with Mike Breitfeller, CFP®, The Breit Group
Retiring to coastal North Carolina is one of the most common reasons people call me. The dream is specific and it’s lovely: smaller house, shorter winters, water close enough to see. What usually hasn’t been worked out yet is the money underneath it. In Episode 009 I sat down with Mike Breitfeller, CFP® of The Breit Group — whose office is literally at Wrightsville Beach — to talk about how the house fits into a retirement plan instead of eating it.
Hey friend — I’m Tabetha (Tabi) Klein, a REALTOR® in Wilmington, North Carolina, working across New Hanover, Brunswick, and Pender counties.
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In this episode
Before you decide what to do with a large sum of money, decide what that money has to do.
Tabi Klein, host
The question behind retiring to coastal North Carolina
Mike’s framing stuck with me, and it applies to more than retirement: before you decide what to do with a large sum of money, decide what that money has to do. Not “is this a good investment” — what job is it being hired for, and when does it need to show up for work?
Applied to a coastal move, that turns a vague dream into three answerable questions. How much of my net worth is about to become one house on one street? What does that house cost me every year just to keep? And what am I giving up by having the money there instead of somewhere else?
None of those have universal right answers. But you should be able to say yours out loud.
Concentration is the risk nobody names
Here’s the pattern I see constantly. Someone sells a house up north that they’ve owned for thirty years, lands on a number that feels enormous, and pays cash for something here. It feels like the safe move — no mortgage, no payment, done.
Mike’s point is that “no debt” and “no risk” aren’t the same sentence. Putting a large share of your net worth into a single illiquid asset in a single coastal ZIP code is a concentrated position. It might still be the right call for you. It just deserves to be a decision rather than a default.
The flip side is equally true: sitting on cash for twenty years because investing “feels risky” carries its own quiet cost. The whole episode is really about naming the tradeoff instead of avoiding it.
What it actually costs to hold a house here
This is where a coastal retirement budget most often goes wrong, and it’s the part I can speak to directly. The purchase price is the easy number. The annual carry is the one that surprises people. My guide to retiring in Wilmington, NC breaks down taxes, insurance and those carrying costs line by line.
- Property taxes, which shift depending on county and whether you’re inside city limits — two nearby homes can have very different bills, and a recent revaluation moved a lot of people’s numbers.
- Homeowners insurance, plus wind and hail, which coastally is often a separate consideration.
- Flood insurance, which is usually its own policy — start with flood zones in Wilmington.
- HOA dues, which in master-planned communities can be substantial — here’s what they typically cover.
- Salt-air maintenance. Things here age faster. HVAC, roofing, exterior paint, decking. Budget for it as a recurring line, not a surprise.
Add those up before you fall in love with a price. On a fixed income, the carry matters more than the purchase.
How North Carolina treats retirement income
This is a genuine draw and it’s worth understanding accurately rather than from a Facebook group. North Carolina does not tax Social Security benefits — the N.C. Department of Revenue explains how Social Security and railroad retirement benefits are treated. Certain government retirees may also qualify for an exclusion under the Bailey decision, which covers qualifying federal, state, and local retirement benefits.
Other retirement income is generally treated differently, and everyone’s situation varies. Take this as a starting point for a conversation with your own tax professional, not as an answer.
Pay off the mortgage, or invest?
The eternal question, and Mike didn’t give me a rule — he gave me a set of inputs. What’s the rate on the debt? What’s your tax picture? How much liquidity do you have outside the house? And, honestly, how much does carrying a payment bother you?
That last one gets dismissed as unserious, and it shouldn’t be. A mathematically optimal plan you can’t sleep with isn’t optimal. Peace of mind is a legitimate input.
The part most people put off
Estate planning came up, and it’s the piece that gets postponed longest and costs families most. If you’re moving to a new state, the paperwork you signed years ago in another one deserves a fresh look.
It’s a big enough topic that it got its own episode — Episode 011 covers what happens to your house if you die without a will in North Carolina, and it’s worth the twenty-five minutes.
So where should you actually look?
People retiring here tend to sort themselves along one axis: how close to the water, and how much am I willing to pay in taxes, insurance, and upkeep for that closeness. Wrightsville Beach versus Carolina Beach is a useful comparison to start with, and the county overviews for Brunswick and Pender are where a lot of people find the value they were hoping for. If a second home or rental is part of the plan, this is how primary, second home, and investment differ here.
Questions about moving here in retirement
Does North Carolina tax retirement income?
North Carolina does not tax Social Security benefits, and certain government retirees may qualify for an exclusion under the Bailey decision. Other retirement income is treated differently — check with your own tax professional.
What does it cost to insure a coastal home here?
It depends heavily on distance to water, roof age, construction, and claims history. Budget for homeowners, wind and hail, and flood as potentially three separate things.
Is retiring to coastal North Carolina actually affordable?
The purchase price is usually the easy part. The annual carry — taxes, insurance, flood, HOA, and salt-air maintenance — is what decides whether it works on a fixed income.
About our guest: Mike Breitfeller, CFP®
Mike Breitfeller, CFP® is a principal and lead advisor at The Breit Group, an independent registered investment advisor with an office at Wrightsville Beach. He is a CERTIFIED FINANCIAL PLANNER™ professional with roughly seventeen years in the industry, working in wealth management, corporate retirement plan consulting, and estate planning, and was recognized by 401k Specialist Magazine in December 2025. He has lived in Wilmington since 2005, when he came to attend UNCW. The Breit Group was launched in 2025 by his wife Lauren, who brought him along as lead advisor. When they’re not working or at their kids’ games, they’re on or near the water. He also used to play drums in a band called Rundown, which I think earns him some credibility of a different kind.
Website: thebreitgroup.com
Instagram: @thebreitgroup
Thinking about a coastal move?
If retiring to the Wilmington area is somewhere on your horizon — this year or five years out — I’m happy to help you pressure-test the housing side of it before you commit to anything. Call or text 910-983-8963, or start with my guide to buying a home in Wilmington, NC.
Tabetha Klein, REALTOR® | Coldwell Banker Sea Coast Advantage | 910-983-8963 | makingilmhome.com | @theILMrealtor
This episode is for general education only and is not investment, tax, or legal advice. I am a REALTOR®, not a financial advisor or tax professional, and nothing here is a recommendation to buy, sell, or hold any investment. Tax treatment and planning strategies depend entirely on your individual circumstances — please consult your own qualified advisors. Guest appearances are editorial and are not paid endorsements. Coldwell Banker Sea Coast Advantage. Each office is independently owned and operated. Equal Housing Opportunity.