The Complete Guide to Retiring in South Carolina

South Carolina's warm climate and rich cultural heritage make it an attractive retirement destination. The state also offers a combination of charm and affordability that many retirees are looking for.

Let's explore the pros and cons of retiring in South Carolina as well as some of the best SC cities to settle down in for your golden years. 

What to expect from retiring in South Carolina

South Carolina frequently shows up on lists of places people like to retire. What draws people there?

The climate is generally great, with plenty of sunshine and warm, mild winters. From the Blue Ridge Mountains to the coast, South Carolina also offers diverse natural beauty. Pine forests stretch across the Piedmont region, while beaches and salt marshes line the coast.

Many people spend more time golfing in retirement, and if you’re into golf, the state is one of the best around. Myrtle Beach has over 90 golf courses for players of all skill levels. In 2023, the International Association of Golf Travel Operators (IAGTO) named South Carolina among the top five golf destinations in the world. 

Not a golfer? There’s still plenty to do if you like fishing, boating, hiking, biking, and other outdoor activities.

The state is also dotted with beautiful beaches, lakes, and state parks where you can do it all. Many South Carolinians enjoy the numerous local festivals, fairs, and live musical events held around the state.

History buffs also love South Carolina! It has over 1,400 sites on the National Register of Historic Places, including more than 160 historic districts.

The pros and cons of retiring in South Carolina

Above is a snapshot of what a South Carolina retirement could look like, now let’s explore the biggest pros and cons. 

Pros:

• South Carolina is a reasonably affordable state to live in with a cost of living 11% lower than the national average. Housing costs also fall below the national average across the state. 

• There are significant tax benefits for retirees in South Carolina, including no tax on Social Security benefits. Plus, the state has very low property taxes (0.53%). 

• There’s plenty to do in South Carolina. From enjoying the state’s natural beauty and top golf courses to exploring cultural and historical attractions, you’ll never be short of things to keep you busy. 

Cons:

• The state’s natural beauty and stunning golf courses can lead to big crowds during peak season, particularly around Myrtle Beach. 

• Overall, real estate in South Carolina is below the national average but areas like Charleston and Hilton Head Island come with much higher living costs than inland regions. 

• If you’re not used to southern heat and humidity, the summer months could be unbearable—and even dangerous for the elderly.

• Healthcare access can be limited in some rural areas of the state. 

How retirement taxes work in South Carolina

South Carolina offers more than just great weather, year-round golf, and natural beauty. The state's tax-friendly policies and lower cost of living help retirement income stretch further. Below, we break down how specific taxes are handled for seniors in SC. 

No Social Security tax: If Social Security benefits are a key part of your retirement income, you'll be pleased to know that South Carolina does not tax Social Security income.

Retirement income deduction: South Carolina residents age 65 and older can claim up to $15,000 in deductions against their retirement income. 

Homestead exemption: Homeowners over 65 can exempt the first $50,000 of their home's value from property taxes by claiming the South Carolina Homestead Exemption

Low property taxes: South Carolina has one of the country's lowest effective property tax rates. The average effective property tax rate on real estate in South Carolina is just 0.53% or less, with a median annual property tax payment of $1,138.

Is it expensive to live in South Carolina?

South Carolina is a relatively affordable place to live. The cost of living is about 11% lower than the national average. Housing costs are about 30% lower than the national average, and rent is 29% lower. Home prices average about $330K, while rent averages just over $1,000 a month for a one or two bedroom apartment. Food prices are also lower in South Carolina than the national average. 

According to the US News & World Report's Affordability Rankings, South Carolina ranks #21 for overall affordability and #23 for cost of living. The most cost-effective places to live are inland, whereas costs along the coast are higher.

How does retiring in South Carolina compare to Florida or North Carolina?

South Carolina offers a more affordable alternative to popular retirement destinations like Florida and North Carolina. While Florida tends to have hotter summers and a higher cost of living, South Carolina provides a pleasant climate with lower tax rates. Many retirees also find South Carolina more budget-friendly than North Carolina.

Healthcare access varies across South Carolina, with quality facilities in major cities but limited options in rural areas. While healthcare costs are generally lower than in Florida or North Carolina, research local hospitals and providers before choosing where to settle.

What are the best places to retire in South Carolina?

No matter your budget, South Carolina has some great places to retire. If your budget is on the high end, consider these cities:

• Hilton Head Island: A popular retirement destination that offers world-class golf courses, pristine beaches, luxurious resorts, and a focus on outdoor recreation. 

• Charleston: A popular retirement destination that offers historic charm, vibrant culture, excellent dining, beautiful beaches, and art galleries.

• Greenville: A popular retirement destination with revitalized neighborhoods, a thriving downtown, excellent restaurants and breweries, a vibrant arts scene, and proximity to the mountains.

• Mount Pleasant: A popular retirement destination offering high-end homes, beautiful beaches, waterfront views, and access to boating, fishing, and other water activities.

If you want to enjoy your golden years in South Carolina without breaking the bank, consider these more affordable cities:

• Myrtle Beach: A popular retirement destination with tax benefits for seniors, affordable housing options, abundant entertainment, and numerous golf courses. 

• Columbia: The state capitol and home to the University of South Carolina has college-town amenities, lifelong learning offerings, and a vibrant arts and music scene. Columbia also offers easy access to the rest of the state and lower cost of living than the coast. There are plenty of restaurants, shopping, cultural attractions, and healthcare options.

• Summerville: Close to Charleston but with a more relaxed atmosphere and a lower cost of living.

• Beaufort: Historic southern charm, waterfront living, a relaxed pace of life, and a lower cost of living than Charleston.

• Aiken: A popular retirement destination with small-town charm, golf courses, horse farms, and proximity to the Savannah River. 

Senior health in South Carolina

South Carolina is ranked as the 35th least healthy state in America’s Health Rankings’ Senior Report. This ranking is based on several factors, including health outcomes, physical environment, and social and economic factors. 

Medicare in South Carolina

There are 1.3 million Medicare beneficiaries in South Carolina, making up 22% of South Carolina’s total population. You first become eligible for Medicare at age 65 (or earlier if you have a qualifying disability). Once you enroll in Original Medicare, you can choose to stay on Original Medicare (with options to add other coverage) or switch to Medicare Advantage. 63% of South Carolina Medicare enrollees choose Original Medicare and 37% one of the 70 Medicare Advantage plans available statewide.

If you want to learn more about Medicare in South Carolina, speak with a Chapter Medicare Advisor. Chapter’s Medicare Advisors provide unbiased guidance for better clarity and cost savings, earning Chapter an A+ rating from the Better Business Bureau and thousands of 5-star ratings from happy customers. Get Medicare checked off your list by scheduling a free consultation or calling us at (888) 604-0055. 

Retiring in South Carolina

South Carolina offers an appealing mix of benefits for retirees: tax-friendly policies, affordable living costs, and warm weather year-round. Whether you're drawn to historic sites, golf courses, or beaches, South Carolina has something to fit every retirement lifestyle.