Benefits of Retiring to South Carolina
Benefits of Retirement in South Carolina
Myrtle Beach, South Carolina has it all in terms of weather, value and overall quality of life. With well over 200 sunny days per year and a mild winter that rarely dips below the mid-50s, Myrtle Beach draws retirees from around the country. With a lengthy six-month beach season — May through October — this could be your ideal spot to retire on the Atlantic coast.
One of the main reasons for its popularity is the affordable cost of living in Myrtle Beach — coming in at about 6 percent lower than the national average, retired residents can enjoy a better quality of life at a lower cost. There is also a broad range of active retirement communities in the region with varying real estate prices. Its affordability is undeniable, as the average cost of residential real estate in Myrtle Beach is one-third less than the national average. Property values continue to rise, making it a superb location to invest in a retirement home. From city dwellings to gated communities, Myrtle Beach is a retiree’s paradise.
Myrtle Beach has won prestigious accolades and awards in categories of every kind, including. Nine of Golfweek Magazine’s top 15 “Best You Can Play” golf courses in South Carolina are located in Myrtle Beach. Golf Digest also recognized seven local golf courses as part of their list of the “Top 100 Public Golf Courses in America.”
TripAdvisor named Myrtle Beach as one of the “Top 25 Destinations” in the United States, and according to Yahoo! Travel, the Grand Strand is considered the “World’s Best Beach” — which is hard to refute for anyone who has experienced it first-hand. But there are plenty of other reasons to retire in Myrtle Beach — read on to find out why.
Lead an Active Lifestyle in a Community that Cares
There are plenty of ways for retirees to lead a healthy, active lifestyle. With 60 miles of scenic beaches that stretch along the South Carolina coast, residents can enjoy the perks of living on the Atlantic Ocean. Boating, fishing and beach combing are only a few of the fun coastal activities available in the region. Myrtle Beach earned the title, “Golf Capital of the World” because of the 100-plus golf courses located in this coastal community. The beautiful climate and abundant courses make Myrtle Beach an ideal home for retirees who wish to golf year-round.
Retirees who love to shop will find an abundance of retail options throughout the Myrtle Beach area, from outlet malls to specialty boutiques and everything in-between. Home to over 1,800 eateries, the vast selection of dining options in the area will take care of any craving, with fresh seafood topping the list of popular local cuisine.
The grandchildren will be begging to visit during school vacation because of all the fun attractions in the area, including amusement parks, arcades, the Skywheel and an IMAX movie theater. Plus, traveling to and from Myrtle Beach is a breeze with an international airport nearby.
Benefits of Lower Taxes
Kiplinger ranked South Carolina as one of the “Top Ten Most Tax-Friendly States for Retirees” due to its low rates of income, property and sales tax. Retirees 65 and over are eligible for a $15,000 deduction from their annual income, no matter the source. Widowed spouses may continue to take this retirement income deduction on behalf of their deceased spouse. In addition, retirees under the age of 65 may deduct up to $3,000 from their income, beginning with the first year income was received from a qualified retirement plan. Social security benefits are also not taxed in South Carolina.
Retired military veterans over 65 with 20 or more years of active duty, along with their surviving spouses, can deduct up to $10,000 annually from their military retirement pay. Military vets under 65 may deduct up to $3,000.
South Carolina also offers property tax relief for retirees 65 and up. After residing in the state for at least one year, seniors are entitled to a homestead exemption of $50,000 from the value of their home. Disabled veterans, meanwhile, are exempt from paying property taxes.
There is no shortage of outstanding healthcare options throughout Myrtle Beach. The area is served by three superb healthcare systems. In addition, each hospital system operates multiple satellite facilities offering urgent care, rehabilitation care and specialty services.
- Georgetown Hospital System
Located 40 miles south of Myrtle Beach, Georgetown Memorial Hospital offers acute-care services using state-of-the art equipment. Award-winning Waccamaw Community Hospital, situated in the Murrells Inlet, is another member of the Georgetown Hospital System that provides a variety of inpatient and outpatient services, like obstetrics, surgery and emergency care.
- Grand Strand Regional Medical Center
Ranked as the top cardiac surgery facility in the state and within the top 5 percent in the entire nation, Grand Strand Regional Medical Center is the area’s only Level 2 trauma center. This medical system also provides several off-site facilities throughout Grand Strand.
- Loris Healthcare System
Serving northern Horry County, Loris Community Hospital and Seacoast Medical Center provide a wide range of inpatient and outpatient services.
Myrtle Beach has sizable retirement community of over 300,000 seniors in the Metro area alone. With its low costs, beautiful landscape, abundant golf courses and diverse activities, the retirement population in the Myrtle Beach area continues to grow every year.