1330 India Hook Road
Rock Hill, South Carolina
(803) 328-5000
 

Are You Taking Advantage of these Tax Breaks?

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 confidently make the decision.

Financially, a move to a senior living community makes a lot of sense. South Carolina, in particular, provides several tax breaks for senior adults. Some of the perks of a SC retirement community are:

  • Social security income is not taxed
  • Withdrawals from retirement accounts are only partially taxed
  • State income tax is super low (between 3-7%)
  • There is no estate or inheritance tax
  • Homeowners aged 65 and up get a break on their property taxes
  • Residents 65 and over can deduct up to $15,000 per spouse in qualifying retirement income

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.