Friday, August 28, 2009

North Carolina Best Place to Retire? - North Carolina Tax Friendly To Retirees, NC won "Favorite Destination " for taxes by

North Carolina Best Place to Retire? - North Carolina Tax Friendly To Retirees, NC won "Favorite Destination " for taxes by

Is North Carolina, the best place to retire?  If you care about taxes its certainly up there . If fact when it comes to taxes North Carolina is very friendly place to go.  In a recent study, the respected DC based personal finance journal, deemed North Carolina "most favorable" when it comes to your retirement tax dollars.
Among the Reasons:
North Carolina does not tax Social Security Benefits.
Also excluded are up to to $4,000 in taxes of local and gov pensions and $2,000.00 for private pensions.
A cap on property taxes for those 65 and older to 4% of income.
Additional exemptions are on prescription drugs and medical equipment.
Compelling when you add a much lower cost of living through some of the best home prices in the country. throw in the weather and nice people and its its a great place to make home.
Check out the article below:

Kiplinger: N.C. ranks high for retirees

Charlotte Business Journal - by Lee Weisbecker Triangle Business Journal

North Carolina has won “favorite destination” status in a study of the most tax-friendly places for retirees on pensions and Social Security., online arm of the Washington, D.C.-based personal finance publication, looked at tax policies across the country to determine whether they were friendly to seniors.
The publication summarized the results in groups of states with the lowest and highest taxes on income, sales, real estate and other assets.
North Carolina was among 27 states that don’t include Social Security payments as taxable state income.
Other factors contributing to the “favorite destination” label included the state’s exclusion of up to $4,000 in taxing state and local government pensions and its exemption of up to $2,000 for private pensions. also considered North Carolina’s sales tax burden, which is rising to 4.75 percent after Oct. 1, that exempts prescription drugs and medical equipment, and a program limiting property taxes for homeowners age 65 and older to a total of 4 percent of income.

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