Your dollar goes further…
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.
A salary of $100,000 in Aiken should increase to $157,497 in Hilton Head, South Carolina.
A salary of $100,000 in Aiken should increase to $134,711 in Sarasota, Florida.
A salary of $100,000 in Aiken should increase to $135,891 in Charleston, South Carolina.
Groceries, housing, transportation, and healthcare in Aiken can be up 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!
South Carolina consistently ranks in the top 10 most lauded annual lists for most tax-friendly, including property taxes, retiree, and military deductions:
Military retirees who take up primary residence in South Carolina are entitled to tax exemptions on their military pensions.
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.
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.