North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. 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. For full transparency, we clearly identify our sources in a list at the bottom of each page. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. 0.77%. The High Cost of Housing #2. Brevard. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. North Carolina offers many advantages for older adults. If you need help pricing and building your medicare plan, call us at 844-572-0696. In my experience, locals are very friendly, but theres a reserved nature about them. Pros of living in North Carolina 1. Five-star fun. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. Here's what you need to know about the state before you make your move. The only downside to the easy going vibe is the lack of ambition you may come across from time to time. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. 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. Williamston. You will need to invest in a car to get the most out of living in North Carolina. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Its a major area and feels like it as its the most populous city in the state. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. But the rate in North Carolina is modest, coming in at 5.25%. 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. Social Security Income is exempt. Decent Essays. This can take out a big chunk of your retirement savings. North Carolina is a retiree's paradise when it comes to outdoor recreation. 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. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 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. Know what that means? For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. 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. Retrieved from, United Health Foundation. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. That rate continues to drop from what was 5.75% in tax years 2015-2016. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. While most of these are meant for hikers, there are options for mountain biking or horseback riding. 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. 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. If you fancy yourself a city-dweller, you wont be disappointed either. 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. Low Employment Opportunities 3. 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 my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Usually, there are two options to steer clear of hurricane damage. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. 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. These include Chapel Hill, Raleigh, and Asheville. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. amongst states with the highest per capita tax. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. North Carolina's rich history influences much of the cultural scene. So what does that mean for you? But before I get some sassy remark, allow me to explain. 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. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. Most weekends can be spend hiking, biking, fishing, swimming or hunting. As far as the major cities, Asheville may offer the most affordable lifestyle. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. 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. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. However, with your retirement nearing, you dont have to look past this wonderful state. However, with your retirement nearing, you dont have to look past this wonderful state. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Sadly, our state has one of the most poorly funded schools systems in the nation. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. 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. Drawing people from all over the country with its beauty, stunning coastline, and southern hospitality, theres a lot to love about retiring in North Carolina. North Carolina offers a relatively temperate climate to enjoy. 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. 4.3. Your email address will not be published. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. 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. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. 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. 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. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. The. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. 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. Please call us using the phone number listed on this page. By 63, you no longer pay taxes. 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. North Carolinas crime rate almost matches the national average. Here's What You Need to Know. 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. 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. 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. However, it does so at a reduced rate, with almost 2% on most food. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Enter North Carolina, sweet North Carolina. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. Unlike most other states, North Carolina taxes groceries. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Greensboro. 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. North Carolina ranks 19thamongst states with the highest per capita tax. The state experiences all four seasons, with hot summers and cold winters in the mountains. (2021). North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. 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. North Carolina's property tax rates are relatively low in comparison to those of other states. 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 the third most popular retirement destination. The coastal areas are milder, with average temperatures in the 60s and 70s. . The Appalachian Mountains have a strong folk art and music tradition. 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. Explore the local galleries for hand-crafted pottery and other creations. We are a publishing team of licensed Nursing Home Administrators, Nurses, Assisted Living Directors, and individuals with vast personal experience with retirement communities and senior living.