Real Estate Costs in Retirement
The largest chunk of any person’s cost of living in retirement is their primary residence.
Real estate costs eat up more than any other category, especially when you factor in real estate taxes, school taxes, and maintenance.
Some retirees opt to rent a home or apartment, rather than having to pay the taxes of owning a home while putting their down payment money into a growth account to supplement their income.
Other retirees opt to move to the states with the least amount of real estate taxes possible, or with homestead exemptions, which includes South Carolina.
State and local taxes are relatively low in North Carolina and South Carolina.
Choosing to live outside the boundaries of incorporated cities and towns can help lower your tax bills substantially.
Also, pay close attention to the school taxes you’ll be responsible for, and insurance rates for the area you choose.
If your best place to retire includes living near the North Carolina or South Carolina coastline, lakes or rivers, remember living near the coast or in a flood plain may not make much sense when it’s time to pay the insurance premiums.
Before you decide upon your best place to retire, make sure you visit the local and state taxation websites or offices and speak with your insurance agent.
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About Bob Bencivenga
 Bob Bencivenga |
Bob Bencivenga is a professional site locator and location analyst for major corporations. Bob researches the growth of NC and SC to find the Best Places to Retire or Relocate that are still affordable. |
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