Connect with us

North Carolina

5 Reasons You Need at Least $681K (Plus Social Security) To Retire in North Carolina

Published

on

5 Reasons You Need at Least 1K (Plus Social Security) To Retire in North Carolina


SochAnam / iStock.com

How much do you need to have saved for retirement? If you live in North Carolina, you will need at least $681,000 for a 20-year-long retirement. However, if you need a longer retirement or don’t have Social Security benefits, that number can be much higher.

Be Aware: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security

Learn More: 7 Reasons Future Retirees Should Consider a Financial Advisor

Advertisement

Here’s what you need to know about the costs of retirement in North Carolina and how they compare to the rest of the U.S.

Earning passive income doesn’t need to be difficult. You can start this week.

How Much Money Do Retirees Need In North Carolina?

According to GoBankingRate’s Bureau of Labor Statistics data analysis, the cost of living for an adult 65 years and older in North Carolina is $55,620.92. The average annual Social Security benefit for retirees is $21,566.76, meaning the average North Carolina retiree will need an additional $34,054.16 of annual income.

Here’s how much you will need to have saved for retirement based on those numbers.

If you’re planning a 20-year-long retirement, you’d need around $681,000. To enjoy a 25 or 30-year retirement, you’ll need $851,354 or $1,022,647, respectively.

Advertisement

Trending Now: How Long $1 Million in Retirement Will Last in Every State

Of course, if you invest some of that money into safe assets, you can stretch your money a bit further. Before making any investment decisions, consult with a qualified financial advisor who gives you personalized advice and helps you make the most of your savings safely.

Here are five reasons you need this much money to retire in North Carolina.

1. Groceries

In North Carolina, the annual cost of groceries is approximately $4,710.65, about 1.8% less than the national average of $4,797. While this means you can get slightly more bang for your buck, food costs vary based on your dietary needs and preferences.

Keeping an organized budget in this category can help retirees maintain a balanced diet without overspending. Take advantage of discounts and local markets to get the most out of your budget.

Advertisement

2. Housing Costs

Housing in North Carolina costs about 7.7% less than the national average, with an annual expense of $10,791.72 compared to $11,692. This means you can save on one of the biggest retirement expenses.

You may also save even more by moving to a more cost-effective community or downsizing to a smaller property that meets your needs without stretching your budget.

3. Utilities

Utility expenses in North Carolina average $3,914.06 annually, about 7.6% below the national average of $4,236. Utilities are a monthly expense that can fluctuate with usage and seasonal changes. You might pay more in winter when you need to heat your home and keep the lights on for longer.

You can save on utilities by setting the thermostat a few degrees higher in the summer when you’re out or asleep and by knocking down the thermostat temperature a bit at night during the winter.

Advertisement

4. Transportation

North Carolina’s transportation costs are 8% lower than the national average, costing you about $4,547.56 yearly. While owning a car provides freedom, using it also means continuous expenses on gas and maintenance.

To save money, you can try carpooling and using public transit. If you live in a walkable area, walking to and from some of your errands can help you save money and stay healthy at the same time.

5. Healthcare

Your healthcare expenses in North Carolina will be around $8,060.26 annually — nearly 6.9% higher than the national average of $7,540. Healthcare often becomes a more significant expense as you age, so it’s wise to explore all your insurance options thoroughly.

Look into supplemental plans that cover what Medicare does not, and always shop around for services to ensure you are getting quality care at the best price.

Should You Move Out of North Carolina To Retire?

Is it worth it for retirees to move out of North Carolina? While some states in the U.S. are cheaper, the cost of living in North Carolina is already 3.8% less expensive than the national average of $57,818 per year.

Advertisement

If you would prefer to live in a different state and own your house, it might make financial sense to try and sell it and downsize to a smaller house or apartment.

Everyone’s finances are different, so it can be a good idea to consult with a financial advisor about your specific situation.

Methodology: In order to find out exactly how much you need to retire in your state, GOBankingRates found the annual cost of expenditures for a retired person in each state by multiplying the 65-year and older expenditures from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey by the cost of living index for each state from the Missouri Economic Research and Information Center’s Q3 2023 cost of living series. To find how much money a retired person would need to save, we divided each state’s annual expenditures, minus the annual Social Security income as sourced from the Social Security Administration’s Monthly Statistical Snapshot, March 2022, by 0.0333%, 0.04%, and 0.05% assuming 20, 25, and 30 years of retirement respectively. All data was collected and is current as of January 8, 2024.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 5 Reasons You Need at Least $681K (Plus Social Security) To Retire in North Carolina

Advertisement



Source link

North Carolina

2 Candidates Emerge in NC State’s Coaching Search

Published

on

2 Candidates Emerge in NC State’s Coaching Search


RALEIGH — NC State replaced Kevin Keatts with Will Wade in March 2025, introducing him 368 days ago in front of the Wolfpack community at Reynolds Coliseum. A little over a year later, Wade decided to leave his new program to return to LSU, the school that fired him for cause in 2022, beginning a long journey back to Power Four basketball.

