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16 Best Places to Live in North Carolina for Retirees

Aima Zaheer
9 min read

In this article, we will take a look at the 16 best places to live in North Carolina for retirees. If you want to see more places in this selection, go to the 5 Best Places to Live in North Carolina for Retirees.

In February, North Carolina began the process of building a state budget, with a $3.25 billion surplus resulting from higher-than-expected tax collections and interest earnings flowing into state coffers. The state's revenue forecast, compiled by economists from the legislature's fiscal research division and state budget office, was presented to legislators on February 21. The $3.25 billion surplus represents a 10.7% increase compared to the state's expectations. Additionally, the Rainy Day fund has a balance of $4.75 billion, exceeding the target amount of $3.29 billion. Legislators have approximately $8.3 billion available this year for increasing spending, setting aside reserves, or reducing taxes, due to the unappropriated funds remaining from the current year and higher-than-anticipated tax revenue.

The state's budget surplus and strong financial position may be of interest to retirees, as it could potentially lead to increased investment in public services and infrastructure. Additionally, if lawmakers decide to cut taxes, it could result in more disposable income for retirees who rely on fixed incomes.  It is worth noting that North Carolina is home to several major corporations, including Bank of America Corp (NYSE:BAC), Lowe's Companies Inc (NYSE:LOW), and Honeywell International Inc (NASDAQ:HON). This can have a positive impact on the state's economy, potentially leading to job growth and increased opportunities for retirees seeking part-time work. A stable and growing economy can provide retirees with greater financial security and stability. It remains to be seen how the budget surplus will be allocated, but it presents an opportunity for the state to improve the lives of its retirees. It is crucial to ensure that retired government employees receive the dignity and quality of life they deserve, given their contribution to the economy. According to the North Carolina Retired Governmental Employees' Association (NCRGEA), public pensioners in North Carolina provide support for over 49,477 jobs across a wide range of industries, including hospitality, healthcare, and real estate in all 100 counties. This contribution is valued at $8.1 billion per year, not including the $1.2 billion they pay in taxes to both the state and federal governments.

North Carolina is becoming a popular destination for retirees, as evidenced by its ranking as the No. 4 destination for retirees in 2021, according to SmartAsset. One reason for this popularity is the state's relatively low cost of living, which is 4.3% lower than the national average, according to the Missouri Economic Research and Information Center (MERIC). In fact, North Carolina is the 25th most economical US state to live in and is the sixth most economical US state for transportation, with transportation costs being 9% lower than the national average. Additionally, North Carolina is the 19th most economical US state for groceries, which are 2.3% cheaper than the national average, and the 22nd most economical US state for utilities, which are 4.7% cheaper than the national average. These factors contribute to a lower cost of living in North Carolina, furthering retirement savings and allowing retirees to maintain a comfortable lifestyle without overspending.

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