15 Best Places to Retire in South Carolina
In this article, we will take a look at the 15 best places to retire in South Carolina. If you wish to skip our detailed analysis on retiring in South Carolina, you may go to 5 Best Places to Retire in South Carolina.
On Retiring Well
More than a quarter of US households believe they are on track to a comfortable retirement, CNBC notes. However, the unanimous opinion is far from the truth. In fact, a study by Center for Retirement Research at Boston College has revealed that potential retirees are essentially at risk of falling short of the money they need to maintain their current standards of living.
The mistaken view on having enough for retirement is most commonly held by the affluent. In Boston College’s study, 32% of high-income households were found to be “not worried enough” about their retirement savings. This percentage is significantly larger than the 26% of the low and middle-income households who aren’t worrying enough about their savings.
However, even if households begin worrying about retirements savings, there isn’t much they can do. This is because the US retirement system is still far behind other nations. Worth over $39 trillion, America’s retirement system gets a “C” grade by the Mercer CFA Institute Global Pension Index. Lack of access to 401(k) plans are a huge obstacle responsible contributing to the rating, barring potential retirees from saving adequately for their retirement years.
Due to such lack of retirement savings as well as insufficient facilities from the state, Americans have been thinking seriously about relocation to inexpensive places in the US. Some prominent relocation trends include avoiding states that cost more in taxes and cost of living, moving away from the sun belt, and migrating towards the South.
Retiring in South Carolina
The South is a an ideal place for individuals seeking relocation. Warm weather, white sandy beaches, and affordable living costs attract potential retirees to the Sunbelt in droves. According to Insider Monkey, some of the best places to retire in the South include San Antonio, Texas; Pensacola, Florida; and Florence, Alabama, to name a few.
Speaking of states, individuals are increasingly retiring in South Carolina. Famous for its marsh-like sea islands and subtropical beaches, living in the state is both affordable and practical for retirees. Some major pros of retiring in South Carolina are as follows: the state doesn’t tax social security, the cost of living is lower than the US average, and the climate is mostly mild.
However, every state comes with its fair share of disadvantages. In this case, the cons of retiring in South Carolina is that the state's healthcare is middle-tier nationally. Retirees facing frequent health issues may feel skeptical when retiring here. Crime can be a problem in some parts of the state too.
In order to retire in a place that is both safe and affordable, retirees often go for gated retirement communities that are especially designed for seniors. Many senior living corporations have designed such communities and homes, such as Brookdale Senior Living Inc. (NYSE:BKD), Sonida Senior Living, Inc. (NYSE:SNDA), and Del Webb Corporation. Affordable retirement communities in South Carolina include Heather Glen in Little River, Del Webb at Cane Bay, and Latitude Margaritaville Hilton Head.
Luxurious communities with lakefront views are also a top choice for retiring individuals who wish for an active lifestyle in the state. Some lakefront retirement communities in South Carolina include Crescent Communities on Lake Keowee, Handsmill on Lake Wylie, and The Cliffs, Lake Region on Lake Keowee. Signature golf courses, clubhouses, fully equipped fitness centers, and plentiful recreational opportunities make these communities a hit amongst retirees.
A confusion retirees face, however, when choosing South Carolina as their retirement destination, is which way to go. When deciding on the best place to retire, North or South Carolina can be good choices depending on retiree preferences. The North is more suited for individuals who like busy lives with more hustle and bustle around. On the other hand, retirees who prefer a laid-back lifestyle can choose to retire in the South instead.
Brookdale Senior Living Inc. (NYSE:BKD), Sonida Senior Living, Inc. (NYSE:SNDA), and similar corporations have their retirement communities spread throughout the state. Depending on retiree needs, these communities have independent living, assisted living, and memory care options.
With that out of the way, let's head over to our list of the best places to retire in South Carolina.
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Methodology
In order to compile the list of best places to retire in South Carolina, we used 8 (1,2,3,4,5,6,7,8) sources. Each time a source recommended a place, it was awarded a point. Places are then ranked based on the number of points in ascending order, from the lowest to the highest Insider Monkey Scores.
The cost of living index is sourced from Best Places, while median home price is sourced from Realtor, Zillow, and others.
Here are the best places to retire in South Carolina:
15. Little River
Insider Monkey Score:1
Little River is a peaceful town in South Carolina that allows for a slow-paced life after retirement. Miles of beach, floating casinos along the Grand Strand, and waterfront restaurants are some top attractions the town has to offer. Fishermen catch plentiful seafood served at the local restaurants, and there are fun festivals to keep residets entertained throughout the year. Retirees also enjoy fishing, boating, golfing, and spending time at Vereen's Memorial Gardens. Oceanfront beaches are minutes from the town center, and retirees love visiting them. The cost of living is 11.8% lower than the US average, and median home price hovers around $339,000.
14. Summerville
Insider Monkey Score: 2
Also known as the "Flower Town in the Pines," Summerville is one of the best places to retire in South Carolina. The scenic town is home to beautiful parks and gardens that residents love to explore. The top activity enjoyed in Summerville is golf, with four golf courses in the area. The downtown is small yet filled with attractive seafood eateries, shops, and galleries. There are preserved historic homes from the Revolutionary and Civil Wars, many of which can be toured. For those looking for big city amenities, Charleston is a 30-minutes drive away. The cost of living is 0.6% lower than the US average, while the median home price is around $360,000.
