Business

Why retirees are flocking to North Carolina

Mooresville was ranked as one of the best small towns to start a business in the United States

Nov. 15. By Ricky Allen. Retirees often spend their golden years relaxing and making the most of every day. Most look for a prime location with a bustling community of pensioners, and North Carolina is one of these places. Not to mention, the state also has a wealth of natural and scenic spots for older adults to enjoy, such as the Appalachian National Scenic Trail and the Great Smoky Mountains. The United States Census reports that in 2019, 16.7% of the state’s population were adults aged 65 and older, which is three years over the average retirement age. This is also significantly higher than in other states. Having this many retirees is a sure sign that the area can cater to your needs and lifestyle. But what makes North Carolina such a great state to move to once you become a pensioner? Other than breathtaking views, here are just some of the reasons that retirees are relocating to the state:

It’s a great place to earn extra income

As a retiree, this might sound counterintuitive but if you have time on your hands, gaining new experience might pique your interest. If you have a passion project you’ve always wanted to do, you can try starting a small business with your idea. A past survey on ‘The Best Cities to Start a Business’ lists Mooresville, Asheville, and Kannapolis as great places to do so in America. Incidentally, they’re all in North Carolina. The survey took into account factors like accessibility, costs, and commute time, among other things.

You can also opt for part-time work. AskMoney lists consultancy work as a great choice for retirees. A consultancy post allows them to use the knowledge they’ve accumulated over the years in their fields to help businesses develop and grow. If you want to try one-off gigs, AskMoney also mentions how dog walking can be a good way to earn an income while also staying active. For a pensioner, keeping yourself occupied can be done while also earning extra income, and North Carolina offers many opportunities of doing so.

There are no taxes on social security income

Many retirees rely solely on their pension to sustain themselves. A big motivation for many to move to North Carolina is because the state does not tax this form of earning. The state’s Department of Revenue writes that all social benefits are not included in your federal adjusted gross income. If they are included in your tax returns, you can fill out certain forms stating the taxed amount and you will be reimbursed.

Not being taxed on the income you rely on as a pensioner is an enormous bonus because this means that you can retain all the benefits you are entitled to. For those who’d want to live off their savings and pension, North Carolina instantly becomes a more appealing place to live.

The average cost of living is low

As previously mentioned, a retiree’s main source of income is usually their pension, living in a state that offers a low cost of living is a big advantage. This can save you from spending way more than you have to and help you have extra money for other things like traveling or for emergencies. This also means that you will be able to afford more with the fixed income you are receiving from your pension.

24/7 Wall St explains how the median cost of housing in the state is lower than that of the national average, as well as the cost for food. Raleigh, North Carolina’s “most expensive place to live,” is actually 3.4% lower than the national average. This shows just how affordable it is to live in this state. Although it has to be said that the cost of healthcare and transportation in some places may still be equal to or higher than the national average.

 

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