Should you retire in South Carolina?

If you’re considering relocating for retirement, consider South Carolina. It was recently ranked the fourth best state to retire by the folks at Bankrate. Below that top number is a mix of results. It ranks 33rd and 31st for health care quality and cost and crime, respectively, but ninth for weather and 17th for affordability. Let’s take a closer look.

According to the World Population Review, the cost of living in South Carolina is about 96.5 percent of the national average, with utilities costing a little more than average, housing costing a little less, and other factors. , such as grocery costs, being about average. The typical price of a home in South Carolina was recently $301,813, about 17% less than the national average.

Car insurance is also average, with an average annual cost of $3,133, which is $116 more than average. Of course, housing prices will vary greatly depending on location, and desirable locations, such as Charleston and Hilton Head Island, will command higher prices.

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South Carolina has a moderate climate, where it generally doesn’t get too cold in the winter. However, summers can be hot and there is always the risk of hurricanes or flooding.

Those who enjoy outdoor activities like hiking, fishing, boating, and camping will find plenty of opportunities. Fans of cultural activities may also be happy, especially if they live in or near large cities or college towns. Charleston, in particular, offers great restaurants, museums, and more.

Health care costs and accessibility are big concerns for many retirees. On this score, South Carolina is not great, ranked 42nd in the nation in senior health care by MedicareGuide.com.

But taxes are another story. South Carolina is one of 41 states that does not tax Social Security benefits. Pension income and withdrawals from 401(k) and IRA accounts are partially taxable. (The state, however, excludes retirement income up to $10,000 from tax.) The state does not have an estate tax.

When planning for retirement – ​​and we all need a good retirement plan – think South Carolina. But weigh the pros and cons carefully and maybe try living there for a few months first.

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