Retirees are moving to South Carolina for this one financial perk
South Carolina offers some of the most spectacular sights for vacationing, but it’s also one of the best places for retirees. Here are three reasons why you should consider spending your golden years in The Palmetto State:
1. Home to some of the lowest property taxes in the U.S.
South Carolina has the sixth-lowest average state property tax rate at 0.57%. Best of all, this rate not only covers the house, but also up to five acres of surrounding land. The first $100,000 in home value is exempt from school district property taxes. Homeowners over 65 are eligible for a homestead property tax exemption of $50,000 on a primary residence.
2. The best way to maximize your Social Security benefits.
Overall, South Carolina is tax-friendly towards retirees. And, when it comes to income tax, you can expect attractive benefits. For instance, Social Security income is not taxed. There is also a $15,000 deduction for seniors receiving other types of retirement income. Furthermore, withdrawals from retirement accounts, and public and private pension income are only partially taxed. Win-win!
3. Enjoy low housing costs and plenty of options to rent.
Living in South Carolina is less expensive than most other states when it comes to housing. According to Investopedia, the average median house value is $165,100. Renting is also a viable choice with median rents for a one bedroom coming in at approximately $760 a month (about $180 cheaper than the national median).
Ready to enjoy the golden years of your life? South Carolina is often on the ‘top lists’ for retirees due to its minimal cost of living, attractive tax deductions for seniors and pleasant climate.