Retirement 2024: These Are the 7 Worst Places To Retire in South Carolina

Aja McClanahan
Kruck20 / Getty Images/iStockphoto
Kruck20 / Getty Images/iStockphoto

South Carolina made the list of top places Americans are moving to in 2023. The lower cost of living, along with the state’s warm climate, rich cultural heritage and stunning shorelines, have put the Palmetto State on the top list of moving destinations.

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Retirees looking to stretch their dollars further will naturally look to lower-cost areas like South Carolina. There are plenty of perks that include lower property taxes along with senior exemptions, no state income tax on Social Security income, reasonable deductions on other types of income and lower costs for housing, utilities, and health care. It seems like a no-brainer,

But is South Carolina a good choice for an aging population?

7. Myrtle Beach/ Conway/ North Myrtle Beach

  • Percentage of people 65+: 23%

  • AARP livability index: 48

  • Median gross rent index: $912

  • Mean Social Security for people 65+: $22,541

Though great for vacationing and recreation, the Myrtle Beach/ Conway/ North Myrtle Beach area, comparatively speaking, isn’t great for senior populations. With relatively fewer seniors in the region and somewhat high rent median rent prices, it leaves a lot to be desired on the table. The mean Social Security is on the higher end, but with higher rents than other areas in the state, it may not go very far.

6. Greenville/ Anderson/ Mauldin

  • Percentage of people 65+: 16%

  • AARP livability index: 55

  • Median gross rent index: $684

  • Mean Social Security for people 65+: $21,248

Despite being a top destination for new residents, the Greenville/ Anderson/ Mauldin area may not be ideal for retirees due to the low percentage of the population that are seniors and reasonable Social Security benefits. The area does win out for media gross rent and a slightly higher AARP livability index.

5. Hilton Head Island/ Bluffton/ Beaufort

  • Percentage of people 65+: 24%

  • AARP livability index: 47

  • Median gross rent index: $1,245

  • Mean Social Security for people 65+: $25,325

Hilton Head Island, Bluffton and Beaufort offer picturesque settings for retirees, boasting a higher percentage of senior residents compared to places like the Greenville/ Anderson/ Mauldin area. However, the median gross rent is significantly higher than in other parts of the state. Though the mean social security is also higher overall cost of living in that area could still present a barrier to those on a more fixed income.

4. Spartanburg

  • Percentage of people 65+: 16%

  • AARP livability index: 51

  • Median gross rent index: $680

  • Mean Social Security for people 65+: $20,646

Spartanburg is known for its beautiful community parks and its access to diverse natural attractions like mountains and beaches. Its affordability will draw many seniors, but the lower mean payout for Social Security could be a drawback for some retirees.

3. Columbia

  • Percentage of people 65+: 14%

  • AARP livability index: 54

  • Median gross rent index: $751

  • Mean Social Security for people 65+: $20,735

A moderate AARP livability index score of 50 offers some encouragement, indicating that Columbia does invest in accessibility and community initiatives for its seniors.  The median gross rent is reasonable, but this region is on the lower end of the range for mean social security for those over 65.

2. Charleston/ North Charleston

  • Percentage of people 65+: 14%

  • AARP livability index: 53

  • Median gross rent index: $978

  • Mean Social Security for people 65+: $20,507

This popular area still has a lower percentage of the population that is elderly. Rents are somewhat higher than in places mentioned above, but the AARP livability index means that it could be ideal from active retirees with more income to supplement their Social Security benefits

1. Sumter

  • Percentage of people 65+: 15%

  • AARP livability index: 49

  • Median gross rent index: $624

  • Mean Social Security for people 65+: $18,941

Sumter comes in with lower numbers for median gross rent and mean social security, which means this area is likely under-resourced and unprepared to deal with an aging population’s needs. Yes, seniors may find it affordable, but it may not be a great choice due to limited resources.

Final thoughts

Learn More: Suze Orman: 5 Social Security Facts Every Soon-To-Be Retiree Must Know

South Carolina seems to be a great option for younger populations with decent prospects for income and self-autonomy, i.e., there is little need for others to care for them.  Despite its great reputation for low cost of living, elderly populations may get better access to amenities and services specifically suited to their needs in other states.

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This article originally appeared on GOBankingRates.com: Retirement 2024: These Are the 7 Worst Places To Retire in South Carolina

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