How is South Carolina for retirement?

If you are thinking about spending your retirement years in South Carolina, you will enjoy the best of all possible worlds. Apart from the mild climate, South Carolina is an affordable state, and you will have more money to spend on your retirement. But, how is South Carolina for retirement?

South Carolina is a good state for retirement due to its favorable tax system, good weather, and low cost of living. Although social security benefits are exempt from taxation, you will pay income taxes on other retirement incomes. Residents also enjoy about 216 sunny days each year, world-class hospitals, plenty of outdoor activities, historical sites, and tuition-free education for seniors.

Is South Carolina a Tax-Friendly State for Retirees?

South Carolina is a tax-friendly state for retirees. The state does not tax social security benefits but other retirement incomes like 401(k) and IRA distributions are subject to income taxes. Individuals below age 65 are allowed to claim a tax deduction of up to $3,000 on their taxable income, while seniors above 65 can claim up to $15,000 on their tax return.

If you are above 65, and your annual retirement income from pension, 401(k), IRA, and other sources is below $15,000, it means you won't pay any state income taxes. However, if your income exceeds $15,000, you will pay income taxes on the excess retirement income.

South Carolina also charges sales taxes on goods and services. However, essential goods like groceries and prescription drugs are exempt from sales taxes.

How much are property taxes in South Carolina?

The average effective property tax rate in South Carolina is 0.55%, which is one of the lowest property tax rates across US states. On average, homeowners can expect to pay $550 for every $100,000 fair market value of their property.

If you are a retiree, your property taxes could reduce significantly if you are eligible for the state’s Homestead Exemption. This exemption is available to seniors above 65, and you may be eligible if your home has served as your primary residence for at least one year. In this case, the first $50,000 of your property’s fair market value will be exempt from property taxes.

Pros of Retiring in South Carolina

Healthcare

If you want to retire in a state with world-class hospitals and a wealth of medical specialists, South Carolina is a good place to retire. The state is home to some of the top-ranked hospitals like the Medical University of South Carolina and Spartanburg Medical Center.

Free education

If you are above 60, you can enroll at any state-sponsored college tuition-free depending on space availability. You can enroll in any classes offered at the institution and even access specialized classes. Although the state waives tuition fees for seniors, you may be required to pay a small fee for registration and course resources.

Rich history

South Carolina has a rich history, and you can take a step back in history when you visit the museums, old railways, battle sites, antebellum mansions, and historical monuments. The state is also popular for film festivals, art galleries, theaters, and concerts.

Good weather

South Carolina experiences warm weather most times of the year, similar to Florida. Residents enjoy about 216 sunny days per year, and the temperatures can reach the highs of 90 degrees in July and August. Even with the relatively good weather in South Carolina, there is a constant threat of hurricanes.

Outdoor opportunities

With over 2,876 miles of coastline, South Carolina has some of the most magnificent beaches. You can go for forest trails at the Francis Marion National Forest or hike in the Congaree National Park. You can also go fishing and boating at Lake Greenwood and Lake Hartwell

South Carolina is a popular state for golfers, and it has two of the most prestigious golf courses such as Harbor Town Golf Links which hosts PGA tour events, and the Ocean Course on Kiawah Island which hosts the PGA Championship and the Ryder Cup.

Cons of Retiring in South Carolina

Creepy creatures

South Carolina has some of the most fascinating creatures you will ever find, but there are stories of scary encounters with the local wildlife. You should watch out for rattlesnakes, alligators, and wild moose moving into the neighborhoods.

Weather

Whenever you visit South Carolina, the weather is generally warm and relaxed. However, the sub-tropical weather brings the threat of hurricanes in the coastal towns. The state is subjected to at least one hurricane every year, and there is a constant threat of adverse weather causing floods, power shortage, structural damage to buildings and government infrastructure, and creating the need for evacuations.  

Best places to retire in South Carolina

Summerville

If you are looking to retire in a quiet place with a vintage feel, you should consider retiring in Summerville. The city is popular for its beautiful and serene public parks, vintage houses, and gardens. There are more than 700 structures that were constructed in the 19 century. The city also has a growing number of retirement communities, and the residents have access to beautiful beaches, museums, historical sites, farmer's markets, and all the amenities of a modern city.

Greenville

Greenville is known for its magnificent beauty, and it lies on the foothills of Blue Ridge Mountain. The town has a thriving arts scene, where it hosts popular annual festivals, historic sites, and museums that house numerous art collections. There is an international airport in Greenville, which simplifies travel in and outside the US. The low cost of living makes Greenville a viable place to retire.

Myrtle Beach

If you plan to retire in a coastal city with plenty of outdoor activities, Myrtle offers the best deal for retirees. Atlantic City has plenty of beaches where residents can enjoy sunbathing, watching the sunset, or even going for morning walks. If you are a golfer, you will enjoy playing golf near the coastal golf courses with a view of the Atlantic Ocean.

West Columbia

Budget-conscious retirees will find West Columbia an attractive place to retire. This city has a vibrant culture, and there are plenty of restaurants serving western meals. You can also visit the Riverbanks Zoo and Botanical Garden to explore nature. Residents can enjoy canoeing, kayaking, walking, and biking.