SC is known as a tax-friendly state for seniors. Where are best cities to retire?
South Carolina is known for being tax-friendly for older adults.
The state doesn’t tax Social Security benefits, and there’s no inheritance or estate tax. And, state retirees can claim an exemption on the first $50,000 on their home, which helps to reduce their property taxes.
While there are many advantages for retirees to move to South Carolina, there are some cities that are ranked a little better to live in than others based on cost of living and things to do in you’re retirement years.
Retirable, a retirement planning services company, has ranked the top 10 cities in South Carolina for retirees. One of those cities are located in Horry County.
Myrtle Beach, where more than 22% of the population are 65 or older, came in at No. 7 on the list. The company puts the coastal city’s cost of living at 3.9% below the national average. With the average cost of a home at $299,000, Myrtle Beach has long been at the top of lists for beach-bound retirees.
Here are other spots suggested as top places to retire in the Palmetto State:
- Fountain Inn
- Beaufort
- Bluffton
- Greenville
- Charleston
- Hilton Head Island
- Myrtle Beach
- Spartanburg
- Columbia
- Greenwood