Now, athletic director Boo Corrigan and the rest of the NC State administration must find a new leader for the men’s basketball program. To make matters more complicated, they won’t have a lot of time to do so, as the new head coach needs to be in place firmly before April 7, the day the transfer portal opens. However, early noise indicates the group in charge has eyes on two candidates.


Who are the candidates?

Advertisement

Mar 29, 2024; Dallas, TX, USA; North Carolina State Wolfpack athletic director Boo Corrigan before the semifinals of the South Regional of the 2024 NCAA Tournament against the Marquette Golden Eagles at American Airlines Center. Mandatory Credit: Kevin Jairaj-Imagn Images | Kevin Jairaj-Imagn Images

Advertisement

According to multiple reports, Corrigan and other power brokers at NC State zeroed in on Saint Louis head coach Josh Schertz and Tennessee associate head coach Justin Gainey as the primary two candidates for the opening. Both names were expected to be in the mix as soon as the Wade exit became more and more likely, although Corrigan shared no specific names during his Thursday press conference.

The NC State University Board of Trustees hosted an emergency meeting on Friday, with the primary subject being Wade’s buyout negotiation. Of course, speculation began quickly that there were discussions about the next coach of the Wolfpack, but that’s been confirmed not to be the case in the behind-closed-doors meeting for the board.

Advertisement

Even so, it seems as though NC State plans on making a strong push for Schertz first, despite his status as head coach at Saint Louis still and his recent agreement to a contract extension. That certainly makes things more complicated, but hiring Schertz would allow NC State to maintain any sort of positive momentum established by Wade and his regime in Raleigh. Still, Corrigan isn’t totally committed to a sitting head coach.

“I don’t think it has to be a sitting head coach at this point,” Corrigan said. “I think we want to find someone that knows how to coach and is a great coach, and has the ability to connect with people, both internal and external, with the players, be able to recruit. You have to be a good recruiter in this day and age.”

Advertisement

Nov 12, 2022; Raleigh, North Carolina, USA; North Carolina State Wolfpack Athletic Director Boo Corrigan looks on during the second half against the Boston College Eagles at Carter-Finley Stadium. The Eagles won 21-20. Mandatory Credit: Rob Kinnan-Imagn Images | Rob Kinnan-Imagn Images

NC State will move as quickly as it possibly can, with Gainey and Schertz atop the list. That doesn’t rule out other options entirely, but all signs point to one of them being the most likely to be the next coach of the Wolfpack, ending the Will Wade era as quickly as it started.

Advertisement





Source link

Continue Reading

North Carolina

NC offshore wind project canceled as $1B deal shifts investment to fossil fuels

Published

on

NC offshore wind project canceled as B deal shifts investment to fossil fuels


A planned offshore wind project off North Carolina’s coast that could have powered roughly 300,000 homes has been scrapped after the federal government agreed to spend nearly $1 billion to halt its development, a decision that is drawing sharp reactions and raising questions about future energy costs in the state.

Under the agreement, the French energy company TotalEnergies will be reimbursed for leases it purchased in federal waters near Bald Head Island. In exchange, the company will redirect that investment into oil and natural gas projects, including liquefied natural gas (LNG) production.

The move comes as electricity demand in North Carolina and across the Southeast is rising, driven by population growth and the rapid expansion of energy-intensive data centers.

Energy analysts say removing a major potential source of power from the pipeline could have lasting implications.

Advertisement

“I think folks are trying to figure out how to reconcile this with the fact that we do need more electrons on the grid,” said Katharine Kollins, president of the Southeastern Wind Coalition. “Every state right now is looking at how we can develop more energy, not how we should be taking options off the table.”

The canceled project, known as Carolina Long Bay, was one of two offshore wind developments TotalEnergies had planned along the East Coast. The North Carolina portion alone would have generated about 1,300 megawatts of electricity and brought significant economic development to the region.

State leaders were quick to criticize the decision. In a post on X, Gov. Josh Stein said the Trump administration is “spending nearly $1 billion in taxpayer money to pay off a company to stop investments in the clean energy we need,” calling it “a terrible deal for the people of North Carolina and our country.”

The Interior Department, which negotiated the agreement, defended the move, saying offshore wind projects are too costly and unreliable to meet the nation’s energy needs. In a statement, officials said redirecting investment toward natural gas would provide “affordable, reliable and secure energy” while strengthening grid stability.

The debate reflects a broader divide over how to meet growing electricity demand while keeping costs down.

Advertisement

Offshore wind projects typically require high upfront investment but have no fuel costs once operational. Fossil fuel plants rely on fuel that can fluctuate in price.

“Using a billion dollars of taxpayer money to remove an option for North Carolina and then require that company to invest in LNG just doesn’t feel right,” Kollins said.

She and other advocates argue that offshore wind could help stabilize energy prices over time by diversifying the state’s power mix, particularly during periods of high demand or fuel volatility.

