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SC in the top ten tax-friendliest places to retire

SC in the top ten tax-friendliest places to retire

From our News Partners at WCBD-TV:

Kiplinger magazine says that South Carolina is the 9th most tax-friendly place to retire. That's because the state does not tax social security benefits.

And for people 65 and older, up to $15,000 of income is tax-free. Property taxes are among the lowest in the US and homeowners who are 65 or older get the $50,000 homestead exemption. Senior homeowners are also exempt from school taxes on their property.

USC Economist Dr. Joey Von Nessen says attracting retirees helps the whole state economy because they buy homes and other goods and services.

Here's the bottom line, South Carolina ranks number 9 ahead of Florida.

Alaska is the most tax-friendly state for retirees with no state income or state sales taxes.

Wyoming is number 2 and Georgia is number 3.

Photo Credit: Kentoh/Shutterstock

 

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