South Carolina Retirement Taxes
There are so many reasons why retirees love South Carolina. In fact, South Carolina is one of 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
Let’s just get this out of the way now: South Carolina is a great state for stretching your dollar as far as possible. For starters, the cost of living is below the national average. But even beyond that, there are also some great tax benefits to retiring in South Carolina as well:
- Social Security is not taxable. No taxes on Social Security means that your retirement income goes even further in South Carolina.
- You can claim up to $10,000 in retirement income deductions. In addition to no taxes on Social Security, those over 65 are also able to deduct up to $10,000 in retirement income, from pensions, IRAs and the like.
- Plus up to $15,000 in deductions from state income tax. On top of the $10,000 in income deduction, those over 65 can also claim up to $15,000 in deductions from South Carolina’s state income tax.
Should You Consider Moving to a Retirement Community in South Carolina?
As illustrated above, South Carolina’s low retirement taxes (and low cost of living) make 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