Deciding when it is the right time to retire can be a difficult decision. Considering most people will live for many years after retirement, proper planning is an essential part of life. Retirement planning will ensure there will be enough money to maintain a worry-free lifestyle. The planning process may include the decision to move to a different location. Many people who retire dream of moving to a warmer climate. To reduce the amount of income needed to retire, choosing a location with a lower cost of living might also be necessary. North Carolina is a popular place to consider for retirement. The winters are very mild, and the cost of living is lower than that of most northern states. It is also comparable to popular Florida, and much less expensive. North Carolina is worth considering in the retirement planning process.
Calculating the Cost of Retirement
It can be complicated to understand exactly how much income is needed each month to retire comfortably. Determining the amount of money needed can be estimated by using the internet as a guide. There are online tools that allow numbers to be entered into a worksheet, and estimates can then be made. The present yearly income is entered and that amount is multiplied by a basic inflation rate. This is continued for every year of life expectancy after retirement age. The total will be an approximate estimate of the amount that is needed to retire. The next step is to determine the expected amount of recurring monthly income. This might include Social Security, pension or trust funds. The internet can also help determine the anticipated monthly Social Security amount if it is unknown. The final step is to take the amount needed to retire and subtract the amount of anticipated income that will be received. The difference is the amount that needs to be saved on top of the monthly income in order to retire comfortably. Since the process can be confusing, a retirement planner can also help with calculating the cost of retirement.
Starting a retirement plan as young as possible will help ensure people are able to retire when they reach retirement age. People often end up working past retirement age to make ends meet. They do not have enough money saved and cannot afford to retire. The sooner retirement planning is started, the better the chances of being able to retire as planned. With proper planning, retirement is not just a dream, it can become a reality.
Why Retire in North Carolina?
North Carolina is a popular destination for retirees. The winter climate tends to be a big draw for many people. Though the temperatures can vary up to 20 degrees depending on area in higher and lower elevations, winter temperatures are generally mild. The average temperature in January is 50 degrees and 89 degrees in the summer. Summers tend to be hot and humid. In the higher elevations, the summer temperature would be only 68 degrees, compared to 89 degrees. North Carolina also does not get a great deal of snowfall. This is a definite plus for many retirees looking to get away from the cold, snowy winters in the northern states.
Outdoor lovers will enjoy the scenery of the beautiful mountains and the ocean. Fishing is poplar for retires as well as spending time on the beach. North Carolina has many quality golf courses for the retiree whose passion is golfing. Many music festivals, culture, and artistic features add to the popularity growing popularity of retiring in North Carolina. The friendly nature of the people is an added bonus to any newcomer.
For those living on Social Security, North Carolina is very promising. Social Security is not taxed in North Carolina. The cost of living tends to be lower than most northern states. The state has homestead laws to keep property taxes from high increases. Home prices are fair, and depending on the area of North Carolina, can be quite inexpensive. Another plus for retiring in North Carolina is the excellent health care facilities and available doctors. Even in smaller towns, it is just a short driving distance to find superior health care. Saving money and the ability to find proper health care are big issues when planning for retirement. North Carolina has those issues covered, and includes fun and relaxation as well.
Best Places to Retire in North Carolina
Asheville
Though there are many wonderful retirement locations in North Carolina, a few locations stand out above the rest. Asheville is a small city in North Carolina located in the Blue Ridge Mountains. It is one of North Carolina’s top retirement communities. Fishing, boating, and swimming are popular in Asheville. There is plenty of water around the area to enjoy all of these activities. In town, an entire day can be spent walking and browsing the shops. There are antique stores, art galleries, boutiques, and cafes. Trolley tours are also available. The night-life might consist of going to a play, symphony, or jazz bar. There are a variety of musical acts to meet almost every interest. Asheville is also home to the Biltmore Estate. It is the world’s largest private home in America. It consists of 250 rooms, and beautiful gardens. The University of North Carolina Asheville offers the North Carolina Center for Creative Retirement. This program gives people of retirement age an opportunity to meet people with similar interests and make friends. They are able to take classes in different areas to ensure they thrive in retirement. The people of Asheville are very friendly, making it an easy place to call home. Asheville home prices can be high in some areas, but are affordable in other areas. Taking the time to research the area can result in finding a budget-friendly home.
