The Town of Marvin has been recognized among the top 10 “most tax friendly places for retirees in North Carolina,” according to the sixth annual study conducted by Smart Asset, a financial technology company.
The study gave Marvin a retirement tax friendliness index of 44.84, which ranked 10th among municipalities in the state. North Carolina has 552 municipalities among its 100 counties, according to nclm.org.
Smart Asset’s study analyzed how the tax policies of each municipality would impact a retiree with an annual income of $50,000 from a retirement savings account, applying relevant deductions and exemptions. The study’s overall index was designed to “best capture the taxes that most affect retirees,” according to smartasset.com.
St. James was ranked No. 1 in the study with an index of 52.77, and the top 10 also included: James City, Myrtle Grove, Wrightsboro, Porters Neck, Cullowhee, Lake Norman (of Catawba County), Half Moon, St. Stephens and Marvin.
“The tax burden you face in retirement could impact where you decide to spend your golden years,” Steve Sabato, Public Relations Manager for Smart Asset, wrote to The Enquirer-Journal in an email.
To learn more about the tax friendly study, go to: https://smartasset.com/retirement/north-carolina-retirement-taxes#northcarolina