South Carolina Retirement Taxes
There are so many reasons why retirees love South Carolina. In fact, South Carolina is oneof the most popular retirement destinations in the United States, thanks to its amazing weather and plentiful cultural and outdoor leisure activities. But is South Carolina tax-friendly for retirees? What will your financial situation be like if you retire to South Carolina? Keep reading to find out.
South Carolina Retirement Taxes Information
Because there is no state income tax in South Carolina, retirement income is tax exempt. It all goes in your pocket.
Other examples of South Carolina being tax-friendly for retirees includes:
- Social Security is not taxable. No taxes on Social Security means that your retirement income goes farther in South Carolina.
- Seniors can claim a $15,000 deduction on other forms of retirement income. In addition to no taxes on Social Security, seniors over 65 are able to claim a $15,000 deduction on all other forms of retirement income.
Should You Consider Moving to a Retirement Community in South Carolina?
As illustrated above, South Carolina’s low retirement taxes makes it a great place to spend your golden years. But should you consider moving to a retirement community in SC? You may be surprised to learn that, even if you own your home, a retirement community may actually be the less expensive option. You can learn more about retirement communities in South Carolina and even get pricing information, by clicking on our community below and downloading a free info kit:
Park Pointe Village
3025 Chesbrough Blvd, Rock Hill, SC 29732