Skip to Search Skip to Live Player Skip to Content Skip to Footer

These Local Spots Are Among The Worst Places To Retire In North Carolina

Author Melanie Day

What’s your plan for retirement? Hopefully, it’s not settling down in one of the worst places to retire in North Carolina!

At this point in my life retirement seems unobtainable and a lifetime away. In this economy, saving money seems impossible as well as even having enough money to deal with inflation and unexpected costs. Not to mention that part of my life, best case scenario, is decades away.

But it’s never too early to start thinking about and planning for retirement. Especially if your plan is to find a rich significant other. That may not work and you probably need a plan b.

One of the biggest factors in when you can retire and how much money you will need to retire is where you choose to settle down. We’ve talked before about the best places to retire. And North Carolina certainly has some of those.

When you are in a state with mountains and the beach as well as numerous lakes and cities the options are endless no matter what your dream retirement location is. But they aren’t all affordable and that is where this list comes in.

The experts over at GoBankingRates.com recently conducted a study on the worst places to retire in North Carolina. This is based on if you are solely living off a social security check.

There were 15 total spots included on the worst places to retire list spanning across the state. But there were several that are local to the Charlotte Metro Area so those are the ones we are going to focus on.

This list included the following local cities as the worst places to retire in North Carolina:

  • Gastonia
  • Concord
  • Charlotte
  • Statesville
  • Huntersville
  • Mooresville

These were determined based on the assumption of receiving the average social security benefit which is $1,790.56 for an individual. This was weighed with the average monthly rent in each city as well as the monthly total cost of living in each city. And finally a livability index was included. 

While these places are wonderful to live and would provide a great quality of retired life, the issue that ended them on the list is simply that they are too expensive. 

So hopefully you can find some more money to set aside as social security alone is not going to cut it if you want to retire in North Carolina. You can read more about each of these cities as well as the full list via GoBankingRates.com. 

Melanie Day is a graduate of North Carolina State University. She has worked for Beasley since 2012 in a variety of behind-the-scenes roles in both digital and promotions. Melanie writes about a diverse range of topics some of her favorites include travel, restaurants, Taylor Swift, and college athletics. When not at work you'll find her at a country concert or NC State sporting event.

How Much Do You Need to Retire?

Have you ever wondered how much money you need to retire? It’s a big question and has a complicated answer. But, there are some ways to estimate how much money you’ll need to retire comfortably. So, how much do you need to retire?

Before we get into those numbers, let’s look at how the age at which you retire impacts how much retirement you currently get from Social Security. What is the maximum Social Security retirement benefit payable? According to Faq.ssa.gov, the maximum benefit is dependent on the age you retire. “For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822,” they state. “However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.” Also, when you want to apply for retirement benefits, you can do so using their online retirement application here.

You’re able to apply for your monthly retirement benefit as early as 62 years old. You can apply any time between age 62 and 70. The government calculates your payment by looking at how much money you’ve earned during your entire career. “The amount will be higher the longer you wait to apply, up until age 70,” they explain. “The timing is up to you and should be based on your own personal needs.” They also have a handy tool to estimate how much you’ll get when you apply at different ages. Find the tool here. They also have a chart here where you can look at various dates and see how much retirement you get if you were born in those years. Wow. I have a ways to go, looking at those dates.

So, how much do you need to retire? Let’s look at what some experts say and how to find out your needs.

  • It depends on when you want to retire

    The age you want to retire can have a massive impact on the amount you need to save. If you delay your retirement, it gives your savings longer to grow, and your Social Security benefit will be higher. So, the longer you can delay, the better. In other words, working longer will make it easier save enough money to retire.

  • What kind of retirement lifestyle do you want?

    Do you want to really live it up in your retirement, or will you be frugal? If you think your expenses might go up in your retirement, you have to save for it. But, if you plan to downsize, you can retire on less.

  • How much can you withdraw from savings each year?

    The AARP sources a 1998 study from Trinity College in Texas, which attempted to “find the most sustainable withdrawal rate from retirement savings accounts over various time periods.” In conclusion, the study stated that “an investor with a portfolio of 50 percent stocks and 50 percent bonds could withdraw 4 percent of the portfolio in the first year and adjust the withdrawal amount by the rate of inflation each subsequent year with little danger of running out of money before dying.”

  • Retirement calculator

    Fidelity has a handy calculator that will help you figure how how much you need to retire. First, they ask, what is your age? Then, what is the age you expect to retire? Finally, what do you think your lifestyle will be in retirement? Use their calculator HERE, and they’ll give you some useful estimates.

Sign me up for the Fox Sports Charlotte email newsletter!

Make sure that you’re not missing out on anything at Fox Sports Radio Charlotte and get exclusive insights into sports news and tons of extra perks!

*
By clicking "Subscribe" I agree to the website's terms of Service and Privacy Policy. I understand I can unsubscribe at any time.
Author Melanie Day
Category:
Tags:
,,,

More Active Living

Load More