This sleepy North Carolina Hamlet holds the #1 secret to stretching retirement funds

Choosing where to settle down in your golden years is an important decision that a staggering 4.1 million Americans will make in the coming years. The US certainly isn’t lacking when it comes to desirable places to retire, but a sleepy village in North Carolina presents itself as an ideal spot for retirees who aren’t interested in hot summers at the beach and are looking to stretch their retirement funds. their retirement.

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According to a report from the Retirement Income Institute at the Alliance for Living Income, more than 11,200 Americans will turn 65 every day between 2024 and 2027. Affectionately nicknamed the “Silver Tsunami,” many retired Americans and they will soon retire. looking for a place to live during their golden years.

Florida has long been the number one retirement destination for many retirees, thanks to its warm weather. Govt. Ron DeSantis says, “Florida’s strong economy and low taxes create opportunity for families, which is why Florida continues to lead the nation in net immigration.”

However, the Sunshine State has some competition in the form of a small, sleepy village in North Carolina’s wine country.

US News & World Report has released its findings on the best cities in North Carolina to retire, and Winston-Salem has come out on top. Located in the stunning Yadkin Valley, this slow-paced village is not only a great choice for retired Americans looking to stretch their retirement savings, but also a place that offers a sense of security and comfort. US News & World Report describes Winston-Salem as “a region on a growing trajectory that still maintains its Southern roots.”

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Considering Winston-Salem’s statistics, it’s clear why retirees are trading in their big-city lives at a slower pace.

The city has a population of 252,907, with 15% of the population in their retirement age. The city offers retirees a lower cost of living, lower taxes and a vibrant cultural scene. The state has a flat income tax rate of 4.75%, and property tax rates are 0.70%, which is lower than the national average of 0.99%. While North Carolina imposes state income tax on 401(k) distributions and pensions, which may deter some retirees, the state does not tax Social Security benefits. The lower cost of living and affordable housing certainly offset the state income tax.

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Data published by US News and World Report showed that the average monthly mortgage cost is a desirable $841 and the average monthly rent is $834. That’s much lower than popular Florida retirement cities like Daytona Beach, where the average monthly rent is $1,274. While the median household income is $64,493, which is lower than the national average, the lower cost of living makes up for it and helps retirees save for their retirement funds. A report by the Missouri Center for Economic Research and Information found that North Carolina ranks 22nd nationally in cost of living.

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Still not convinced?

The Tax Foundation finds that in North Carolina, $100 equals $109.53 in spending power. This means your money goes further than it would in other states, making this small town a great retreat for retirees.

In addition to affordable living and lower taxes, this North Carolina city is the perfect city for wine lovers, as it is home to many picturesque vineyards and a rich arts scene. Kim Myers, proud owner of Laurel Gray Vineyards and Yadkin Valley Wine Company, expresses her love for the town: “The lifestyle in the Yadkin Valley is still rural and slow-paced, but filled with small towns and beautiful vineyards. “

Nature lovers will enjoy the scenic hiking trails and state parks while getting to know the local community at one of the many cultural events hosted in this North Carolina village. If a sleepy, slow-paced lifestyle doesn’t appeal to you, North Carolina has some great retirement-friendly cities to consider, like Charlotte and Raleigh.

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This article This Sleepy North Carolina Hamlet Holds the #1 Secret to Stretching Retirement Funds originally appeared on Benzinga.com

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