So you're looking to retire down south, but you
really don't want to go all the way to Florida. Well, let me
tell you, South Carolina could be the perfect place for you.
And today we're going to be talking all about why you should
or shouldn't retire to South Carolina. What's up, everyone?
Welcome back. As always, I'm your favorite YouTubing
Charleston realtor Bill Olson. And today, we're talking all
about retirement. Now, personally, I might be just a
few years away from retirement still, but that doesn't mean I
haven't researched it for you. So that you need to know the
good and the bad about retiring right here to the great state of
South Carolina. So let's get started, we're going to start
with the biggest thing, and that is the tax benefits and the
downfalls. The first thing with taxes that we're going to
mention are going to be the property taxes. And if you've
watched any of my videos, you've heard me talk about this before.
And the main thing is that we have some of the lowest property
taxes in the country. But there's an added bonus. Now, if
you're over 65, and you've been a legal resident of the state
for at least a year, you can qualify for even lower property
taxes with the homestead exemption. Now with this, you
could be exempt from being taxed on the first $50,000 of your
property's fair market value. But it doesn't even stop there.
And when it comes to social security income, you're not
taxed on that, which means you get to keep it all. And better
yet. There's also a $15,000 deduction for seniors that get
retirement income from other sources. But we are talking
about taxes, and there is a downside to them. Now, what you
need to be aware of is that there is a personal property
tax, which could cost you a few $100 per year for your car,
depending on the make and the model. Also, if you enjoy eating
out, don't forget, there's an additional 2% tax on food and
beverage meant to be consumed on premise in a restaurant on top
of the already 9% sales tax. So be ready to pay 11% sales tax on
any meals and drinks that you eat out. Next, we're gonna talk
about the housing. When it comes to housing, we all know that
there's three main factors that come down to the price, and that
is location, location. And you guessed it, location. South
Carolina has something for just about everyone. From the
beaches, to the rivers, to the cities to the country. One of
the first things I asked my clients that are considering
South Carolina, especially for retirement is what are you
looking to get out of it in terms of lifestyle and budget.
Now, speaking about here in Charleston, we see a lot of
people looking to retire close to the beach, and the prices are
going to reflect that, but also vary greatly. Depending on how
close to the beach you want to be. The rule of thumb is
generally the closer you are to the beach, or a major city, the
more expensive housing is going to be. So if you're operating on
a smaller fixed income budget, looking a little further inland,
or more on the outskirts of a major city might be your best
bet. If you still want to be closer to the coast or major
city, you may have to sacrifice the size of your home in order
to get the location that you desire. If you are looking to
escape the big cities for a more rural retirement, there are
plenty of small towns where you can get some land and just enjoy
nature. You know, one thing that retirees are usually looking for
in location is access to health care, and knees are usually in
the major cities, so be sure to check out my video. It's the top
five cities that people are moving to in South Carolina. I'm
going to link it at the end of this video and also drop it down
in the description for you so that you can watch it right
after this. Another big draw to South Carolina is the weather.
But it also has its drawbacks to South Carolina has a sub
tropical climate for the most part was the summers, especially
on the coast can be extremely hot and humid. With the winters
generally being mild. This is perfect for someone with an
active lifestyle where you can spend most of the year outside.
Now of course the further inland and North you get. You'll see
much colder winters than the southern coastal areas, but
it'll still be warmer than up north. Now the drawback to the
weather that usually concerns people the most are the
hurricanes. Yes, they're big. They're nasty and they're
nothing to be balked at. However, when it comes to
natural disasters,
asters everywhere has them, I will take the Hurricanes over
most of them. And while their pads aren't predictable by any
means, I mean, they do call them spaghetti models. They are
fairly slow moving, it's kind of like being stalked by a turtle.
And because of this, you have plenty of time to prepare,
whether you're going to stay or you're going to evacuate to
safety, or just remember that if evacuation is your plan, and
it's usually the safest, be sure to leave early as a storm can
turn at any second. And if the entire coast is evacuating at
the same time, traffic can get pretty hairy. And you don't want
to get stuck in that going hand in hand, with the good weather
for an active lifestyle, like I said, is being able to enjoy
outdoor activities nearly year round, especially here on the
coast where I am. So overall, South Carolina is a beautiful
state that you can explore more and more every day. And if
you're into history, be sure to take a trip here into
Charleston, and visit all the historical sites The city has to
offer. But if you're looking to get away from civilization,
check out Francis Marion National Forest. It's over 400
square miles and features campsites, rifle ranges, boat
ramps, trails, and more. Just not something for everyone in
the family. And finally, something that draws people to
South Carolina is the southern hospitality and slower pace of
life. Now, yeah, you know, there are mean people here, but
there's mean people everywhere. But overall, people in South
Carolina are just nicer than in most other states. Especially
the people they don't know. And the pace of life is a little
slower here too. I know when I retire, I'm not going to be in a
rush to get anywhere. So why would I want to be around others
that are always rushing to get somewhere just slow down and
enjoy the beautiful scenery. I hope this helped if you're
considering a move to South Carolina, like I said, Here's
that other video about the top five cities that people are
moving to as well as another video you might enjoy. And don't
forget to subscribe and ring that little bell so you're
notified anytime I put out a new video. Have a wonderful day and
I'll see on the next one. Bye