Senior Tax Breaks & The Cost Of Living
When it comes to retirement, the last thing you want to worry about is money. Luckily, the Palmetto State makes it easy for seniors to enjoy the best of Carolina living while also staying on budget. Our state offers one of the lowest property tax rates in the country.
The Homestead Tax Exemption grants tax breaks to those ages 65 or older on the first $50,000 in fair market value of their legal residence. Learn more about property taxes and the benefits of retiring in Charleston, SC.
A Guide To Retiring To Charleston Sc
Postedby Lee and Katherine Keadleon Thursday, July 2nd, 2015 at 1:42pm.
Ready to retire? Many retirees are finding that Charleston, South Carolina has the perfect mix of affordability and fun for the graceful retiree. Not only is the state swelling with historical homes, but the median home price in the area is just $203,000.
Common Questions About Retiring In South Carolina
Is South Carolina a retirement friendly state?
South Carolina is very tax-friendly to retirees. Almost all forms of retirement income are either not taxed, or have substantial tax deductions, and it has one of the lowest property taxes in the country.
What age do you stop paying property taxes in South Carolina?
At the age of 65 South Carolinas homestead exemption has a complete tax deduction for the first $50,000 of Fair Market Value of your home.
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What Is The Weather Like In Charleston Sc
In short, the weather is perfect!
Throughout the year, it rarely goes below 30° F, or higher than 89° F. The average temperature range is 43° F-94° F, and the city enjoys mild winters and warm and delightful summers.
The subtropical climate is just one of many reasons why so many people choose to move to Charleston. The southern region tends to get about 230 days of bright sunshine every year.
Top 10 Places To Retire In South Carolina
Percentage of the Population Over 65: 18.2%
Median Home Value: $95,300
Most Recent Annual Number of Violent Crimes: 72
Most Recent Annual Number of Property Crimes: 406
Number of Hospitals Within One Mile of the City: 2
Newberry is a charming rural suburb of Columbia, the states capital. This peaceful community, surrounded by amazing scenery, offers retirees the chance to relax and reconnect with nature during their golden years. Active Adults looking to walk on the wild side will love Newberrys local winery and Lynchs Woods Park.
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Discover Luxury On Charlestons Sea Islands
With over 40 years of experience in Charlestons real estate market, our team of experts has the local knowledge you need to find the perfect retirement community. Many retirees find solace in the villa communities of Kiawah Island and Seabrook Island. These communities feature spectacular amenities, including pools, fitness centers, community centers for gatherings, and more. Villas are ideal for those who prefer to relax by the pool on the weekends without the added hassle of home maintenance. Book your island tour today and discover which community suits you best.
If an expansive home is more your style, we can help you find an oceanfront property where your next beach day is always just a few steps away.
Learn more about everyday living in Charleston, SC, by viewing our community resource guide.
Best Places To Retire In South Carolina 2022
South Carolina is a beautiful coastal state full of rich history, friendly people, and a relaxed way of living making it a great state to consider retirement in. The state has a low cost of living, low tax rates, and plenty of different retirement options for people looking to be close to the water. South Carolinas charm combined with its vibrant culture makes it one of the best states for retirees.
If youre considering retiring in South Carolina, we have compiled a list of the best 15 places for retirement in South Carolina. Our list also includes important information about each city along with an idea of how retirementmight look in each city. This guide will help you get a better idea of the area and whether or not it fits your budget, style of living, and what you are looking for in retirement.
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The Best Places To Retire In South Carolina: Amber Dollarhites Top Picks
According to the US Census Bureau, there are over 9 million Americans aged 65 and older in South Carolinaapproximately 18% of its overall population. And this number continues to grow steadily year after year as more people are living longer and healthier lives than ever before. What does this mean? That youre likely to have plenty of company if you do retire in South Carolina! Heres a look at some of the best places to retire in South Carolina if youre planning on moving there soon
Isle Of Palms Retirement Conclusion:
Isle of Palms is perhaps one of the most expensive places you can retire to in South Carolina. If you can afford it, Isle of Palms is an absolute oasis for retirees. Isle of Palms is a 7 mile strip situated between Sullivans Island and Dewees Island.
Its an affluent community full of high class living. Its boasts a family friendly atmosphere and is a great place to retire if you like being very close to the water. The crime rate is extremely low and the quality of life here is incredible.
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Report: Charleston South Carolina Named Best Place To Retire
A row of homes line a street in Charleston, S.C., leading up to St Michael’s Church.
Charleston was rated as the best retirement city, according to a new WalletHub report.
