4. South Carolina
South Carolina, also known as The Palmetto State, is a southeastern state recognized for its coastline of subtropical beaches and marsh-like sea islands.
When it comes down to shortlisting retirement hotspots, numerous destinations in South Carolina also make great places to retire. Moreover, senior citizens and retirees in South Carolina enjoy mild winters, Atlantic Ocean beaches, and a low cost of living.
As for the tax situation, South Carolina does not tax Social Security benefits. The state offers substantial immunities for retirement income.
There’s no legacy or estate tax, and property taxes are on the low side. Additionally, for homeowners aged 65 and older, the state’s homestead immunity allows the first $50,000 of a property’s fair market value to be relieved from local property taxes.
So, what do you think? We believe that South Carolina is one of the best tax-friendly states!
8 Responses
I am astounded you have left out NH. Taxes were a primary consideration after I retired from the Army in 1992. We have have NO income tax or state sales tax in our state. Need I say more? In addition we have the lowest state tax on gasoline in New England. The argument that our high property taxes wipe out the other tax advantages does not fly!
Utah would be a much better place to live than Nevada with its dependence upon gambling taxes.
very informative wish that I had known before retiring,
we live in Arkansas and we are at full retirement age. if we still work do we need to have taxes held out of our social security checks
Does anyone have personal experience with retirement in South Carolina? Is it as tax-friendly as it sounds?
Does anyone know if Arizona has an income tax for seniors? I’ve been thinking of moving there to be closer to family, but I would like a first-hand account from someone who retired there!
I’m considering relocating to Colorado. What are the long-term financial implications for retirees?
I’m moving from Florida to North Carolina any suggestions