North Carolina favors retirees with respect to Social Security benefits and estate and estate taxes, since these taxes simply don't exist in the state. From quaint coastal towns to cozy mountain communities, North and South Carolina offer retirees plenty of incentives. When you buy through links on our site, we may earn an affiliate commission. North Carolina and South Carolina rank high on the list of potential new retirement destinations. In 2024, the New York Times ranked South Carolina as one of the best places to retire in the U.S.
UU. Thanks to its climate and affordability, GoBankingRates listed North Carolina as one of the five most promising retirement locations. Both states are also in the top five when it comes to net migration of people aged 60 and over, according to Smart Asset. To give you a better view of everything the Carolinas have to offer, we interviewed retirees who have moved to the Carolinas, as well as real estate and insurance agents who welcome new retirees in the region every year.
They missed their family and friends from New Jersey and their good pizza. But don't miss out on the overwhelming property taxes that New Jersey is known for (we'll talk about that in a moment). Are the Carolinas high on your list of potential retirement locations? Here are eight things to know about retiring in North Carolina or South Carolina. For years, the Carolinas and other South Central states have seen an increase in the number of retirees.
Some are Northerners who made the Carolinas a direct goal for retirement. Others are the northern “halfbacks” who initially thought they would retire in Florida, but when they got there, they decided to fight their way halfway. Maybe you want to enjoy all four seasons of the year in the Blue Ridge Mountains, or you just want to avoid the sweltering Florida climate. The Hammons bought a one-bedroom condo a block away from where they rented it more than 10 years ago while they were still living and working.
in Virginia. In North Carolina, your Social Security benefits are not taxable; however, the state taxes most other retirement income at a fixed rate of 4.5%. North Carolina also offers a real estate tax exemption for eligible residents. The state excludes a portion of the assessed value of a permanent residence from property taxes, but to qualify, homeowners must occupy the home and be 65 or older or have a total and permanent disability.
There is a dark side to taxes in South Carolina, however, sales taxes. However, localities can add up to 3%, which could affect the pocket up to 9%, although the average combined rate in 2024 was 7.25%, according to the Tax Foundation. Enrollment fees are also exempt, but there may be an application fee, depending on the university. Do you want to get college credit? Residents age 65 and older can take up to six hours of free courses for credit at the state's community colleges each semester.
It's even better in South Carolina. All South Carolina residents age 60 and older can attend any state-funded university without paying tuition, as long as space is available. This includes courses taken for credit or audited. You'll need to apply for enrollment at the school you're interested in attending and you'll have to pay fees for courses, textbooks, and other required materials.
Check out our guide to free (or affordable) universities for retirees in all 50 states to learn more about educational options in other states states. It's not that hurricanes are unexpected in North and South Carolina. After all, the region's professional hockey team is called, well, the Hurricanes. Anyone who has visited the Carolinas on vacation knows that major weather phenomena are part of coastal life.
Have you seen street signs that indicate hurricane evacuation routes. In fact, in North Carolina, an average of one tropical cyclone makes landfall every two years. Of these, 52 are hurricanes, making an average of one hurricane make landfall every 3.25 years. In the fall of 2024, the enormous storm Helene left a trail of devastation in six states in the southeastern United States, destroying communities and claiming more than 116 lives.
In the mountainous region of western North Carolina, houses and bridges were razed, towns razed and the resort town of Asheville was isolated. So, does that mean you must have hurricane insurance as a homeowner in the Carolinas? No!. Instead, homeowners combine homeowners insurance, making sure it includes windstorm coverage with flood insurance. According to an article published on MSN by the Wall Street Journal, baby hunters are boomers who follow their children (and grandchildren) who have moved to the Carolinas in search of lucrative work, usually in the Charlotte area (there is even an index of baby hunters).
Who knew? The list of finalists is long. The Carolinas are actively recruiting retirees, and local governments are friendly to developers in the many communities over 55 that surround beach and mountain communities. You'll find plenty of sand both on beaches and on golf courses in the Carolinas. For example, there are several dozen active communities for retired adults in the Myrtle Beach, South Carolina area (a popular tourist destination and also an increasingly popular retirement destination), such as Myrtle Beach Golf & Yacht Club, with more than 1000 homes; The Bays at Prince Creek, with 799 homes; and Del Webb in Grande Dunes Myrtle Beach, a community of 700 homes that continues to grow around the Intercoastal Canal. If you're looking for a getaway to a higher elevation, look no further than the North Carolina mountains. Do you want to get away from the hustle and bustle of the big city? You'll find plenty of opportunities for outdoor adventures, majestic landscapes and open spaces, parks and attractions to visit for solo trips, family vacations or romantic getaways.
Of course, if you prefer to enjoy a more relaxed vacation, there are also great dining options, historical and cultural attractions, and luxury accommodations with views. And if you're a craft beer enthusiast, you'll be pleased to know that North Carolina has more than 370 breweries and breweries, the largest number in the South. If you're in the mood for an adventurous getaway, need a relaxing vacation, or prefer a little bit of each, check out the mountains of North Carolina. Some small towns worth discovering, which are charming and extremely affordable, include Hendersonville, Weaverville, Black Mountain, and Brevard.
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Kiplinger is part of Future US Inc., an international media group and a leading digital publisher. Surprisingly, North Carolina ranked third in this regard, behind only Florida and Texas, after receiving 55 direct hits, seven of which fell between category 3 (winds of 111 to 129 miles per hour) and category 5 (winds of more than 157 miles per hour). North Carolina is home to more than 1.7 million people over the age of 65, who represent nearly 17% of the state's population (according to research in the Journal of Consumer Affairs). According to Meyers Research, many of these baby trackers have money, especially those who sell their long-standing homes in the Northeast, take advantage of North Carolina's more affordable housing market and have money in their pocket.
The Tax Foundation places North Carolina in the middle of all states with respect to sales taxes, as its combined average of state and local sales taxes is 6.996% (the state tax is 4.75% and the local tax is 2.75%). Like North Carolina, South Carolina doesn't tax Social Security benefits, but it does tax other forms of retirement income, and the state income tax rate ranges from 0% and 6.2%. A total of 862,924 people over 60 were represented in their “Top 10 Retirement Destinations,” with locations that varied slightly each year; 8.5% of these retirees ended up in North Carolina. News & World Report ranks several North Carolina hospitals among the best in the country; Duke Hospital was named the best hospital in North Carolina, just ahead of hospitals at the University of North Carolina.
While retiring in North Carolina presents some challenges (as in any other state), the rankings of retirement destinations and the large volume of retirees moving there consistently prove that it's a great place to spend your golden years. However, North Carolina does charge state income taxes and taxes most sources of retirement, such as 401 (k) plans, pensions and IRAs, hence the “moderate tax” label. While not required, a home inspection to mitigate the wind can generate substantial savings for anyone who chooses to live off the coast of North Carolina or elsewhere, as insurance companies are legally required to offer discounts for a “passing score.” The North Carolina environment is sometimes difficult for people who suffer from asthma and allergies; however, exactly where you reside in the state makes a big difference in this regard.