The report compared data on affordability, activities, quality of life and health care in 182 cities in the United States.
Charleston ranked above Orlando, Cincinnati, Miami and Fort Lauderdale in the rankings. Columbia ranked 29th.
Charleston didnt rank in the top 10 in any of the individual categories, but it was 15th in activities, 21st in affordability, 48th in health care and 75th in quality of life.
“Make sure you visit more than one area that youve targeted for retirement, for an extended period of time if possible,” said Clemson professor Mary Ann Taylor, who works in the Department of Psychology and Institute for Engaged Aging. “This will give you a more realistic picture of the cost of living in the area than a quick trip. An extended stay also allows you to gauge other non-financial factors related to retirement satisfaction. Chat with other seniors during your visit to learn more about their cost of living and any unanticipated expenses.”
Taylor said its always important to consider cost of living and affordable health care in retirement decisions, along with whether social security is taxed in the state.
Taylor also said its good to be careful on following life expectancy estimates.
Find The Best Places To Retire In South Carolina For Your Family
Retirement gives you the opportunity to start fresh and begin again. Later in life, this can be refreshing for both you and your family. However, if South Carolina does not fit your specific needs as a retiree, we have you covered.
Visit our lists of the best places to retire in Florida, North Carolina, Arizona, Georgia, Texas or California. Each of these states presents their own set of benefits for retirement, including tax exemptions and low costs of living.
South Carolina can be your newfound haven that helps you transition from your career into retirement with ease. Find the best places to retire in South Carolina today, and prepare for this important stage in your life.
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What Is The Sales Tax In Charleston Sc
Sales tax is the taxes applied to the sale of specific services and goods in South Carolina. The sales tax in SC is six percent . Counties reserve the right to impose an additional tax rate at one percent if the voters in that county approve it.
In Charleston, the combined sales tax is nine percent . This rate includes the sales tax of six percent , the city tax of over percent , and the special tax rate at two percent .
Best Cities To Retire In South Carolina In 2022
If youre shopping around for a place to retire, you cant go wrong with South Carolina. The warm climate, low cost of living, and abundance of attractions make it ideal for retirees… plus the taxes! If youre considering a move, first take a look at the best places to retire in South Carolina to see how it stacks up.
With a warm climate and retirement-friendly tax setup, South Carolina is a popular destination for retirees.
South Carolina is jam-packed with history and attractions, making it easy to find the area that fits your own preferences.
When looking at the best cities to retire in South Carolina, determine whether you want to be close to attractions and healthcare or if long nature walks and waterfront living are more your style.
If youre shopping around for a place to retire, you cant go wrong with South Carolina. The warm climate, low cost of living, and abundance of attractions make it ideal for retirees.
But South Carolina retirement taxes take the state to the next level. Youll pay no Social Security taxes and the state gives retirees a deduction on their income taxes. If youre considering a move, first take a look at the best places to retire in South Carolina to see how it stacks up.
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How We Compiled Our List Of Best Places To Retire In South Carolina 2022
Our research of the best cities to retire in South Carolina was carefully selected by screening other top studies performed about retirement in South Carolina. We also used an extensive search to determine important factors that makes retirement enjoyable for people. Some of the factors included in our research are:
- Median household income: This will provide you with an idea of how much other families make in that area.
- Median Monthly Mortgage Cost: Can help to give you a good understanding of the living costs associated with the city.
- Median Monthly Rent Cost: If you plan to renting instead of buying your residence, knowing the monthly rent costs can help you budget accordingly.
- The population of the city Helps to determine the overall size of the city
- Median home value Gives us an idea of the affordability and cost of living of the area
- The number of hospitals within a 25-mile radius Provides us with information about the level of available health care for that area.
- Annual property and violent crimes This gives us information about the safety of the city
- Quality of life and value factor These factors provide us with an idea of the overall value and quality of life associated with retiring in each city based on local attractions available for retirees, retirement communities, and more.
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Retirement Communities In Charleston South Carolina
Theres a vast selection of communities in Charleston that has amenities that are specifically geared toward retirees.
These communities include pet spaces, post offices, nature trails, in-house retailers, community activities, fitness clubs, and easy to access golf courses. These specific homes can be rented or purchased, and members must also pay minimal fees for grounds-keeping.
Here are the best retirement communities in Charleston, South Carolina:
Why Is Charleston A Popular Destination
In recent years, Charleston, SC, has become quite the destination for those seeking a calm and relaxed way of living. Charleston is famous for its rich history, exquisite cuisine, and gorgeous weather.
Famously known for horse-drawn carriages and cobblestone roads, the city has a charming appeal to both the young and those entering retirement.
