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!
