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post #1 of 10 Old May 18th, 2006, 8:18 pm Thread Starter
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Question for South Carolina LT Riders

My wife and I are planning on retiring in SC in a few years. We will be house hunting this summer on the SC coast. I am a retired police officer and my wife is a retired teacher. I was hoping that some one might tell me if we would be required to pay state income tax on our pensions? We would be full time residents of SC. Thanks for any info!

Dave
Monkton, MD
and Pawleys Island, SC
2002 K1200LTC
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post #2 of 10 Old May 18th, 2006, 9:00 pm
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First answer is I have no idea, but I suspect that you can get the answer at http://www.sctax.org/Tax+Information/default.html

Jeff in Myrtle Beach
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post #3 of 10 Old May 18th, 2006, 9:55 pm
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I grew up in SC, and lived there until 20 years ago. Cannot answer your question, but the link posted should answer all your questions.

Where on the coast are you looking? I lived in both Charleston and Myrtle Beach, but if for some reason I was going back, I would probably start by looking around McClellanville. Don't know if you like the small town atmosphere or not. It is a pretty quaint little fishing village, not too far from Charleston and Georgetown. We enjoyed visiting there.

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David Shealey
Dandridge, TN
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post #4 of 10 Old May 18th, 2006, 10:05 pm
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When Hurricane Hugo hit Charleston it pushed a wall of water into the city, if that hit today the damage would be catastrophic with all the new mansions on the waterfront. McClellanville had boats almost pushed into it! (like 6 miles inland) I would not live right on the coast there as it is so flat and lowlying.
Otherwise really nice place to live, probably the nicest people in the country live in SC, just make sure you get central air in your house/condo.
My .02.

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post #5 of 10 Old May 19th, 2006, 7:45 am
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Quote:
Originally Posted by KMC1
When Hurricane Hugo hit Charleston it pushed a wall of water into the city, if that hit today the damage would be catastrophic with all the new mansions on the waterfront. McClellanville had boats almost pushed into it! (like 6 miles inland) I would not live right on the coast there as it is so flat and lowlying.
Otherwise really nice place to live, probably the nicest people in the country live in SC, just make sure you get central air in your house/condo.
My .02.
Yep. there were shrimp boats up in the little town. Personally, after living on the coast for 11 years in Myrtle Beach, I have no desire to do that again. But, he stated he wants to move to the coast, so I assumed he knows the risks. Many people live there, and love it, and re-built after Hugo. Murrells Inlet was destroyed, but now you would never know it. All rebuilt.

I don't want to achieve immortality through my work...I want to achieve it through not dying.

David Shealey
Dandridge, TN
EX: '01 Black LT, BAT BYKE (Totaled at 110,000 miles)
IBA SS, BB, BBG, 10/10ths.
No bike now, but maybe in the future.
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post #6 of 10 Old May 20th, 2006, 9:49 am Thread Starter
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I had already checked the SC tax web site. It does not mention pensions at all.

And thanks for the tip, Dave. We were looking in Georgetown County inland from Pawleys Island, Litchfield and south all the way to Charleston. We will certainly have a look. And yes, from our many vacations, SC people are generally just like all the other folks in the south...wonderfully friendly and nice!

Dave
Monkton, MD
and Pawleys Island, SC
2002 K1200LTC
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post #7 of 10 Old May 25th, 2006, 12:13 pm
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The Answer To Your Question

Here's the link and the specific answer.


http://www.sctax.org/Tax+Information...reesandSeniors


Q. Is there a deduction for retirement income subject to tax in South Carolina?
A. Yes. A taxpayer receiving retirement income may deduct up to $3,000 of qualifying retirement income annually until reaching age 65, and deduct up to $10,000 of such retirement income annually at age 65 and thereafter. For this purpose, "retirement income" means the total of all otherwise taxable income not subject to a penalty for premature distribution from qualified retirement plans (which includes those plans defined in Internal Revenue Code Sections 401, 403, 408, 457) and public employee retirement plans of the federal, state, and local governments, including military retirement.

Further, if both spouses receive retirement income, each spouse is entitled to a retirement income deduction. In addition, a surviving spouse is allowed a deduction for income received from his or her retirement plan, if any, and a second, separate deduction for retirement income that is attributable to the deceased spouse, if any. The deduction for retirement income received as a surviving spouse is based on the age the deceased spouse would have been had he or she lived.

See Code Section 12-6-1170(A).

(Last revised 12/31/03)

However… my wife and I moved to SC last year, even though we pay taxes on our pensions. The weather is excellent 98% of the time, there’s lots to do, and a bunch of other retirees to do it with. We are living in a place call Murrells Inlet, just at the south end of Myrtle Beach and it’s wonderful!

Bill Pennington
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post #8 of 10 Old May 27th, 2006, 7:11 am
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Don't know about pensions tax...

I live in Charleston. and we for the most part like it. 5PM traffice is terrible!!

I agree with McClellanville. If I could make a living there, that's where I'd be.

From the bikers point of view, just remember, the low country didn't get it's name from nice hills/mountians and curves. In Charleston, our only hill is the Ravenel bridge over the habor. Curves are the off ramps of I-26.

That being said, we are only 3-4 hours from the NC mountains. 6 from Deals Gap.

My 2nd choice of where to retire is upper SC. I really like Seneca. People are VERY nice and the pace is slower. Also, only 30 minutes from mountains.

David Major
Charleston, SC
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post #9 of 10 Old May 27th, 2006, 8:21 am
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Hey Don, I live in Atlanta. I've been in your 5 PM traffic on my LT. I'd much rather have Charleston's traffic than Atlanta's.

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post #10 of 10 Old May 27th, 2006, 8:55 am
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Quote:
Originally Posted by drmajor
Don't know about pensions tax...

I live in Charleston. and we for the most part like it. 5PM traffice is terrible!!

I agree with McClellanville. If I could make a living there, that's where I'd be.

From the bikers point of view, just remember, the low country didn't get it's name from nice hills/mountians and curves. In Charleston, our only hill is the Ravenel bridge over the habor. Curves are the off ramps of I-26.

That being said, we are only 3-4 hours from the NC mountains. 6 from Deals Gap.

My 2nd choice of where to retire is upper SC. I really like Seneca. People are VERY nice and the pace is slower. Also, only 30 minutes from mountains.
Not sure if I would think the traffic in Charleston is "terrible", probably just a little bad! (Lived in SoCal for 20 years now.) It is all relative.

I don't want to achieve immortality through my work...I want to achieve it through not dying.

David Shealey
Dandridge, TN
EX: '01 Black LT, BAT BYKE (Totaled at 110,000 miles)
IBA SS, BB, BBG, 10/10ths.
No bike now, but maybe in the future.
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