Charleston is a waterfront city that has multiple beaches within a 20-minute radius of any direction. Youll never get tired of the opportunities for a beautiful view or a relaxing day in the sand.
Additionally, Charleston has many museums, parks, and tours that people can participate in to learn more about the history and culture of the city.
The southern peninsula features beautiful architecture such as large and numerous church steeples, theatres, mansions, and century-old homes.
Charleston, SC, hosts a friendly environment and constant hospitality from those who are eager to recruit new Charlestonians whenever possible. This city is a great destination to consider for your next phase of life as a retiree.
Zero Social Security Tax
If youre looking to catch some waves, Folly Beach is an excellent surfing destination. Folly Beachs conditions make it a great spot for beginners and advanced surfers alike, and there are plenty of classes available for those looking to learn. If youd prefer more laid back tides, Sullivans Island Beach is a great location. Sullivans Island offers a variety of leisure activities as well as a thriving restaurant and shopping scene. We also recommend Isle of Palms Beach, which has all of the above plus a fantastic fishing scene.
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South Carolinas Best Retirement Communities
Many people think of Florida when they think of retirement communities. But why not consider one of these great options for places to retire in South Carolina? They all offer a healthy dose of small-town feel with big-city amenities, gorgeous views, and plenty of activities. So if youre looking for a place to retire or perhaps just a second home, keep readingand then contact Amber Dollarhite Real Estate for an exclusive look at any or all these communities! Lets take a look at each one now. Nestled along Lake Wylie between Charlotte and Columbia, youll find that The Villages at Horseshoe is more than a mere communityits a lifestyle. Located on both sides of I-77, The Villages offers its residents numerous shopping centers, restaurants, and more. Residents also enjoy access to several golf courses and there are walking trails around every corner. There are so many things to do here that even lifelong residents say they havent seen it all yet!
The Best Places To Snowbird In 2021
Weve gathered 25 of the best places for snowbirds, including cities in Florida, Arizona, California, Texas, South Carolina, and Nevada. For each entry, weve also provided a list of recommended 55+ communities in the area. If youre ready to find your own winter retreat this season, here are some of the best places to consider.
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Need To Sell Your Current Home
Selling a home, moving, and buying a new home involves spending a lot of your hard-earned money at once â something that can particularly affect new retirees who are just cashing in on their retirement fund.
Our friends at Clever Real Estate have already negotiated with Florida’s best realtors to give you low listing fees of just 1% . In fact, the average Clever customer saves $9,000 on their home sale! Thatâs thousandsback in your pocket to help you cover moving expenses, splurge on your grandkids, or simply save for a rainy day.
Best Places To Retire In South Carolina In 2022
Colin SpannColin Spann
Thinking about where to retire in South Carolina? We will help you find the answers and your preferences! The number of reasons can be endless. Lets track down some of them and find out why so…
Located in the southeastern United States, South Carolina has a mild, pleasant climate all year round. Spring brings the entire State to bloom and turns the historic plantations along the coast into a spectacle not to be missed! Summer is all about the beaches, autumn is perfect for mountain adventures, and winter is never too severe – perfect for sightseeing or a round of golf. Moreover, the retirement communities in South Carolina near the water are full of different activities that will make your days brighter!
Endless Activities To Keep You Sharp
In addition to offering the most beautiful beaches on the East Coast, both Kiawah and Seabrook offer plenty of senior-friendly activities to keep you sharp!
These gated communities enjoy award-winning golf courses, tennis, access to exclusive restaurants, and beautifully maintained walking trails, thanks to their exceptional homeowners associations, KICA and SIPOA.
On any given day, youll find residents walking, biking, and kayaking through the marsh, or relaxing with a good book on the beach.
Property owners of Kiawah and Seabrook also enjoy proximity to the bustling city of downtown Charleston, where historic churches paint the skyline and the Lowcountrys rich culture flourishes. Its easy to see why these islands are some of the best places to retire in Charleston.
Is South Carolina Tax
According to an article from Tax Foundation, South Carolinas sales tax in 2020 was 7.46%, which is fairly high. The income tax rate of 7% is also mid-to-high and much higher than the surrounding states in the immediate region.
Its also a potentially major drawback for retirees since popular retirement states like Florida dont have any kind of state income tax. But you still may potentially come out ahead given the low cost of living.
South Carolina also will not tax your Social Security and does not include an estate tax two areas that are typically major points of interest for retirees.
While retirement income is taxed, there are numerous perks and benefits that make South Carolina more advantageous from a tax perspective than many other states for retirees.
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