Military Officer - September 2008 - (Page 56)

retired to the rural countryside near Lake Tillery, N.C., ﬁve years ago. Given that Gatien is a native of New Smyrna Beach, Fla., his choice of retirement location might seem unexpected, but in recent years, North Carolina has been giving Florida a run for its money attracting retirees. Today, North Carolina ranks just below Florida and Arizona in popularity as a retirement state. U.S. AR MY SGT. M AJ . R I C K GAT IE N “I spent a lot of time in North Carolina while in the service,” says Gatien, who worked more than a decade at Fort Bragg. “I knew North Carolina had a lot of positives. There are close to 1 million retirees in this state.” Gatien would know — he works as a state veterans service ofﬁcer with the North Carolina Division of Veterans Affairs. Gatien especially appreciates being a resident of the North Carolina Piedmont, in the central region of the state. “I like the state’s diversity,” he explains. “From here, I’m close to the coast and the mountains.” Gatien isn’t alone. Hundreds of thousands of retirees who have ﬂocked to the Piedmont regions of North Carolina and neighboring Virginia are attracted to the mild climate that still offers four seasons and the region’s access to trendy metropolitan areas, educational facilities, loads of attractions, and outdoor recreation. — and the beginning of the coastal areas, just east of I-95. Surveys by sources such as CNNMoney.com have ranked Charlotte as a top retirement city. The Raleigh/Durham/ Chapel Hill Research Triangle also is among the fastest-growing and most popular metropolitan areas in the Piedmont. All three are urban areas with access to amenities and recreation — and correspondingly are more [CONTINUES ON PAGE 60] What Does It Cost to Live Here? I North Carolina’s cost of living and state tax benefits are friendly to retirees, which might explain why the state has become a popular place to retire. All North Carolina cities that participate in the ACCRA cost-ofliving index (COLI) measurement boast COLIs well under the national average, 100. Charlotte, for example, has a COLI of 92.7, while Durham has a COLI of 90.4. All military retirement pay in North Carolina is exempt from state taxes if the individual had five years of creditable service as of Aug. 12, 1989. All other military retirement pay or survivor benefit pay is eligible for a $4,000 deduction. Social Security income also is exempt from state taxes. North Carolina’s sales tax is 4.25 percent. I The North Carolina’s Piedmont The North Carolina Piedmont basically covers the region between the mountains — which run southwest from Mount Airy to Hendersonville 56 MILITARY OFFICER SEPTEMBER 2008 most popular places to retire in Virginia’s Piedmont can be pricey. Charlottesville, which is attractive to retirees because of its many cultural offerings and access to outdoor recreation near Shenandoah National Park and the Blue Ridge Parkway, has an ACCRA COLI of 110.7. Richmond, the state capital, isn’t far behind with a COLI of 108.3. There are no special state tax benefits for military retirees or surviving spouses either, though couples with less than $75,000 in federal adjusted gross income are eligible for a $12,000 deduction on state income taxes. Sales tax in Virginia is 5 percent. http://CNNMoney.com

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Military Officer - September 2008 Contents MOAA Online From the Editor From the President Your Views MOAA Directory Rapid Fire Washington Scene Chapters in Action Financial Forum Ask the Doctor Middle Ground Finance Your Future One Step at a Time Cover Story: Reducing the Threat Slow Boat Through China Practice Makes Perfect Pages of History Faces of MOAA Information Exchange Member Books MOAA Scholarship Donors Advertising Index MOAA Member Services MOAA Calendar Sounding Taps Encore

Military Officer - September 2008

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