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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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J.R. Smith Graduates From North Carolina A&T, Fulfilling A Promise Years In The Making | Essence

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J.R. Smith Graduates From North Carolina A&T, Fulfilling A Promise Years In The Making | Essence


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J.R. Smith has accomplished nearly everything a basketball player could hope to achieve. He spent 16 seasons in the NBA, won two championships, played alongside some of the biggest names in the sport, and built a reputation as one of the league’s most fearless scorers. Yet one of the achievements he seems proudest of arrived far from the court.

On May 9, Smith graduated from North Carolina A&T State University, earning a degree in Liberal Studies with a concentration in Applied Cultural Thought. For the 40-year-old former NBA star, the moment represented the ability to overcome a challenge he once believed might be beyond his reach.

Smith’s path to graduation was anything but conventional, because after entering the NBA directly out of high school in 2004, college wasn’t a part of the plan. Years later, following retirement from basketball, he enrolled at the Greensboro-based HBCU and joined the school’s golf team, becoming one of the most recognizable student-athletes in the country. His decision began with a conversation during a vacation in the Dominican Republic.

“Probably the golf trip with Ray Allen,” Smith told ESSENCE. “I was in the DR doing this trip and I saw Ray running back-and-forth to his computer and I asked him what he was doing, and that kind of tipped the whole thing.”

Returning to the classroom required Smith to confront challenges that had followed him since childhood. Diagnosed with ADHD and dyslexia at a young age, academics was a tall order. While he made a career out of hitting difficult shots in packed arenas, college often demanded something different. “To me being a student again,” Smith said when asked what was harder than playing professional basketball. “Being in the NBA and playing in the NBA was something I was born to do and for me academics was something that didn’t come easy to me.”

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Over the course of five years, Smith committed himself fully to the experience of college. He worked with tutors multiple times each week, spent long nights completing assignments, and gradually became more comfortable in an environment he once resisted. “For me, it just gives me the opportunity to continuously get better,” he said. “As I got older, I actually wanted to do it more opposed to fighting against it when I was younger.”

Despite the championships, accolades, and financial success, Smith explains that there was one major factor that motivated him to graduate. “My main thing was keeping my promise to my mother,” he said. As news of his graduation spread, congratulations poured in from former teammates including LeBron James, Dwight Howard, and Richard Jefferson. Many celebrated the accomplishment as a reminder that growth does not end when a professional career does. Smith hopes others see something similar in his journey.

“To me just to inspire,” he said. “Inspire [people] to do something outside the box that they wouldn’t normally think of or normally do or something that they’re not good at and take your personal development as seriously as they could.”Smith’s story also serves as a powerful example of what HBCUs continue to provide: opportunity, community, and a place where people can reinvent themselves at any stage of life. “It’s never too late,” he said. “I don’t think it’s ever too late to go.”



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Former staffer claims sexual harassment in ethics complaint against NC insurance commissioner

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Former staffer claims sexual harassment in ethics complaint against NC insurance commissioner


A Forsyth County woman has filed an ethics complaint against North Carolina Insurance Commissioner Mike Causey, alleging that the official sent her what she called inappropriate text messages for years while she worked in the Department of Insurance. 

Causey, meanwhile, says he would welcome an investigation into the allegations, telling WRAL News in an interview this week: “The truth will come out.”

Former regulatory analyst April Taylor filed the complaint last week with the State Ethics Commission. The DOI said Wednesday it has received a copy of the complaint.

Taylor is alleging sexual harassment. She also claims Causey campaigned on state time and misused a state vehicle.  

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Taylor alleged last month that Causey sent her a series of inappropriate text messages during her nine years at the department. She made the allegations in an article published by The News & Observer. 

On Wednesday, Taylor shared images of the text messages with WRAL. She characterized her relationship with Causey as “friendly,” citing family ties dating back before she worked there. But the messages reflect a more complicated dynamic. 

“Just don’t let me catch you in the room alone,” reads one message. 

“I might jump your bones. Watch out!!!” reads another. 

The messages made her uncomfortable, she told WRAL News, adding: “At the time, I didn’t know how to respond.” 

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Taylor told state investigators that she has many more text messages and screenshots to prove Causey was campaigning on state time while at a department office in Archdale. She also said Causey used a state vehicle for personal use, including to attend her great-aunt’s wedding in 2025. 

