North Carolina Retirement Cash Flow
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Benefits of Retiring in North CarolinaGreat tax breaks for seniors.301 miles of barrier coastline.The Queen City.Mountain Getaways.Four distinct seasons.The Outer Banks.Lower than Average Cost of Living.The Blue Ridge Parkway.More items...?
North Carolina is moderately tax-friendly for retirees. It does not tax Social Security retirement benefits. The state also has low property taxes and sales taxes near the national average.
For a 65 year old in North Carolina whose life expectancy aligns with the statewide average, a comfortable retirement will cost an estimated $1,000,935, $119,500 less than it does nationwide. The more affordable retirement is due both to the state's relatively low cost of living and lower than average life expectancy.
The affordable cost of living and low housing prices mean relocating to North Carolina could help improve your retirement finances. Many of North Carolina's most beautiful attractions, including Great Smoky Mountains National Park and the Cape Hatteras National Seashore, cost nothing at all.
That's why the Tar Heel State was named one of the best places to retire based on a study from Bankrate.com. "Yes, on our ranking, North Carolina was near the top," said Jeff Ostrowski, who works for Bankrate.com. North Carolina wound up No. 11 overall.
North Carolina is moderately tax-friendly for retirees. It does not tax Social Security retirement benefits. The state also has low property taxes and sales taxes near the national average. Seniors with significant income from sources other than Social Security will have a larger tax bill in North Carolina.
When it does come to the tax side of things, if you're considering a move to North Carolina for retirement, it's important to keep the following in mind: Social Security income in North Carolina is not taxed. However, withdrawals from retirement accounts are fully taxed. Additionally, pension incomes are fully taxed.
Sperling's Best Places rates South Carolina as an 88.5 out of 100, with 100 being the average cost of living in the United States. Meanwhile, North Carolina comes in at just a bit higher at 90.6. It's a subtle difference, but it's an important one if maximizing your retirement budget is important to you!
