abundant history, North Carolina actively funds and looks after the many museums and historical sites in the state. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Pros of living in North Carolina 1. 20 Pros and Cons of Living in Raleigh, NC - Vittana.org Theres something for everyone! The Lively Music Scene #5. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset You can thank me later. If you prefer the sea to mountaintops, the state has you covered in that department as well. Durham. Youve come to the right place. True to form, locals focus on getting to know their neighbors and building a sense of community. Unlike most other states, North Carolina taxes groceries. 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. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. The Pros and Cons of Retiring in North Carolina (2022) Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. As one of the original 13 colonies, you'll find important historical sites in American history, from Revolutionary-era buildings to Civil War battle sites. You're signed up for our free newsletter! North Carolina offers mild weather and beautiful seasons while also keeping older adults closer to the communities they came from, offering a more pleasing retirement life. Abandoning the city has its advantages, especially when considering the scenery. Estimate how long you'll live and explore retirement options for a long life. I think this is a normal human reaction to outsiders, but it takes a little while for folks to warm up and to make genuine friends after moving to North Carolina. 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. Being called maam isnt a reference to your age, fret not. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. 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 total state and average local sales tax rate is 6.98%. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. 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. Want to Retire in North Carolina? You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. The taxes are not overtly high, but still will cost you more than many other parts of the country. Both of those are key areas for seniors and certainly good news. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. Here are the pros and cons of retiring to Asheville, North Carolina. 3. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. 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. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. State Individual Income Tax Rates and Brackets for 2020. 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. This area is famous for its beaches, lighthouses, and wildlife. Of course, your location influences your total costs. Drawbacks of Retiring in North Carolina | Newsmax.com Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. The hurricane season hits North Carolina from June to November. Cost of Living Data Series. You will also want to think through what is included at the community you are considering. If we talk about numbers then, South Carolina is a clear winner as the people here pay 0.56% of their home's market value, and also people above 65 years of age get a deduction of about $50K. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. 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. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. The 7 Best Places to Retire in North Carolina - msn.com 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. "North Carolina Retirement." North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Please wait a moment and try again. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. Is it better to retire in South Carolina or North Carolina? - 2023 Your email address will not be published. Thats our promise. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. North Carolinas crime rate almost matches the national average. Taxes - North Carolina's recent income tax reform lowered its rate to a flat 5.57 percent, but there are several states that don't tax resident income at all. The company also offers access to third-party pre . 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. Rapidly Increasing Economy. 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. Benefits of Retiring In West Virginia (Pros & Cons) - Retire Fearless The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. The High Cost of Housing #2. Regardless of your preference, know this: you cant go wrong but you better learn to defend it. The state has a moderate climate while still offering four distinct seasons. Its true, but this point warrants a deeper dive. This is very ideal for retirees. 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. Pros of Retiring in Virginia: Robust Economy: Even though the COVID-19 pandemic considerably affected the state's economic growth, Virginia still remains one of the US's strongest economies. Here, retirees can enjoy a more peaceful and relaxed pace of life. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. With a B.S. Get instant access to our latest in-depth guides covering important retirement topics. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. The Pros and Cons of Retiring in South Carolina - EZHomeSearch.com 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. This includes looking into hospitals, clinics, and doctors in the area. Otherwise, it will be difficult to visit the beautiful beaches and mountains. In her free time, Alissa loves to travel, read, cook, and spend time with her family. If you fancy yourself a city-dweller, you wont be disappointed either. All Rights Reserved. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Sorry there is a continuing error in our system. Moreover, there are also smaller university hospitals in the state that are nationally ranked. The EBNC is The Eugenics Board of North Carolina. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. The south is known for hospitality, and North Carolina is no exception. and youll see what all the fuss is about. It wont come easy (Ill touch on this shortly as well). North Carolinas Medicare quality ranking reflects the availability and effectiveness of Medicare Advantage plans in the state, which are sold privately and are available regionally. 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. It can be exciting to move somewhere new, start fresh, and . With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. There's a reason why retiring in the southeast, for example, is such a popular choice: it's the perfect intersection of affordability, convenience, and climate that many retirees crave. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. Now to answer the big question: Is North Carolina a good place to live? Pros of Retiring in West Virginia 1. Here's What You Need to Know. Top 10 places to retire in NC. 0.77%. RetireGuide.com. By 63, you no longer pay taxes. Explore the local galleries for hand-crafted pottery and other creations. Retrieved from, United Health Foundation. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. However, it does so at a reduced rate, with almost 2% on most food. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. The cost of living in North Carolina is relatively low compared to other US states. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. Reidsville. Pros and Cons of Living in North Carolina | Expat Exchange Overview. Local venues often have bluegrass and country music bands creating a folk atmosphere. North Carolina VS South Carolina - Which One is Better - Movingist If you need help pricing and building your medicare plan, call us at 844-572-0696. This is something to keep in mind if you're considering retiring to North Carolina. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. 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. 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+. 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. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. Simmons, Christian. What Are The Pros And Cons Of Living In Myrtle Beach? The sales tax is around 6.98%, with municipalities having special leverage. After all, this state has a lot to offer. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. There are many advantages to retiring in North Carolina. District of Columbia costs $2,324 to rent. 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. 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. However, its important to remember that the cost of living varies from state to state. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. But even then, its hard to fault someone who considers living in North Carolina the end prize. 8 Things You Must Know About Retiring to the Carolinas But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. retiring in North Carolina pros and cons - Vision Retirement "North Carolina Retirement." However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. 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. 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%. Likewise, rain is not uncommon during the summer months. Pros of Retiring in South Carolina Beautiful Landscapes Tax-Friendly Good Healthcare System Great Weather Numerous Outdoor Activities Southern Hospitality Convenient Transportation Historically Rich Low Crime Rates Free Education for Retirees Cons of Retiring in South Carolina High Cost of Living Too Much Construction Hurricanes Flood Alligators in the state is 5.8 per 100,000, 10% higher than the national average. Sorry there was an error. It came in as the 20th most-taxed state. 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. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. If it sounds appealing, start looking at these 16 top cities in NC. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. 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. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Find fishing, boating, hiking, golfing, and much more. Usually, there are two options to steer clear of hurricane damage. Save my name, email, and website in this browser for the next time I comment. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Greensboro. As for my favorite BBQ joint? placing it on the ranking of 26 in the nation. Oops! When you think "retirement destination," North Carolina may not be top of mind. North Carolina Pros And Cons - 771 Words | Internet Public Library Insurance is often more expensive in rural areas, and there are fewer providers to choose from. Just when you think summers in North Carolina cant get worse, youll experience the threat of a looming hurricane. Where do most retirees live in North Carolina? 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. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Simmons, Christian. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Something went wrong while submitting the form. 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. 12 HONEST Pros & Cons of Living in NORTH CAROLINA Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. Theres something for everyone in the mountains of North Carolina. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. The rolling landscape is dotted with lakes and reservoirs. 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. 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. For full transparency, we clearly identify our sources in a list at the bottom of each page. We offerindependent living servicesat Treeo Raleigh in North Carolina. (2021). This could include having an evacuation route and plan and supplies to ride out the storm. Although the surgeon population for the Charlotte area is beginning to minimize this advantage, the cost of living here is still lower than it is across the United States, and especially along the eastern seaboard. List of the Pros of Living in Charlotte, NC 1. 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

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