Your Guide to Retiring in Boiling Springs, SC
Considering a life of leisure and retirement in South Carolina? Great choice – the state is one of the top 5 most popular retirement destinations, known for its numerous golf courses, beautiful beaches, rich history and culture, and wide selection of entertainment and recreation. Not sure where in the state to lay down your roots for the next part of your journey? Check out Boiling Springs, a quaint suburban town located in the north central area of Spartanburg County.
Is South Carolina Retirement Friendly?
Both North and South Carolina are popular retirement destinations, causing many to wonder, is it better to retire in South Carolina or North Carolina? While North Carolina does have its perks, South Carolina is by far one of the best coastal states for retirees. With great weather year-round, it’s easy to get out and explore the numerous golf courses and beaches, or take in the scenic view while hiking, biking or boating. In addition to the scenic beauty, South Carolina offers educational benefits to its retirees: Residents of the state age 60+ can go back to college for free! Any state-funded college offers the ability for senior residents to audit classes tuition-free, and even to earn course credit if desired. In addition to saving money on continuing education, South Carolina is also rated one of the top 10 most tax-friendly states for retirees.
What income is taxable in South Carolina?
When considering retirement in South Carolina, two of the most asked questions regarding taxes include: Does South Carolina tax federal retirement? And what is qualifying SC retirement income? Worry not – any Social Security benefits taxed for federal purposes are not taxed again in South Carolina! With regard to qualifying income, South Carolina considers income from plans defined in IRC 401, 403, 408 and 457 to be “qualified,” in addition to all public employee retirement plans of the federal, state and local governments (individual retirement plans, Keogh plans and military retirement). While withdrawals from your retirement accounts are partially taxed, there is a retirement deduction allowed by the state for taxable qualified retirement income. The maximum deduction amount is determined by your age:
- You may claim a deduction of up to $3,000 if you are under the age of 65.
- You may claim a deduction of up to $10,000 if you are 65 or older.
As for inheritance or estate taxes? Not in South Carolina! And property taxes remain low in the state compared to others across the country: On average, property taxes are $601 per every $100,000 of assessed home value.
What is the Best Place to Retire in South Carolina?
Once you’ve landed on retiring to South Carolina, it’s time to determine where specifically in the state you’d like to live. While there are many fabulous locations statewide, Boiling Springs – a suburb of north central Spartanburg County – is the place for you! Wondering what to do in Boiling Springs, SC? Get outside! Head over to Va-Du-Mar McMillan Park, named for the families who donated the land, and enjoy the 18-hole disc golf course, the walking trails, tennis courts and picnic areas. Boiling Springs is also just a short drive from Spartanburg, the largest city in Spartanburg County, where you can enjoy the great Boiling Springs, SC weather year-round as you go on bike rides around the area or visit other scenic spots like the Chestnut Ridge Heritage Preserve and Lake Blalock. You can also drop by the Valley Tavern for live music and great entertainment – in addition to great food and drinks!
The Wesley Court Lifestyle
Looking for a tight-knit community lifestyle, as well as some assistance with the activities of daily living? Look no further than Wesley Court Assisted Living in Boiling Springs, SC. Centrally located within Boiling Springs, we offer personalized attention to help seniors thrive and live their best life in retirement. Contact us today to plan your visit. We look forward to answering your questions!