We all want to make the most of our money, especially once we retire. Finances pay a big part in deciding where to spend your golden years; fortunately, North Carolina is one of the most tax friendly states for retirees – perfect for enjoying the finer things in life.
North Carolina Retirement Taxes
There’s a few reasons why North Carolina makes the cut as one of the best states to retire to for taxes. Due to a tax reform back in 2013, the Tar Heel state now charges income tax at a flat rate of just 5.75% as well as a tax exemption on all Social Security retirement benefits. There’s no wonder these retiree friendly taxes add that extra appeal for those looking to relocate during retirement.
Competitive Cost of Living
As well as North Carolina providing great taxes for retirees, you’ll also find a low cost of living in the state. The lower price of food, utilities, transport and housing here compared to other states means you’ll have more freedom to spend money on the things you love. If you’re in need of healthcare, you’ll be happy to know that prescription drugs are fully exempt from tax in North Carolina as well. The low cost of living retirees can enjoy here has even lead to the city of Durham being featured in MSN Money’s list of top ten places to retire.
Adventure On Your Doorstep
North Carolina has an abundance of spectacular scenery to discover. With national parks, waterfalls and mountains at every turn, you won’t need to travel far or spend much to explore this beautiful state. The state’s well-maintained highways provide easy access to North Carolina’s stunning beaches and quaint coastal towns, as well as the breath-taking views of the Blue Ridge Mountains – perfect locations for money saving days out!
Keep Active For Less
Living on a retirement income doesn’t mean you have to revert to a slower pace of life. Get out and explore all that this state has to offer. Having all this available on your doorstep is a great way to keep active without breaking the bank.
Combine a low cost of living, retiree friendly taxes and an abundance of free and budget friendly locations and activities and it’s easy to see why North Carolin of one of the best states to retire in, both financially and lifestyle wise.