The value of a life fully lived in a gorgeous community with welcoming neighbors and a host of amenities could never be given a dollar figure. But if you knew that dollar figure was significantly lower than what you’re paying right now, what would stand in your way? Take a look below for some of the financial reasons that South Carolina continues to be named by Kiplinger’s as a Tax Haven and is often covered in the “Top Ten Places for Retirees” lists.
South Carolina exempts Social Security benefits from state income taxes, and it allows residents 65 and older to deduct up to $15,000 per person ($30,000 per couple) of qualified retirement income when calculating their state income tax.
Retired military personnel 65 and older can deduct up to $10,000 of military retirement benefits.
South Carolina consistently ranks in the top 10 best states for property taxes and transportation costs. Property taxes are very low. Taxes are based on 4% of the market value of a home, and homeowners 65 and older qualify for a homestead exemption that excludes the first $50,000 of their property’s fair market value from property taxes.
The cost of food, housing, transportation and healthcare in Aiken is 15 to 60% less than many major metropolitan areas and as much as 40% less than other popular retiree destinations, including the mountains and coasts of North and South Carolina.
Scroll over the images below to take a look at comparisons of Aiken versus other popular pre-retirement and retirement destinations. If you don’t see the comparison you’re looking for or would like a more detailed report on any of the cities below, request your free cost of living comparison in the form provided here.
Note: Data on this page is obtained from independent third parties. Although assumed to be accurate, the data is subject to change.