13. Beaufort
Insider Monkey Score: 2
A thriving senior population, comfortable climate, adequate number of doctors per capita, and good air quality are the top reasons for retiring in Beaufort, South Carolina. The ocean-side town is a hot favorite amongst retirees thanks to its laid-back lifestyle and vibrant outlook. Residents get to engage in several activities, such as cycling, fishing, and visiting galleries. There are world-class restaurants to dine in, offering the best seafood, fresh produce, and dairy products. According to Redfin Corporation (NASDAQ:RDFN), median home price is around $390,000, increasing by 12.4% since last year. The cost of living is 7.5% lower than the US average.
12. Anderson
Insider Monkey Score: 2
A robust healthcare system, plenty of recreational opportunities, and a vibrant art community make Anderson one of the best places to retire in South Carolina. Its proximity to Lake Hartwell and the Blue Ridge Mountains provides residents with plentiful activities such as hiking, biking, swimming, and fishing. It is often hailed as one of the friendliest cities in South Carolina.
Historic downtown is also a treat, filled with breweries, art, parks, and eateries. There are many working farms, wineries, museums, and cultural sites too. The cost of living is 14% lower than the US average, while median home price is around $300,000, according to Realtor. North Pointe and Summit Place & Summit Court are two retirement communities in Anderson offered by Sonida Senior Living, Inc. (NYSE:SNDA).
11. Greenwood
Insider Monkey Score: 2
Greenwood is among the top places to retire in South Carolina. Affordable housing, good quality of life, and college town ambiance are why retirees are inclined towards Greenwood. The town offers a small-town, sparse sub-urban feel without compromising on amenities such as shopping, dining, and healthcare. The favorite attraction for retirees is Lake Greenwood State Park, offering plenty of activities such as fishing, camping, and boating.
There are art centers, museums, and theaters for entertainment as well. Greenwood's cost of living index is 72.8, implying that living expenses are 27% lower than the US average. Redfin Corporation (NASDAQ:RDFN) notes median home price to be $276,000, lower than the national average as well. Seniors can retire in communities such as Brookdale Greenwood, offered by Brookdale Senior Living Inc. (NYSE:BKD).
10. Isle of Palms
Insider Monkey Score: 3
Isle of Palms is an upscale barrier island located north of Charleston Harbor. Winters are mild, summers are pleasant, and there are numerous activities to enjoy all year round. Some popular past times that retirees can indulge in include crabbing, body surfing, and shrimping. The popular Wild Dunes Beach and Racquet Club has many swimming pools, golf courses, and tennis courts. The oceanfront Isle of Palms County Park is also a famous attraction, where the designated swimming area is attended by lifeguards. Cost of living in the Isle of Palms is 80% higher than the US average, a destination only the wealthy retiree can afford. Houses aren't cheap either, with median home price stated to be $1.9 million by Realtor.
9. Georgetown
Insider Monkey Score: 3
The low cost of living, southern small-town charm, and pleasant climate attract retirees to Georgetown's quaint waterfront community. The city is also home to a diverse population, many of whom are attracted to its coastal charm. The waterfront Harbor walk is a special treat for retirees, while the downtown itself is very walkable. Retirees can also spend time fishing, boating, enjoying the marina, shopping, dining, biking, and exploring parks. The cost of living in Georgetown is 17% lower than the US average, whereas homes sell for a median price of $329,000, as reported by Redfin Corporation (NASDAQ:RDFN).
8. Bluffton
Insider Monkey Score: 3
Bluffton has plenty to offer retirees and is one of our top places to consider for retirement in South Carolina. It is one of the fastest-growing towns in South Carolina, with plenty to offer its residents. The downtown area features a local farmers market, boutique shops, and art galleries. The air quality is good, the beaches are naturally preserved, and the lifestyle is vibrant and full of life. The quaint local town is also famous for its food, offering regional dishes, barbeque, and fresh seafood. The cost of living 1.4% over the US average. Moreover, median home price is at $624,000.
7. Murrells Inlet
Insider Monkey Score: 3
The charming fishing village of Murrells Inlet in South Carolina is quickly becoming a popular retirement destination. Also known as the "Seafood capital of South Carolina," fishermen embark on commercial ventures to bring catches of flounders and shrimps. The city is also famous for its fishing and boating culture and is equally popular with artists, photographers, and nature lovers. Numerous festivals are held throughout the year to keep retirees entertained too. The cost of living is 7% lower than the US average, whereas median home price is around $420,000.
6. Spartanburg
Insider Monkey Score: 4
The desirable climate, low cost of living, and affordable housing are the top factors attracting retirees to Spartanburg. The city experiences all four seasons and an average annual rainfall of 48 inches. Active adults can explore plentiful recreational options, such as hiking in Croft State Park, boating or fishing in Lake Bowen, and golfing in The Creek Golf Club, the Village Greens Golf Club, and the Greer Country Golf Club, to name a few. The cost of living is 19% lower than the US average in Spartanburg, and median home price is affordable at $235,000.
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Disclosure: none. 15 Best Places to Retire in South Carolina is originally published on Insider Monkey.