South Carolina is one of the most popular destinations in the U.S. for active adults to retire. And, it’s no surprise why since it’s exceedingly beneficial for retirees to live there in regards to money and taxes.
In South Carolina Social Security benefits aren’t taxed and there’s a generous retirement-income deduction when it comes to state income tax. Plus, property taxes are substantially lower than most other states across the country, which is significant for all potential homebuyers, whether they’re looking for a permanent place to live or are just looking to purchase a second home to visit.
According to Smart Asset the cost of living is four percent lower in the Palmetto State than the national average. And, for residents who are 65+ there’s the South Carolina homestead exemption, which helps homeowners save even more money on property taxes once they’ve lived in the home as their primary residence for at least a year. Another notable fact in regards to taxes in South Carolina is that there is no inheritance or estate tax.
Lowcountry Benefits for Retirees
Beyond the tax incentives and being financially beneficial for retirees, there are several other reasons South Carolina has become one of the leading places for active adults to relocate to in the U.S. The state has warm summers and balmy winters, making it extremely appealing to snowbirds looking to escape the cold winters up north.
Then, within the Palmetto State the Lowcountry is one of the the most sought-after areas for retirement.
The area has several major draws that make it extremely attractive to retirees, with scenic views around every corner, no shortage of things to do, and top-notch medical facilities close by, including The Medical University of South Carolina. Getting around is also easy with major interstates and international airports within a short driving distance. Additionally, because the destination is so desirable, purchasing real estate is a sound investment.