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Why Should I Retire in South Carolina?

July 7, 2023  |  Retirement

By: Camila Cal, SeniorLivingGuide.com

If you’re thinking of making a move for your retirement, look no further than South Carolina! This state has several benefits for seniors that make it an ideal retirement destination.

• Seasons all year round: If you aren’t ready to give up the four stations, South Carolina may be the perfect place for you. While the summers are warm, they aren’t as brutally hot as Florida summers. Similarly, you’ll feel the cold weather during the winter; however, the temperatures are not as freezing as states up North. Not too hot, not too cold – South Carolina is just right!
• Tax relief for seniors: South Carolina is one of the most tax-friendly states for seniors/retirees. According to South Carolina’s Department of Revenue, “Social Security benefits and railroad retirement taxed for federal purposes are not subject to tax in South Carolina.” Additionally, “an income tax deduction of up to $15,000 is allowed against any South Carolina taxable income of a resident individual who is 65 or older by the end of the tax year.” If you are retiring under the age of 65, you qualify for an annual deduction of $3,000 and qualified retirement plans can be used for that deduction. If you are older than 65 or disabled, you may qualify for property tax reductions. The state also has no estate tax or inheritance tax. All of this means your hard-earned money will stay in your wallet.
• Lower cost of living: When compared to the United States as a whole, South Carolina has one of the lowest costs of living, including cheaper than average rents. When it comes to assisted living, South Carolina has one of the most affordable costs. Greenville, Charleston, and Sumter are the most cost-friendly, averaging at approximately $2,200–$3,600 per month. Quality care that won’t hurt your pockets!
• Attractions abound: South Carolina has activities for everyone to enjoy. History buff? Visit one of the many historic forts and parks such as the Fort Sumter National Monument or tour historic Charleston via a horse-drawn carriage! Interested in enjoying the outdoors? Visit Myrtle Beach or Hilton Head Island’s sandy beaches and luxurious golf courses! The state also has a wide selection of cuisine ranging from country cooking to soul food and more. And it’s the birthplace of sweet tea – what could be better?

These are just a few of the pros of living in The Palmetto State, but if you choose South Carolina as your retirement destination, you’re sure to find much more to love!