“Although Causey and I had a friendship,” Taylor said in her filing, “he crossed the line many times, leaving me feeling uncomfortable and violated.”

She said she first attempted to raise the concerns 

  unrelated to the text messages 

– about Causey to the Office of the State Auditor, related to his official capacity as the state’s Insurance Commissioner. She alleged that the auditor’s office expressed little interest in investigating. A spokesperson for State Auditor Dave Boliek challenged her narrative, saying her complaint “draws incorrect conclusions.” 

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In her complaint, Taylor said: “I am willing to take a polygraph exam and testify before legislatures. Evidence will be furnished upon request.”

In her role as an analyst at the department, Taylor’s job led to frequent communication with Causey. 

Taylor, who resides between Greensboro and Winston-Salem, allowed WRAL to read through text messages exchanged with Causey over the years. 

Much of the communication observed appeared friendly or work-related. But Taylor says some texts went too far – particularly those that commented on her appearance.

WRAL asked Causey about Taylor’s allegations. He declined to comment, saying it was a personnel matter. He added that he was open to an investigation into the initial allegations. 

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“We want to make sure everything is clear and transparent,” Causey said, “because we certainly have nothing to hide to the public, to the lawmakers, or to any of my fellow elected officials.”

Causey acknowledged to the N&O that he sent work-related texts to Taylor. But he told the newspaper that he didn’t recall sending comments related to her appearance. Taylor disputes that. 

“Throughout the years, I thought they were inappropriate,” Taylor said. “I felt uncomfortable. I responded with laughing emojis because I didn’t know how to respond. What am I supposed to do, respond with mad faces? He may look at it as a form of rejection.”

Taylor said she was in an appointed position. “He could have let me go for any reason,” she said. 

Asked why she didn’t push back against the messages, Taylor said: “I just didn’t want to make the situation uncomfortable. Just wanted to laugh it off.”  

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Several messages sent by Taylor to Causey were flattering in nature, including heart and smiling emojis, as well as references to Causey as a “handsome” man. “I felt the laughing emoji was my way of trying to shut it down,” she said. 

A spokesperson for the department declined to comment on the allegations.

“Commissioner Causey and NCDOI will fully comply with any requests by the N.C. State Ethics Commission regarding this or any other matter,” Barry Smith a DOI spokesman, said in a statement.



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‘Bonsai in the Blue Ridge’ exhibit brings dozens of displays to North Carolina Arboretum

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‘Bonsai in the Blue Ridge’ exhibit brings dozens of displays to North Carolina Arboretum


The North Carolina Arboretum will host a bonanza of bonsai this week with “Bonsai in the Blue Ridge,” a limited-time exhibition of more than 50 living sculptures as part of the American Bonsai Society’s Learning Seminar 2026.

Between June 4-7, arboretum visitors can explore the exhibits for a $5 admission fee, along with the arboretum’s regular parking fee. A press release from the arboretum said there will also be opportunities to register for seminars, workshops and tours led by bonsai artists for an additional cost.

GROWING YOUR GARDEN? PLENTY OF PLANTS FOR PURCHASE AT THE ARBORETUM’S SPRING SALE

“The American Bonsai Society brings together people who share a passion for bonsai. Through world-class publications and events such as the Learning Seminars, ABS promotes and educates, sharing techniques that showcase North American artistic expression and encouraging the use of plant species that grow well in the United States, Canada, and Mexico,” ABS Convention Chair Scott Barboza said in a written statement.

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FILE IMAGE of a bonsai plant that is part of the North Carolina Arboretum’s Bonsai Exhibition Garden. (Photo: North Carolina Arboretum)

Bonsai is the ancient art of shaping trees over time to create miniature living sculptures. The North Carolina Arboretum is no stranger to the art, having established the Bonsai Exhibition Garden in 2005, which showcases up to 50 specimens of traditional Asian bonsai subjects, tropical plants, American species and plants native to the Blue Ridge region.

IKEBANA INTERNATIONAL ASHEVILLE STAGES FLORAL DESIGN EXHIBITION AT NC ARBORETUM

“Bonsai in the Blue Ridge” takes place 5 to 7 p.m. Thursday, June 4, 9 a.m. to 5 p.m. Friday and Saturday, June 5 and 6, and 9 a.m. to noon Sunday, June 7.

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See a full schedule of events for this week’s seminar at americanbonsaisociety.org.



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