The federal government and industry leaders backing the deal say natural gas offers a more dependable source of power, especially as the grid faces increasing strain.

Part of that shift now points to LNG, which is traded on a global market. That means prices can rise or fall based on international demand, geopolitical tensions and export levels — dynamics that do not affect wind energy.

Advertisement

The cancellation also highlights uncertainty around offshore wind development in North Carolina. Duke Energy, the state’s largest utility, holds a neighboring lease in the same area but paused development last year as it reevaluated costs and policy conditions.

As state regulators and utilities map out how to meet future demand, the loss of Carolina Long Bay narrows the range of options.

For residents, the stakes may ultimately show up in monthly bills.

“When we limit our choices,” Kollins said, “we limit our ability to control costs.”

Advertisement



Source link

Continue Reading

North Carolina

What North Carolina Wants to See Happen in the Sweet 16

Published

on

What North Carolina Wants to See Happen in the Sweet 16


The North Carolina Tar Heels were a first-round exit in this year’s NCAA Tournament, but that does not mean that what transpires the rest of the way does not matter for the program.

It has been less than a week since the Tar Heels blew a 19-point lead in the second half against the VCU Rams, en route to an 82-78 loss in overtime. The result has raised doubts about Hubert Davis’ future as North Carolina’s head coach.

Advertisement

Mar 19, 2026; Greenville, SC, USA; North Carolina Tar Heels center Henri Veesaar (13) bites his jersey against the VCU Rams in the second half of a first round game of the men’s 2026 NCAA Tournament at Bon Secours Wellness Arena. Mandatory Credit: Bob Donnan-Imagn Images | Bob Donnan-Imagn Images

With all of that being said, here are a couple of things the Tar Heels should be wishing to happen later this week in the Sweet 16.

Advertisement

Duke Falls Short

Duke Blue Devils head coach Jon Scheyer talks to a referee March 21, 2026 during the second half of the NCAA Men’s Basketball Tournament second round East Region game with TCU at the Bon Secours Wellness Arena in Greenville, South Carolina. | Ken Ruinard / USA Today Network South Carolina / USA TODAY NETWORK via Imagn Images

The North Carolina-Duke rivalry is arguably the best one in all of sports. It was a tantalizing matchup the first time these two squared off this year, with Caleb Wilson and Cameron Boozer going head-to-head, as both players are expected to be selected in the top five of the 2026 NBA Draft.

However, the discrepancy between the two teams was apparent, even though the Tar Heels split the season series. The Blue Devils entered the NCAA Tournameent as the No. 1-overall seed in the entire field, while the Tar Heels limped into the field as a six-seed.

Advertisement

Feb 7, 2026; Chapel Hill, North Carolina, USA; North Carolina Tar Heels forward Caleb Wilson (8) with the ball as Duke Blue Devils forward Cameron Boozer (12) defends in the first half at Dean E. Smith Center. Mandatory Credit: Bob Donnan-Imagn Images | Bob Donnan-Imagn Images

While North Carolina would obviously prefer playing in the upcoming round, which starts on Thursday night, nothing would make Tar Heels fans happier than to see Duke fall to St. John’s in the Sweet 16.

The Blue Devils have been playing with fire in the first two rounds, at various points, but they ultimately advanced to the second weekend of the tournament. St. John’s is a formidable opponent that could legitimately take down Duke.

Advertisement

Mar 21, 2026; Buffalo, NY, USA; Michigan Wolverines head coach Dusty May reacts in the second half against the Saint Louis Billikens during a second round game of the men’s 2026 NCAA Tournament at Keybank Center. Mandatory Credit: Mark Konezny-Imagn Images | Mark Konezny-Imagn Images

Advertisement

One of the Teams With a Legitimate Head Coaching Option To Lose

Mar 22, 2026; St. Louis, MO, USA; Iowa State Cyclones head coach T.J. Otzelberger reacts to a call during the second half against the Kentucky Wildcats during a second round game of the men’s 2026 NCAA Tournament at Enterprise Center. Mandatory Credit: Jeff Curry-Imagn Images | Jeff Curry-Imagn Images

It has been well-documented that North Carolina is likely to be in the coaching market, as Davis appears to be on his way out in Chapel Hill. If this occurs, the Tar Heels need to make a substantial hire that will elevate the program back to competing for national championships.

There will be a slew of options for North Carolina to consider, but two names to keep an eye on are Iowa State’s T.J. Otzelberger and Alabama’s Nate Oats. You may be asking yourself, ‘Why should North Carolina be rooting for potential head coach candidates to lose?’

Advertisement

Dec 12, 2024; Chapel Hill, NC, USA; North Carolina athletic director Bubba Cunningham at Loudermilk Center for Excellence. Mandatory Credit: Jim Dedmon-Imagn Images | Jim Dedmon-Imagn Images

Here’s why: the transfer portal opens on April 7, and ideally, North Carolina would want its presumed new head coach in place well before then. Those coaches will not be the only two to watch for, but they are arguably the most ideal.



Source link

Continue Reading

Trending