Retiring in South Carolina

Is South Carolina a good place to retire? 

South Carolina is a warm and welcoming state that might tick all of the boxes for potential retirees. There are beaches, historic sites, golf courses, and Southern comforts all around, making it a budding retirement hub.

According to data from the U.S. Census Bureau in 2024, South Carolina had a population of approximately 5.5 million people, and around 19% of the population was over the age of 65.

At what age can you retire in South Carolina?

South Carolina doesn’t have a mandated retirement age. But there are some things to think about:

• Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after the FRA can result in even higher monthly payments.

• Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare.

• Age discrimination: It is illegal for employers to discriminate against employees or job applicants based on age.

• Retirement savings: Regardless of one's retirement age, it is essential to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement.

Why do people retire to South Carolina?

There are several reasons that people retire in South Carolina:

• Warm and welcoming environment: South Carolina is known for its friendly and welcoming atmosphere, with charming small towns and hospitable locals. Retirees can enjoy living in a warm and welcoming environment that offers plenty of opportunities for relaxation and socialization. 

• Moderate climate: South Carolina's climate varies depending on the region, but many areas have a moderate climate with mild winters and warm summers. This makes it an attractive destination for retirees who want to avoid harsh weather conditions. 

• Outdoor activities: South Carolina is home to numerous state parks, forests, and beaches, providing ample opportunities for outdoor activities such as hiking, camping, fishing, golfing, and boating. 

• Historic landmarks: South Carolina is rich in history and culture. The state hosts several festivals and events throughout the year, including the Spoleto Festival USA, the Beaufort International Film Festival, and the South Carolina State Fair. 

What puts people off retiring to South Carolina?

It’s critical to consider the downsides of retiring in South Carolina, too:

• Cost of living: South Carolina's cost of living is generally lower than the national average, although it can vary significantly depending on the specific area. Housing and healthcare costs, in particular, can be higher in certain regions. 

• Natural disasters: South Carolina is prone to natural disasters, including hurricanes, floods, and tornadoes, which can be a concern for retirees living in certain areas. 

• Limited public transportation: South Carolina's public transportation system is less developed than in other states, which may be a concern for retirees who do not drive or prefer not to drive.

Best places to retire in South Carolina

If South Carolina is your chosen retirement state, here are some of the best places to retire in: 

• Charleston: Known for its historic charm, stunning architecture, and picturesque waterfront, Charleston is a top choice for retirees. The city offers a vibrant cultural scene, with world-class restaurants, museums, and galleries, as well as easy access to beautiful beaches. 

• Hilton Head Island: If you're looking for a peaceful retirement by the beach, Hilton Head Island is a great option. With miles of pristine coastline, abundant wildlife, and excellent golf courses, it's no wonder this island paradise is a popular retirement destination. 

• Greenville: For retirees who prefer the urban lifestyle, Greenville offers a bustling downtown area with trendy shops, restaurants, and entertainment options. The city also boasts numerous parks and green spaces, making it easy to enjoy the outdoors. 

• Myrtle Beach: Myrtle Beach is another great choice for retirees seeking an active lifestyle. The city is home to numerous golf courses, shopping centers, and entertainment venues, as well as miles of beautiful beaches. 

• Beaufort: Beaufort is a charming coastal town known for its antebellum architecture, scenic waterways, and rich history. Retirees can enjoy strolling through the town's quaint streets, visiting historic landmarks, and exploring the nearby beaches and islands. 

Talk to an expert about retiring in South Carolina

South Carolina offers a variety of retirement options, from coastal towns to charming inland cities. Retirees can enjoy a mild climate and plenty of recreational activities, with lower living costs compared to places like California.

However, it's still important to seek expert financial advice to fully evaluate the costs associated with retiring in South Carolina, including property taxes, healthcare, insurance, and other living expenses. 

This will help you make an informed decision about whether the state is the right choice for your retirement, and will make you feel reassured and confident in your decision-making process. 

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