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Drawbacks of Retiring in South Carolina

By    |   Friday, 18 Mar 2016 02:45 PM

While there are many benefits to retirement in South Carolina, there are some drawbacks too, such as a lack of nightlife and shopping opportunities outside the resort towns and major cities to giant bugs and the real risk of hurricanes.

While these definitely aren't dealbreakers, especially when compared to all the benefits, these pros and cons should be considered.

Here are five drawbacks to know about retirement in South Carolina.

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1. Giant bugs
South Carolina is known as the Palmetto State, but the palmetto bug is no joke. The state's version of a super-sized cockroach, it is a definite drawback to living here if you have a serious dislike for bugs. Additionally, South Carolina summers are notoriously hot and humid.

2. It can be expensive
Not everywhere in South Carolina is affordable. "Some of the state’s more popular destinations have gotten pricey. Take Hilton Head Island, a Lowcountry resort about a 45-minute drive from Savannah, Georgia. ... The cost of living is 33 percent higher than the national average and the median home price is $305,700," says MarketWatch.com.

3. Crime
Crime can be an issue in even the most charming small towns like Beaufort, where TopRetirements.com notes: "Crime is higher than average here, though residents say that there are plenty of safe neighborhoods."

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4. High income taxes for certain brackets
South Carolina has a marginal income tax rate, ranging from 3 percent to 7 percent, but the top bracket kicks in at a low-income threshold: just $14,400. This means for retirees still earning significant income, income taxes can feel high.

5. Hurricanes
South Carolina lies in the North American hurricane belt, which means it is at risk between June and November. In fact, the South Carolina Emergency Management Division calls South Carolina "one of the most vulnerable states in the nation to be impacted by hurricanes and tropical storms" in the U.S., attributing this risk to its nearly 200 miles of coastline.

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While there are many benefits to retirement in South Carolina, there are some drawbacks too, such as a lack of nightlife and shopping opportunities outside the resort towns and major cities to giant bugs and the real risk of hurricanes.
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Friday, 18 Mar 2016 02:45 PM
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