Benefits of Retirement in North Carolina
Enjoy mild springs and warm summers in the picturesque villages of the Outer Banks, like Nags Head, Kitty Hawk or Cape Hatteras—just a short boat ride from North Carolina’s coast. With average temperatures ranging from the mid-40s in the winter to lower-80s in the summer, North Carolina offers residents a comfortable year-round climate. This mild temperature range allows residents across the state to experience all four seasons without frequent exposure to intensely hot or cold temperatures. Whether you fish, golf, or like to lay out on the beach, North Carolina has something to offer you.
Affordable Cost of Living
North Carolina’s affordability is another reason why retirees are drawn to this beautiful state. According to Newsmax, the cost of living in North Carolina is 5 percent lower than the national average. When you combine the affordable cost of living with housing costs that are 15 percent below the national average, you begin to understand why an increasing number of retirees from around the country are relocating to North Carolina. It just makes good fiscal sense!
Tax Benefits for Retirees
One of the perks of retiring in North Carolina is the availability of tax benefits for retirees. For example, North Carolina residents who collect Social Security are exempt from paying state taxes on this income. In addition, the state no longer requires that state estate taxes be paid by surviving heirs of in-state residents. These abolished state estate taxes can be retroactively dated back to Jan. 1, 2013.
North Carolina residents are also exempt from paying state income taxes on federal and military retirement benefits due to a tax law known as the “Bailey Exclusion.” In addition, state and local government retirement benefits are exempt from state taxes. To be eligible for the “Bailey Exclusion,” retirees must have accrued five years of vested service as of Aug. 12, 1989.
Connection to Military Bases
North Carolina is home to four military bases scattered across the state representing the U.S. Army, Marines, Air Force and Coast Guard. This allows retired servicemen and servicewomen living in the state to stay connected to their military families.
North Carolina’s sole Army base is located near Fayetteville, on the eastern half of the state. Fort Bragg houses more than 30 military organizations, including the 82nd Airborne Division and the Army’s Reserve Command, as well as training centers and Special Forces programs.
The state’s Marine Corps base is located in Jacksonville and contains several support commands and combat units. Besides hosting a U.S. Marine Corps base, the site of Camp Lejeune also houses a Naval command center and hospital.
Seymour Johnson Air Force Base
Goldsboro, located on the eastern side of North Carolina, is home to the Seymour Johnson Air Force base. This major Air Combat Command base also hosts the 916th Air Refueling Reserve Unit.
Base Support Unit Elizabeth City
Along the North Carolina coastline in Elizabeth City sits the state’s only U.S. Coast Guard Base Support Unit. This location also houses the Coast Guard’s Aviation Logistics Center and training centers.
With all of these factors in mind, North Carolina just might be the best retirement destination for you. Learn more about specific benefits for retirees below.