10 of the Cheapest States Where You Should Retire in 2018

South Carolina

Overall retirement ranking: #12

Population: 4.8 million

Share of population 65+: 15.8%

Cost of living: 7% below the U.S. average

Average income for 65+ households: $43,340

Average health care costs for a retired couple: Below average at $408,343

Tax rating for retirees: Tax Friendly

If the mild weather and southern charm of the Palmetto State aren’t enough of a retirement draw, surely the affordability can tempt you. On top of below-average living costs, the tax situation goes easy on a fixed income, too. South Carolina doesn’t tax Social Security benefits and offers generous exemptions on other types of retirement income. It also does not levy an inheritance or estate tax. Property taxes tend to be very low.

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