From beautiful beaches to historical cities packed with culture, favorable taxes to mild weather, there are lots of benefits to planning your retirement in South Carolina.
Here are four great reasons to retire in the Palmetto State of South Carolina.
1. Your family will want to visit you.
OK, this could be a benefit or a drawback, depending on your family. But if you retire somewhere on the coast, like Hilton Head or Myrtle Beach, it makes for a great vacation destination for the grandchildren.
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"Hilton Head is a retirement community located on an island of the same name at the extreme southern edge of South Carolina. … Of its almost 34,000 population, the majority are active adults 55+ who choose this island and the surrounding area as their ideal retirement community. The Island swells to almost 300,000 people during the busy summer tourist season,"
TopRetirements.com reports.
2. Plenty of culture
Cities like Charleston always have something going on when it comes to theater and the performing arts. The 17-day Spoleto Festival is the city's signature cultural event. It is held in May and June and features a line-up of opera, dance, choral and jazz music, and theater that attracts talent from around the world.
3. No state death tax
After you pass away, the benefactors of your will are not burdened by estate or inheritance taxes above what the federal government mandates, as South Carolina does not impose either tax. Overall the state is considered favorable from a tax perspective with many breaks for retirees.
"Residents 65 and over have an exemption for the first $15,000 of income, of which up to $10,000 may be retirement income, including military pensions. People up to age 65 can deduct up to $3000 of qualified pension income. Most disability services are not taxable," says TopRetirements.com.
4. Not too expensive
South Carolina is not extremely costly when compared to other states. The median home value in the state was $134,700 in 2015. By comparison, the national average was $178,700. Goods and services also tend to be cheaper than the national average.
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