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North Carolina does have a low corporate tax rate, making it more business-friendly. But before I get some sassy remark, allow me to explain. The access to nature and plethora of outdoor recreational is hard to beat. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. Healthcare is a massive concern for those looking to move to another state, especially retirees. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Both of those are key areas for seniors and certainly good news. (n.d.). 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. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. Is it cheaper to live in North Carolina? - 2023 Alissa has been working in marketing and the senior living industry for over ten years. 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. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. (2021). Many retiree-friendly communities have been developed with top-notch health care facilities. They also appreciate the state's diverse culture, with its many festivals and events. Ready to Retire in North Carolina? Check out these Pros and Cons. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. 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. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. If youre the self-sufficient sort youll have plenty to do. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. Pros & Cons of Living in Asheville . The state is 560 miles wide from east to west! . With that said, after researching one too many US states with retirement potential, I decided to dig deeper into the hidden wonder that is North Carolina. 4.3. The city mixes the old with the new in an innovative way, bringing history to life with Civil War landmarks, the Discovery Place, the NASCAR Hall of Fame, and even Carowinds, a sprawling theme park all within the Queen City. He covers Medicare and important retirement topics. Why do retirees move to North Carolina? - 2023 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. If you prefer the sea to mountaintops, the state has you covered in that department as well. Your web browser is no longer supported by Microsoft. 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. When you think "retirement destination," North Carolina may not be top of mind. Get instant access to our latest in-depth guides covering important retirement topics. Williamston. North Carolina VS South Carolina - Which One is Better - Movingist It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. Estimate how long you'll live and explore retirement options for a long life. Black Mountain. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. Where do most retirees live in North Carolina? . Update your browser for more security, speed and compatibility. Reidsville. RetireGuide.com. The answer really depends on what youre looking for in retirement since each state offers different benefits. The High Cost of Housing #2. The state averages homeowners pay 0.85% of property value. 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. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. We love planning for retirement. Drawbacks of Retiring in North Carolina | Newsmax.com Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. 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. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. retiring in North Carolina pros and cons - Vision Retirement As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. You can thank me later. Do you enjoy the resources RetireGuide provides? The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. How is North Carolina for retirement? - meetbeagle.com 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. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. No matter your preference, you're sure to find it in North Carolina. Especially if you are moving from up north, youll find that even the largest cities compare favorably to the cost of living that youre used to. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. 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. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. 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. If you're considering retiring to the coastal region of North Carolina, it's important to have a plan in place in case of a hurricane. 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. 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. cost 9.8% of ones yearly income. No matter which sport you love, North Carolina has it. The job market in Raleigh is thriving right now. These include Chapel Hill, Raleigh, and Asheville. The company also offers access to third-party pre . Pros of retiring in North Carolina All four seasons. This area is famous for its beaches, lighthouses, and wildlife. North Carolina experiences moderate temperatures in all four seasons. 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. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. 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. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. Unlike most other states, North Carolina taxes groceries. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. 0.77%. North Carolina is certainly an interesting state. One of the largest is Brunswick Forest, which is located outside of Wilmington. This can be attributed to several factors, including a lower-than-average cost of housing. 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). 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. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. What more could you want in a new community? 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.