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Is the triad area a good place to live if you are retired? How does it fare tax wise for the retired person. And are there any active 55 plus communities with amenities?
Is the triad area a good place to live if you are retired?
That depends on what you are looking for in a place to retire. I like the Triad a lot, but it is not in the mountains, or on the coast. Compared to NC's "Big 2" (Charlotte and Raleigh/Durham) is offers lower real estate costs and better traffic.
Quote:
Originally Posted by Marble cake
How does it fare tax wise for the retired person.
In NC, social security is not taxed, but pensions and all other income is. The state income tax rate is 5.499%, with a standard deduction of $17,500 for a married couple filing jointly. In 2019 the rate will drop to 5.25% and the standard deduction will rise to $20,000.
Property taxes generally range from .75% to 1.25%, depending on specific location. IN NC, one pays both city and county property taxes if inside the city, but only county taxes if located outside a city. Property taxes also apply to cars, boats, rvs, etc.
Quote:
Originally Posted by Marble cake
And are there any active 55 plus communities with amenities?
Is the triad area a good place to live if you are retired? How does it fare tax wise for the retired person. And are there any active 55 plus communities with amenities?
Any info will be greatly appreciated.
I will stick to what I know. When looking at taxes, the income tax applies to all you take in so it generally has the largest impact of all the taxes you will pay. You certainly notice the difference between a 6% or 8% sales tax. But consider how much of your monthly expenses are utilities, insurance, medical and other non-retail items. Especially in retirement.
Many states have graduated tax rates but several of those hit the max rate at pretty low levels of income. NC taxes at a flat rate. Many states exempt Social Security and NC does. Some states exempt certain pensions and retirement savings income. NC doesn't but exempts the first $17.5k of retirement income, and will go up to $20k. The future 5.25% tax rate is competitive and generally betters its neighbors to the north and south. Can't speak to the Western neighbors, haven't looked into them.
Many people come to North Carolina for lower taxes. What is not considered is the lower level of services that state or local government provide. Nothing is free. Just approach your move with eyes wide open.
Correction: the retiree income exemption was done away with and the income tax rate is 5.49%
In 2018 the standard deduction for a married couple is $17,500 (whether retired or not) and the tax rate is 5.499%. In 2019, it will be $20,000 and 5.25%.
In 2018 the standard deduction for a married couple is $17,500 (whether retired or not) and the tax rate is 5.499%. In 2019, it will be $20,000 and 5.25%.
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