Pinehurst Village
Pinehurst Village is a very small golf retirement community in south central North Carolina. The village is located within a beautiful forest. The Pinehurst Golf Club is the big focus of Pinehurst Village. The golf club is exclusive and owning a lot in the village will generally get someone a membership. There are many restaurants in the village or nearby. There is also an exquisite library in the village. The crime rate is very low in Pinehurst Village. Home prices can be very expensive, but less expensive right outside the village. The scenery is beautiful around the area, and a major city is not too far away. Though this may not be the best retirement community for everyone, if golf is the main focus after retirement, this is the perfect place.
Lexington
Lexington is a place that is poplar for those looking for a small town with a slow pace of living. Lexington calls itself the “Barbeque Capital of the World”. There are over twenty barbeque restaurants in town. The Lexington Barbeque Festival is a large festival held on the streets, and is one of the largest in North Carolina. Most people choose Lexington for the lower cost of living. Home prices are low, taxes are low, and medical facilities are still readily available. Towns with greater amenities are just a short drive away, and the low cost of living make Lexington a great choice for retirement. People in Lexington are friendly and life is slow paced. There are things to do, but if relaxing and enjoying life sounds good, Lexington might be the perfect choice.
There are many areas in North Carolina that are great to settle down and retire. Some areas will suit an active lifestyle and others are perfect for a more laid-back style of living. Some areas are able to offer both. Whatever it is that the individual is looking for when they retire, the mountains of North Carolina have something unique to offer.
Retirement Planners
For some people, hiring a retirement planner is a good way to understand exactly what it takes to retire at the age they have in mind. Investing money can be confusing and complicated. Knowing the right places to invest money so that it has the ability to gain as much as possible in the amount of time needed can be discussed with a retirement planner. There are many well-educated retirement planners that can make the entire process easier. It is important to choose a retirement planner that is experienced in financial planning and is licensed. It is perfectly fine to ask for references. When meeting with the planner, goals and needs should be addressed, and the planner should readily answer all questions. If the planner is not willing to take the time to discuss all concerns, it might not be a good match. A good retirement planner will do their best meet the needs of each individual client.
Complete Financial Solutions, Inc
Complete Financial Solutions, Inc. is a retirement planning firm located in Fuquay Varina, North Carolina. Offices are also located in Raleigh and Wilmington. Mr. Stevenson is a Chartered Financial Consultant. He has over 17 years of experience, with extensive training in retirement planning. Mr. Stevenson uses the initial consultation to get to know one another. He determines what is important to his clients and considers possible solutions. The first visit is a no pressure visit and no business is conducted during that visit. If the client is interested in one of his recommendations, a future visit is scheduled.
Edward Jones
Edward Jones has branches all over North Carolina. The financial advisors with Edward Jones make every effort to build a one-on-one relationship with their clients. They offer very personalized attention to each individual. They provide retirement planning and ensure the correct steps are taken so specific goals are met. They also make sure that the lifestyle can be maintained. The advisors are well-trained and offer a variety of relevant experience.
Hobart Financial Group
Hobart Financial Group is located in Charlotte, North Carolina. Chris Hobart is the CEO and Founder of Hobart Financial Group. He was named on of the top independent financial advisors in 2008. He has a strong background in business and finance. He does his best to look at all investments and make sure they are protected but yet making money. His ideal plan leads to a very comfortable retirement. He is happy to discuss any issues, and is available through all stages of retirement.
There are many different retirement planners around North Carolina. It is important to research and find a planner that is willing to listen and understand individual goals. Discussing specific needs with the planner can only then determine if the planner is a perfect match for each individual situation.
Planning for retirement is an important step in ensuring a secure financial future. Understanding how much money will be needed can be complicated and stressful. Retirement planners can help take the stress out of the process and are available to answer any questions that might arise. Retiring in North Carolina can be an option for a lower cost of living than some comparable areas. Health care is a great concern for many retirees and North Carolina offers excellent health care and doctors. North Carolina also offers beautiful mountains, numerous amenities, and plenty of culture. It is also very peaceful and relaxing. The variety of experiences available in North Carolina and the affordability make it a wonderful place to retire.