SMART ASSET NAMES REIDSVILLE AS THE 9TH BEST PLACE TO RETIRE IN THE STATE
The City of Reidsville has been designated as one of the top ten cities to retire in the State of North Carolina after the personal finance website, SmartAsset, analyzed 122 cities with at least 5,000 residents. Using data from the U.S Government and a tax website, each city was evaluated on factors that affect quality of life, including local tax rate, access to health care and social opportunities.
This is exciting news for Reidsville. “We have worked hard the past five years to really reach out to active retirees and let them know Reidsville is a fantastic place to begin that second chapter in their lives,” said Judy Yarbrough, Reidsville City Marketer. She explained that five years ago, a group of interested parties, like the hospital, realtors, the senior center, planning and zoning and more, were gathered to work on the Retire NC application.
Retire North Carolina is a program designated by legislation that was originally designed for smaller communities to reach out to retirees looking to relocate to NC. Cities that are approved for the program must meet a strict criteria, such as being tax friendly, having a hospital in your area, recreation, quality of life, arts and cultural, and they must be within a certain distance from a major metro. “
This program has benefitted us greatly,” Yarbrough said. “We are sending information to retirees throughout the United States on almost a daily basis. And we are seeing the fruits of our efforts.”
She said the City has discovered people are relocating here from California, Pennsylvania, Florida, New York, New Jersey, and Ohio, really all over the US. According to the latest figures from Ideal Living, which focuses on retirees and spending habits, etc., when one retiree moves to your area, it generates at least $50,000 a year for your economy.
“Why wouldn’t we be out there recruiting them? It also spurs development, which is another economic impact to the market,” Yarbrough stressed. “They will usually visit your area at least three times before making a decision which, in turn, generates tourism dollars so it all works hand in hand.”
Smart Asset methodology in determining the best places to retire looked at state and local tax rates, income and sales. The company calculated rates based on a retiree earning $35,000 annually, then subtracted income taxes paid from the gross income to determine disposable income. Sales taxes paid were calculated based on the disposable income being spent on taxable goods. Then they determined the number of doctor’s offices, recreation and retirement centers per thousand residents in each location and, finally, the number of seniors in each city as a percentage of the total population. The areas with the highest average ranking were determined to be the best places to retire.
Reidsville Mayor Jay Donecker added, “We are thrilled to have this designation for Reidsville. We all know what a wonderful place our City is, but to be recognized on a national level and in the top 10 is a testament to all the hard work our Council and staff, past and present, has done to build the City to where it is today. We are, after all, “Team Reidsville!