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

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


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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

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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.

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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.

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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.

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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.

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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

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North Carolina

Tropical Storm Debby moving slowly, bringing weather watches to Wilmington

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Tropical Storm Debby moving slowly, bringing weather watches to Wilmington


The Wilmington area woke up to several watches and warnings Tuesday morning as Tropical Storm Debby continues its slow approach.

As of 8 a.m. Tuesday, Tropical Storm Debby was churning over Georgia, moving northeast at about 6 mph. The storm was located about 20 miles southwest of Savannah, and about 105 miles southwest of Charleston, S.C.

A tornado watch has been issued for Southeastern North Carolina until 5 p.m. Tuesday.

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The forecast track has Debby moving offshore around the coast of Georgia later today, drifting there through early Thursday, and then moving inland over South Carolina on Thursday. There is a significant risk of flash flooding for Georgia, South Carolina, and North Carolina over the next few days, according to the National Hurricane Center.

A topical storm watch is in effect for the North Carolina coast up to Surf City, meaning tropical storm conditions are possible within the watch area over the next 48 hours. A storm surge watch has also been issued for the coast of Brunswick County.

“This is a life-threatening situation. Persons located within these areas should take all necessary actions to protect life and property from rising water and the potential for other dangerous conditions,” the hurricane center said.

On Monday, Debby made landfall near the coastal town of Steinhatchee, Florida. It’s the fourth named storm of the hurricane season and arrived with sustained winds of 80 mph, according to the National Hurricane Center.

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More: Flooding hotspots to watch for in the Wilmington area with historic rainfall predicted

STORM TRACKER: Monitor the latest tropical developments here.

Here’s a look at what we can expect in the Wilmington area, according to the latest briefing from the National Weather Service in Wilmington.

Wind

The most likely time of arrival of strong winds to the Wilmington area is Thursday morning. The probability of tropical storm force winds continues to increase, especially along coastal areas from Cape Fear southward.

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Rain

Brunswick, New Hanover and Pender counties are expected to see rainfall amounts of 12 to 16 inches, which could result in life-threatening flash flooding, according to the weather service.

The significant flooding could result in some roads being washed away and flooded. “Similar past events have led to flash flood related fatalities from people attempting to drive across flooded roads,” the weather service said. “Do not drive across flooded areas – the current may sweep your vehicle off the road, or the weight of your vehicle may collapse the road.”

The weather service also advised people living along rivers and creeks to make preparations for possible moderate to major flooding developing later this week. The risk of major flooding is highest for the following rivers: Lumber River, Little Pee Dee River, Black Creek, Northeast Cape Fear River and Waccamaw River.

INTERACTIVE MAP: Enter your address to see hurricanes, tropical storms that have passed nearby

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Storm surge

Storm surge of 2 to 4 feet is possible from Cape Fear southward, which includes Brunswick County. The threat of surge will increase, especially around high tide Wednesday through Friday morning. This could impact roads prone to coastal flooding and areas where the shoreline is weak from previous storms.

Tornadoes

On Monday, the weather service also said there is a marginal risk of tornadoes, primarily across portions of northeastSouth Carolina, beginning tonight. Forecasters are assessing how this threat could change through Tuesday and beyond.

Marine impacts

Rough surf, including dangerous rip currents, and hazardous marine conditions are expected through much of the week.

Are you prepared for a hurricane?

Hurricane season runs from June 1 to Nov. 30. Even if this system won’t pose a threat to the NC coast, it’s never too early to be prepared.

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GET READY: Are you prepared for a hurricane? Here’s what to know if you live in the Wilmington area.



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Flooding threat remains as Tropical Storm Debby continues toward NC

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Flooding threat remains as Tropical Storm Debby continues toward NC


RALEIGH, N.C. (WNCN) — Tropical Storm Debby weakened most of the day Monday, but it also slowed down and that will mean days of heavy rain for North Carolina before the center reaches us Friday. Those days of heavy rain means the threat of flooding later this week.

The latest information late Monday night from the National Hurricane Center had Debby as a weakening tropical storm with 45 mph winds and only moving northeast at 7 m.p.h.

State of Emergency declared in North Carolina ahead of Tropical Storm Debby

Debby made landfall in the Big Bend region of Florida as a Category 1 Hurricane with winds of 80 mph Monday morning.

Heavy rain from Debby is ongoing across Florida, Georgia, and South Carolina. There have also been a few tornado warnings along with gusty winds. Debby is expected to slow down even more over the next day or two.

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Rain bands from Debby could reach southeastern North Carolina Tuesday, but heavy flooding rain would begin later in the day Wednesday and could last through Friday, especially in coastal North Carolina.

