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.
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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
North Carolina couple accused of causing vulture invasion sued by furious town: ‘Not good neighbors’
A North Carolina couple accused of luring hordes of vultures to their home and unleashing chaos on neighbors for years is being hauled to court by fed-up town officials desperate to end the feathered frenzy.
The Town of Hillsborough slapped residents Kenneth and Linda Ostrand with a civil petition, seeking a court order to shut down their relentless bird-feeding habit, blamed for allegedly drawing dozens of winged scavengers to their home and terrorizing their small town for the past two years.
“They’re a little spooky to be frank,” concerned neighbor Holden Richards told WTVD.
“Everybody thinks they’re ugly and stuff but they’re not good neighbors. They have sharp talons, so they’re not great animals to have perching on your house. I watched them pick tiles off my neighbor’s roof and I found tiles from my roof in my front yard, so I have a feeling that’s exactly where they came from.”
The bird-brained couple is accused of leaving out food scraps for vultures, allegedly reeling in the feathered predators that have swarmed and roosted near their house, leaving foul-smelling droppings on neighbors’ homes and vehicles and causing widespread property damage deemed a risk to public safety.
The complaint, filed in March, also claims the twisted pair named the birds of prey – with eerie photos submitted to the court showing dozens of vultures circling their Queens Street home, the outlet reported.
“I’m pretty sure that every one of my neighbors has probably called,” Richards said, pointing to a flood of complaints made to town officials since May 2024.
The Ostrands reportedly filed a motion to dismiss the town’s case last month, denying the accusations.
Linda Ostrand, a longtime wildlife rescuer, told WTVD she is being unfairly targeted by her community and claimed the circling creatures were already an issue before she moved into the neighborhood.
“It’s sort of, it’s ridiculous, is what it is,” Linda said, noting the town changed an ordinance after the initial wave of complaints to ban wildlife feeding beyond standard feeders.
“If people didn’t have vultures around here you would hear them screaming bloody murder about the town not cleaning up the animals that have been hit by cars, because that’s what they do, they are nature’s garbage disposal,” she continued.
“I don’t know what I’m supposed to do, tell the vultures that this is a no-feed zone. I just don’t know.”
No court date has reportedly been scheduled for the couple’s fight with the town.
North Carolina
Businesses worry of potential impacts as Marion tightens water restrictions amid drought
MARION, N.C. (WLOS) — The City of Marion is tightening water restrictions as drought conditions persist across western North Carolina, prompting local businesses to prepare for possible impacts on daily operations.
The drought monitor released on Thursday, May 14, shows that extreme drought now covers 90% of western North Carolina.
ASHEVILLE IS MORE THAN 7 INCHES BELOW AVERAGE RAINFALL THIS YEAR, DATA SHOWS
As the region continues moving into a hotter and drier pattern, the City of Marion officials announced Stage Two water shortage restrictions less than a month after issuing a Stage One Water Advisory.
Businesses in Marion said the quick escalation is raising concerns about what could come next if drought conditions persist.
“They put us in stage one at the end of April and already it’s not through, it’s not the end of May and they’re already putting us in stage two,” said Barbara Brown, owner of Bruce’s.
Under the Stage Two restrictions, watering lawns, gardens and golf courses will be prohibited. Washing cars, filling residential swimming pools and serving water in restaurants except upon request will not be allowed.
Brown said her restaurant is already taking steps to conserve water.
“We check the bathrooms often to make sure people have turned the water off because we have found from time to time, people leave them running,” she added.
She said she worries stronger restrictions could eventually force businesses to make bigger operational changes.
“I’m concerned that eventually we might have to go to paper plates, paper cups, silverware,” Brown said.
Other businesses are also considering adjustments.
Kat Garner, a tattoo artist at Blue Ridge Tattoo, said water shortages could affect how the shop operates day to day.
LEADERS URGE WATER CONSERVATION AS DROUGHT DEEPENS ACROSS WESTERN NORTH CAROLINA
“We would definitely be reduced to using distilled water for everything, which would become harder if everyone’s buying it out, so that would definitely make things a little bit more difficult,” Garner said.
The Stage Two water restrictions are set to begin Friday, May 15, at 8 a.m. and will last until further notice.
North Carolina
Police: North Carolina man charged after high-speed chase in Erie County, arrested in the Town of Perry
PERRY, N.Y. — A North Carolina man is in custody after a chase that started in Erie County and ended with an arrest in Perry.
Wyoming County Sheriff’s deputies say Ericson Vasquez-Moran, 22, rammed a Border Patrol vehicle in Erie County around 11:30 p.m. Tuesday before taking off. The suspect was spotted in Warsaw on Route 20A, but a chase was called off due to high speeds.
Then around 2:30 a.m. Wednesday, deputies say Vasquez-Moran called 911 from Perry to surrender.
He’s charged with speeding, failure to keep right, unlawful fleeing a police officer, reckless driving, and reckless endangerment in the second degree.
Vasquez-Moran was given an appearance ticket for the Village of Warsaw Court and was released to the custody of the United States Border Patrol.
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