Tags: Retirement | retiring | south carolina | myths

Myths About Retiring in South Carolina

By    |   Friday, 12 Feb 2016 05:48 PM

South Carolina has mild weather and fabulous beaches and is known as a retirement hub attracting baby boomers by the thousands each year. But while most things regarding the retirement picture in the Palmetto State are rosy, there are also some facts you need to be aware of before retiring there.

Here, we debunk four myths about retirement in South Carolina.

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1. Sales tax isn't that low
Although South Carolina's state sales tax isn't nearly as high as, say, California, which leads the country at 7.5 percent, it also isn't the lowest in the nation. Five states don't have any sales tax, Colorado's starts at 2.9 percent but can go up depending on municipal taxes, and then some states, such as Wyoming, charge only 4 percent. At 6 percent, with an option for municipalities to charge up to 2.5 percent more, South Carolina's sales tax is pretty middle of the American road.

2. I can work after official retirement and not pay much in income tax
Unless you are earning less than $14,400 per year, this is a myth. South Carolina has a marginal income tax rate, but anyone earning more than $14K pays the top rate of 7 percent, which can add up to quite a bit.

3. Retiring anywhere on the beach is cheap in South Carolina
While overall, South Carolina is affordable for retirees, it isn't the cheapest beach destination to set up shop. Alabama's beaches have more affordable prices, for example. However, if you choose to retire in Hilton Head, for instance, you can expect to pay about 33 percent above the national average when it comes to the cost of living.

4. Fabulous year-round climate
While winters are great in South Carolina — temperatures remain mild in even the coldest months — the summers can be pretty miserable, especially if you are staying inland from the sea. The climate is sub-tropical and you can expect heat and humidity to hold court from June through September. Additionally, South Carolina can be impacted by hurricanes. In fact, the South Carolina Emergency Management Division calls it "one of the most vulnerable states in the nation to be impacted by hurricanes and tropical storms."

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South Carolina has mild weather and fabulous beaches and is known as a retirement hub attracting baby boomers by the thousands each year. But while most things regarding the retirement picture in the Palmetto State are rosy, there are also some facts you need to be aware of before retiring there.
retiring, south carolina, myths
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2016-48-12
Friday, 12 Feb 2016 05:48 PM
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