Myrtle Beach, SC is a popular location for many retirees to spend their golden years for a multitude of reasons. The location near the coast, the laidback vibes and the amazing weather are some of the more obvious reasons. However, there’s another great benefit for retirees if you choose to live here – the tax benefits. Living in Myrtle Beach will allow you to enjoy many tax benefits that will make it easier on your wallets! Read on to find out more.
Tax Benefit One: No Social Security Tax
In your current state, you may be taxed for your social security income which can decrease the number of social security benefits that you get to enjoy. If you’re a retiree with a moderate to higher income you are likely to pay more federal taxes on your social security benefits hence finding a place that can reduce this amount would be great for you. Though it may not seem like a substantial amount, the amount of taxes that you pay can drastically affect your standard of living during retirement which is why many retirees choose to move to locations like Myrtle Beach! With zero social security tax, you get to enjoy a higher disposable income to have more fun during your golden years.
Tax Benefit Two: High Deductible Amount from Income Taxes
Another benefit that you get to enjoy would be the ability to deduct up to $15,000 from your income tax. Of course, there are eligibility requirements which are as follows
- You must be a South Carolina resident
- You must be over the age of 65
You can deduct this amount from any form of your retirement income such as your 401(k) plans, pension plans and IRAs. So, if you’re currently not a resident of a South Carolina state, moving to Myrtle Beach can be a nice way for you to reap these tax benefits while relaxing near a beachy environment.
Tax Benefit Three: Low Property Taxes
If you are someone who is seriously considering the move to Myrtle Beach, you will be pleased to know that the property taxes in South Carolina is one of the lowest that you can have in the country. Aside from paying a small percentage of 0.57% for property taxes, if you choose to live in Myrtle Beach or any other town in South Carolina for over a year, you get to enjoy an additional exemption off your property tax on the first $50,000 of the value of your home.
Even though this is an amazing benefit that you get to enjoy, we understand that for many retirees, moving to a new home as a senior can be a harrowing experience. You have to worry about moving your items, and settling into a totally new place and this can be stressful. Hence, if you would like to move to Myrtle Beach without worrying about the less desirable parts of relocation, then consider our retirement home. Our experienced concierge team is sure to help you out with anything that you need. Please contact us to find out more about life in our retirement community today!