When you’re making the decision to move to senior living community, it can be overwhelming. We want to make the transition as easy as possible for you, and part of that means giving you the information you need to make an informed, confident decision that you won’t regret. Whether you need an assisted living apartment or are looking for something more independent, the move to a senior living community can come with several tax breaks. Keep reading to learn about tax breaks for seniors in South Carolina that may convince you to retire in our gorgeous state.
Are You Taking Advantage of These Tax Breaks for Seniors?
Financially, a move to a senior living community makes a lot of sense. South Carolina, in particular, provides several tax breaks for seniors that you can take advantage of if you live in the state. Here are some of the tax advantages of retiring in South Carolina.
- Social security benefits are not taxed by the state, so retirement income goes further than you may be accustomed.
- Individuals aged 65 and older can claim up to $10,000 in retirement income deductions from pensions, 401(k)s, IRAs, and other retirement accounts.
- Adults ages 65 and older do not need to file a state income tax return in South Carolina. If you were to file one, however, you could claim a $15,000 retirement income deduction. This helps if you earn income during retirement from IRAs, pensions, and other sources.
- Sales tax in South Carolina is only 6%, which makes it one of the most affordable places to live in the country.
- South Carolina offers some of the lowest property tax rates in the nation and offers a generous $50,000 homestead exemption.
- Qualifying medical expenses that add up to more than 7.5% of your adjusted gross income can be itemized for your taxes.
So if you’re trying to decide where to retire,  give SC a look! Or if you’re already here and thinking of leaving for any reason, think again! From the beautiful coastline to the rolling hills of the Piedmont, South Carolina is a beautiful place to call home, and these tax breaks can make it even better. If you’re looking to retire in comfort with friends and a caring staff, consider Westminster Towers. We would be honored to welcome you to our beautiful senior living community, whether you are looking for assisted living, independent living, or long-term rehabilitation.