Tropical Storm Debby slowly moving towards the Carolinas

It is looking likely that Debby will move back over the waters of the Atlantic off the coast of South Carolina Tuesday into Wednesday, before making a possible second landfall on the northern coast of South Carolina. The time over the water could allow for the storm to gradually strengthen into a strong tropical storm Thursday. There will be minor adjustments to the forecast path and the strength of Debby, but those small changes will not have a large impact on the final forecast for central North Carolina.

Debby will be a much weaker system when it arrives in Central North Carolina, but multiple days of heavy rainfall will likely result in widespread 2-8 inch totals, with locally higher amounts. The higher rain totals will be in the Sandhills with lower amounts near the Virginia border.

Soils are already saturated across much of the region, so flooding issues are likely, especially in the Sandhills.

North Carolina crews clear storm drains, ready equipment ahead of storm

Gusty winds could also bring down some trees and powerlines, but those problems are not expected until Friday and at that time, power outages could become an issue in isolated amounts. Forecast wind gusts Friday are expected to be 30-40 m.p.h. with a very low tornado threat.

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In addition to the rain issues, tropical storm conditions are possible along the coast of North Carolina. A Tropical Storm Watch has been issued for a part of the North Carolina coastline from around Surf City down toward the South Carolina border. A Tropical Storm Watch means tropical storm conditions of sustained winds of 39 to 73 m.p.h. are possible within this area in the next 48 hours. A Storm Surge Watch has also been issued for the southern coast of North Carolina as 2 to 4 feet of surge is possible.

For residents in Central North Carolina, a good hurricane preparedness plan includes having an emergency kit ready. This kit could contain non-perishable food, water, medications, flashlights, batteries, and important documents. It’s also wise to have cash on hand, as power outages can make electronic transactions difficult.

Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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‘Republicans for Harris’ launches in NC, backed by former GOP politicians

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‘Republicans for Harris’ launches in NC, backed by former GOP politicians


A national effort by former Republican Party politicians and activists to back the presidential campaign of Democratic Vice President Kamala Harris kicked off in North Carolina Monday.

Led by a politically conservative U.S. Army veteran, a former Republican justice on the North Carolina Supreme Court and a former local GOP activist from Charlotte, the state chapter of “Republicans for Harris” launched with speeches and a press conference.

They all said they disagree with many of the policies Harris backs. But they’re nevertheless endorsing her for president and working to convince fellow Republicans to listen to their arguments — namely, that former President Donald Trump and his Make America Great Again movement don’t represent the conservative values of the Republican Party they believe in.

“Donald Trump does not stand for our beliefs,” said Michael Tucker, a former board member of the Mecklenburg County GOP. “He does not stand for anything but himself.”

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The North Carolina Republican Party didn’t immediately respond to a request for comment on the new group and its efforts to mobilize the anti-Trump wing of the party. Neither did the Trump campaign.

The Harris campaign helped organize the new group and said it’s happy to welcome the support.

“There’s a home in our campaign for Republican voters who care deeply about the future of our democracy, standing strong with our allies against foreign adversaries, and working across the aisle to get things done for the American people,” her campaign wrote in a statement.

Scott Peoples, a Raleigh resident who served in the 82nd Airborne Division at what’s now Fort Liberty, said Monday that he spent years voting for Republicans. But he can’t support Trump over his history of mocking soldiers who were killed in action or taken prisoner, he said, adding that he also opposes the isolationist foreign policy stances backed by Trump and other MAGA Republicans.

And even though he acknowledged Harris had a liberal voting record while serving in the U.S. Senate, Peoples said he also gives her credit for helping Biden pass the PACT Act in 2022. That massive overhaul of veterans’ health benefits expanded medical coverage for ailments tied to burn pits as well as the toxic water that existed for years at Camp Lejeune in North Carolina, a large U.S Marine Corps base.

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“They have a proven record that I think even right-leaning veterans can acknowledge,” Peoples said.

Similar sentiments were common throughout Monday’s call: Even if Harris isn’t their ideal candidate, they said, she at least has some issues they can get behind. And, more importantly, she doesn’t strike them as an existential threat to America like they believe Trump to be.

“Donald Trump’s attacks on our institutions and democracy will be much more severe under a second term,” said former North Carolina Supreme Court Justice Bob Orr. A longtime Republican politician, Orr publicly quit the GOP after the Jan. 6, 2021 attack on Congress by Trump supporters.

Orr and the others hope there are enough never-Trump Republicans like them to help swing North Carolina toward Harris.

In 2020, Trump won North Carolina by just 75,000 votes over Biden. In this year’s primary elections, more than 250,000 North Carolina voters backed former South Carolina Gov. Nikki Haley against Trump.

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And while Trump is still favored to win North Carolina, polls show the race has become more competitive since Harris took over the campaign for Biden. A variety of public polls showed Trump leading Biden by 4% or more in North Carolina. This past week a Morning Consult poll showed Trump leading Harris by 1% of the vote.



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