Your guide to retiring in North Carolina

North Carolina is a growing state that has it all: Mountains, National Parks, beaches, big cities, and more. It’s also less expensive than many areas on the East Coast, and a bit milder than places like Florida, in terms of climate.

As such, the state’s population has grown by almost 6% since 2020, and its over-65 population is roughly 18%. That means it's a growing and attractive place for prospective retirees.

At what age can you retire in North Carolina?

You don’t need to worry about a mandated retirement age in the US, as there isn’t one. That goes for North Carolina, specifically, too. Here are some things to keep in mind, though:

• Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after FRA can result in even higher monthly payments. 

• Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare. 

• Age discrimination: It is illegal for employers to discriminate against employees or job applicants based on age. 

• Retirement savings: Regardless of retirement age, it is important for individuals to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. 

Why do people retire in North Carolina?

What’s there to like about North Carolina for retirees? A lot. From the climate to the diversity of the state’s environment, here are some factors that may be particularly attractive if you want to retire in North Carolina:

• Diverse environment: North Carolina is known for its diversity, from its people to its landscape. Retirees can enjoy living in a diverse environment that offers plenty of opportunities for exploration and experiences. 

• Moderate climate: North Carolina's climate varies greatly depending on the region, but many areas have a moderate climate with mild winters and warm summers. This makes it an attractive destination for retirees who want to avoid harsh weather conditions. 

• Outdoor activities: North Carolina is home to numerous National and state parks, forests, and beaches, providing ample opportunities for outdoor activities such as hiking, camping, fishing, and boating. 

• Culture: North Carolina has some Southern flair, and with plenty to do and see, such as the state’s numerous museums, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the North Carolina State Fair, the Carolina Renaissance Festival, and the North Carolina Azalea Festival. 

What puts people off retiring to North Carolina?

It’s only fair to consider some of the downsides of retiring in North Carolina, too. Two big ones? The costs and the potential of natural disasters.

• Cost of living: North Carolina's cost of living is generally lower than the national average, making it an attractive option for retirees. However, housing and healthcare costs can vary depending on the region. 

• Natural disasters: North Carolina is prone to natural disasters such as hurricanes and flooding, which could be a concern for retirees living in certain areas. 

Best places to retire in North Carolina

If you’ve got your sights set on North Carolina for retirement, here are some potential landing places:

• Asheville: Located in the western part of the state, Asheville is a cultural hub, with numerous outdoor recreational opportunities and a moderate climate. The city is also known for its arts and crafts community and thriving food scene. 

• Wilmington: Situated on the southeastern coast, Wilmington is a charming coastal city with a historic downtown, beautiful beaches, and a mild climate. The city is home to numerous attractions, including the Cape Fear Museum and the Cameron Art Museum. 

• Chapel Hill: Home to the University of North Carolina at Chapel Hill, this college town offers plenty to do, excellent healthcare facilities, and a mild climate. The town also boasts a thriving arts community and numerous parks and recreational opportunities. 

• Charlotte: Located in the Piedmont region, Charlotte is a thriving city that offers plenty of cultural and recreational opportunities, as well as excellent healthcare facilities. The city is also known for its diverse culinary scene and numerous parks and green spaces. 

• Durham: Home to Duke University, Durham is a vibrant college town that offers excellent healthcare facilities, and a mild climate. The city is also known for its historic architecture and numerous outdoor recreational opportunities. 

Retire in the Tarheel State

North Carolina offers a diverse range of retirement options, from charming coastal towns to colorful college cities. Retirees can enjoy a mild climate and a thriving arts scene, but housing costs can be a significant concern. 

As always, it's important to seek expert financial advice to weigh up all of the costs associated with retiring in North Carolina, including property taxes, insurance, and living expenses, in order to make an informed decision about whether the state is the right choice for your retirement. 

Match with a financial advisor now.