North Carolina
5 Reasons You Need at Least $681K (Plus Social Security) To Retire in North Carolina
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
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.
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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.
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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.
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.
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.
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.
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This article originally appeared on GOBankingRates.com: 5 Reasons You Need at Least $681K (Plus Social Security) To Retire in North Carolina
North Carolina
8 now arrested in North Carolina house party shootings and more attempted-murder charges are filed
North Carolina
400-pound monster alligator named Pepe ‘detained’ for ‘being a dinosaur without proper papers’ in NC
The scales of justice came for Pepe.
Cops detained – and rescued – a monster 10-foot alligator they nicknamed Pepe the Gator sunbathing on a busy road in North Carolina and “charged” him on suspicion of being a “dinosaur.”
“Witnesses say he was just chilling and snapping, clearly ignoring the ‘no loitering or lounging on roadways’ sign,” the Onslow County Sheriff’s Office wrote in a playful press release last week. “Pepe has been cited for Suspicion of Being a Dinosaur Without Proper Papers, Public Loitering with Intent to Sunbathe, and Obstructing Traffic.”
The responding deputies and officers from the NC Wildlife Resources Commission who got the call on May 25 managed to safely remove Pepe, but not before posing for pictures where they straddle him like rodeo riders.
“He was 10 feet long, 400 pounds. He was an absolute monster,” Trevor Dunnell, spokesman for the Onslow County Sheriff’s Office told the Post Thursday.
“They did a fantastic job of wrangling him.”
To indicate the scale of the gator, Dunnell pointed out how, in the picture, even with three grown men on top of him, Pepe’s still not covered.
“The picture really doesn’t do it justice, I mean 10 feet … 10 feet is a basketball goal, that is a massive creature,” he said.
Although 10 feet seems big, it’s nothing compared to the largest gator on record – 14 feet and 3 and a half inches.
Deputies and wildlife officials used a towel to cover Pepe’s eyes — eye contact is what triggers the animal’s notorious death roll, Dunnell explained — and electrical tape to seal his mouth shut.
“It was definitely some MacGyver stuff they had to use,” he said. “He may not have a good time during the removal, but he was playfully enough about it later to understand that, ‘Hey, man, you gotta do what you gotta do.’”
Dunnell said the office received blowback from people online wishing the cops had just left Pepe alone. but Dunnell was quick to point out that leaving the reptile on the side of the road could have posed a hazard not only to residents but also to the gator.
“You never know what can happen when kids are running around,” he said. “And the gator could wind up in the middle of the road. It could hurt drivers but it could hurt him, too.”
Dunnell said he hopes to see body camera footage of Pepe’s apprehension. The two deputies and the wildlife official in the picture are happy to be riding him, Dunnell said, adding that if authorities encounter another Pepe, they’ll know who to call.
“But some deputies were absolutely not fine,” he said. “When they got back, they were saying, ‘You’re not going to catch me on that thing. I’m not going to go anywhere near it!’”
Pepe was far from home, and Dunnell suspects that it was a hot day and he was looking for a good spot to bask.
“How far he wandered is anybody’s guess,” he said. “It must’ve been several miles at least.”
After further investigation, Dunnell said, they declined to charge Pepe. Instead, they drove him to a boat ramp at nearby Camp Geiger, a satellite facility of Marine Corps Base Camp Lejeune.
“I think we’ve touched base with the gator and let him know we dropped the charges,” he joked.
“Pepe’s back to his normal routine, he’s hanging out near the beach and lounging in his natural habitat, hunting for his food and looking for a girlfriend.”
Tech giant Amazon has announced a $10bn investment in the US state of North Carolina to expand its data centre infrastructure.
The project aims to support advancements in artificial intelligence (AI) and cloud computing technologies.
The investment, according to the company, will create at least 500 “high-skilled” jobs.
It will also support thousands of additional jobs within the Amazon Web Services (AWS) data centre supply chain.
According to Amazon’s press release, the rising demand for generative AI is increasing the need for advanced cloud infrastructure and compute power.
This expansion will strengthen AWS data centres in the state.
Commenting on the move, Amazon chief global affairs and legal officer David Zapolsky said: “Amazon’s $10bn investment in North Carolina underscores our commitment to driving innovation and advancing the future of cloud computing and AI technologies.”
“We look forward to partnering with state and local leaders, local suppliers, and educational institutions to nurture the next generation of talent.”
In a separate development, Amazon is reportedly developing software for humanoid robots.
These robots could potentially replace delivery workers, Reuters reported citing a report published by The Information, citing a person familiar with the matter.
The company is building a “humanoid park,” an indoor obstacle course, at one of its San Francisco offices to test these robots. Amazon is focusing on developing the AI software for these robots while using hardware from other firms for testing.
Amazon did not immediately respond to requests for comment outside regular business hours.
Recently, Amazon started testing a new feature that uses generative AI (genAI) to create short-form audio summaries on select product detail pages.
The feature provides concise overviews of products by analysing product details, customer reviews, and other relevant online information.
The initial test feature targets products that often require careful consideration before buying, offering clear insights through in-depth discussion to help Amazon customers shop more efficiently, the company said in a post.
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