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Frequently Asked Questions About Retiring in South Carolina
What is the best age to retire in South Carolina?
The best age to retire in South Carolina depends on your financial situation, but many experts recommend waiting until at least age 67 (full retirement age for Social Security). In South Carolina, you should also consider when you qualify for state-specific benefits like property tax exemptions or senior discounts. Use our calculator to see how different retirement ages affect your nest egg and monthly income.
How much money do I need to retire in South Carolina?
With a cost of living index of 88.5 and median home prices around $270,000, most retirees in South Carolina need between $500,000 and $1.5 million in retirement savings. The exact amount depends on your lifestyle, healthcare needs, and desired retirement income. Our retirement calculator can give you a personalized target based on your specific situation.
Does South Carolina tax retirement income?
Tax-friendly. Social Security is exempt. Up to $15,000 in retirement income is exempt for those 65+. The state income tax rate is 0% to 6.5%, and Social Security benefits are not taxed. Property taxes average 0.57% of home value, and sales tax is 6% state (up to 9% with local). Consider these taxes when planning your retirement budget.
What is the cost of living in South Carolina for retirees?
South Carolina has a cost of living index of 88.5 (U.S. average = 100), making it more affordable than the national average. Healthcare costs index at 93.7, below the national average. Housing costs vary significantly by region, with median home prices around $270,000.
How does South Carolina compare to other states for retirement?
South Carolina ranks favorably among retirement destinations. Key factors include state income tax of 0% to 6.5%, property taxes at 0.57%, and no taxation of Social Security benefits. The overall cost of living is 88.5 compared to the U.S. average of 100.
What are the property tax rates for retirees in South Carolina?
Property taxes in South Carolina average 0.57% of assessed home value annually. On a $270,000 home, you would pay approximately $1,539 per year. Many counties offer property tax exemptions or freezes for seniors age 65+. Check with your local tax assessor for specific programs available in your area.