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Cost of Living

The value of a life fully lived in a gorgeous community with welcoming neighbors and a host of amenities could never be given a dollar figure. But if you knew that dollar figure was significantly lower than what you’re paying right now, what would stand in your way? Take a look below for some of the financial reasons that South Carolina continues to be named by Kiplinger’s as a Tax Haven and is often covered in the “Top Ten Places for Retirees” lists.

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    Social Security

    South Carolina exempts Social Security benefits from state income taxes, and it allows residents 65 and older to deduct up to $15,000 per person ($30,000 per couple) of qualified retirement income when calculating their state income tax.

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    Cost of Living

    The cost of food, housing, transportation and healthcare in Aiken is 15 to 60% less than many major metropolitan areas and as much as 40% less than other popular retiree destinations, including the mountains and coasts of North and South Carolina.

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    Military Deduction

    Retired military personnel 65 and older can deduct up to $10,000 of military retirement benefits.

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    Top 10

    South Carolina consistently ranks in the top 10 best states for property taxes and transportation costs. Property taxes are very low. Taxes are based on 4% of the market value of a home, and homeowners 65 and older qualify for a homestead exemption that excludes the first $50,000 of their property’s fair market value from property taxes.