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If you're retiring from SC, I don't think there's a whole lot of difference. But for people from high COL states, the savings can be substantial! Property taxes are a whole lot cheaper than what I paid in NJ, but NC's income tax rates are higher. Shop for your "retirement state" very carefully! The Devil is in the details!
What are the benefits of moving to NC for retirees? Any income or property tax savings?
Thanks.
Benefits for retirees vary WIDELY depending on where you will be getting your income from. Is your income source primarily
Social Security?
Private Pension?
Public Pension?
401K?
Roth IRA?
Traditional IRA?
Corporate Bonds?
Municipal Bonds?
Savings or Checking Account?
Depending on your setup, your situation will vary gigantically. If the bulk of your income will come from Social Security and you and your significant other have very small private income streams limiting your combined income below $29,500, you will see massive tax advantages in NC. NC has a monster deduction of $16,000 for married filers, and you'll have 50% of your home's value deducted for a massive property tax break. NC is a great state for low income seniors with few income streams, and they're even more generous to the military and the disabled.
If you have a lot of money coming in from private pensions, you'll find very few advantages in NC. NC is not a good state to retire in if you are wealthy with many private income streams - contrary to what many believe.
The best states to retire in for the wealthy are states without income tax: TX, FL, WY, WA, SD, TN, NH, NV, AK.
You need to assess your situation individually. This is a good resource, but BEWARE. The info is from 2016, and in 2017 NC's income tax falls to 5.49% and the standard deduction increases to $8,000 single/$16,000 joint.
Benefits for retirees vary WIDELY depending on where you will be getting your income from. Is your income source primarily
Social Security?
Private Pension?
Public Pension?
401K?
Roth IRA?
Traditional IRA?
Corporate Bonds?
Municipal Bonds?
Savings or Checking Account?
Depending on your setup, your situation will vary gigantically. If the bulk of your income will come from Social Security and you and your significant other have very small private income streams limiting your combined income below $29,500, you will see massive tax advantages in NC. NC has a monster deduction of $16,000 for married filers, and you'll have 50% of your home's value deducted for a massive property tax break. NC is a great state for low income seniors with few income streams, and they're even more generous to the military and the disabled.
If you have a lot of money coming in from private pensions, you'll find very few advantages in NC. NC is not a good state to retire in if you are wealthy with many private income streams - contrary to what many believe.
The best states to retire in for the wealthy are states without income tax: TX, FL, WY, WA, SD, TN, NH, NV, AK.
You need to assess your situation individually. This is a good resource, but BEWARE. The info is from 2016, and in 2017 NC's income tax falls to 5.49% and the standard deduction increases to $8,000 single/$16,000 joint.
I have about $27k between two small pensions. Military and federal civil servant. (FERS). But next year I will have ss coming in but I believe that is tax free. Any tax breaks on Property taxes?
I have about $27k between two small pensions. Military and federal civil servant. (FERS). But next year I will have ss coming in but I believe that is tax free. Any tax breaks on Property taxes?
Thanks,
Under $29,500 combined income with a husband and wife you get a 50% reduction in your assessment to halve your property tax burden.
I know nothing about military or federal pensions. I suggest reading this.
I think combined with my social security when I receive it in two years along with military retirement and my small federal pension will be over the $29k threshold so it sounds like we will not be able to get the reduction.
I think combined with my social security when I receive it in two years along with military retirement and my small federal pension will be over the $29k threshold so it sounds like we will not be able to get the reduction.
I guess this will be a con in moving to NC.
It's all relative to what you're paying now. Property taxes in NC are significantly lower than in many states, but not all. And just like in SC, if you live inside an incorporated municipality, you pay city & county taxes, whereby if you live in an unicorporated area of a county, you pay pay county taxes only.
And it's wise to evaluate overall tax burden based on your lifestyle and spending habits, not just income & property taxes. A person needs to consider sales tax (food included), taxes on services, etc. to get the full picture.
It's all relative to what you're paying now. Property taxes in NC are significantly lower than in many states, but not all. And just like in SC, if you live inside an incorporated municipality, you pay city & county taxes, whereby if you live in an unicorporated area of a county, you pay pay county taxes only.
And it's wise to evaluate overall tax burden based on your lifestyle and spending habits, not just income & property taxes. A person needs to consider sales tax (food included), taxes on services, etc. to get the full picture.
Yes we live inside the city limits of North Charleston so we are paying more for property taxes vs just living in the county.
I thinks sales taxes here are cheaper than NC and gas is cheaper here but that will change because they are talking about raising the gas tax to help pay for the improvements of the roads.
I think we are taking a trip to Winterville/Greenville area on Wednesday for a couple of days and then most likely in the Spring to Greensboro. After that we will decide which area is best for us. Any of the areas will definitely cut off driving time to visit family in Virginia.
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