People ask me this question all the time — and I mean all the time. I’m a fiduciary financial advisor based right here in Myrtle Beach, SC, and I’ve spent the last two decades helping pre-retirees and retirees figure out where their money needs to go and whether the lifestyle they’re picturing actually lines up with the math. So when someone says, “I’m thinking about retiring in Myrtle Beach — is it a good idea?” I have a lot to say.
Short answer: yes, for the right person, Myrtle Beach is a genuinely excellent place to retire. But “the right person” is key. Let me break down what I tell my own clients.
South Carolina’s Retirement Tax Benefits Are the Real Deal
Let’s start with taxes, because this is usually what surprises people most. South Carolina is one of the most retirement-friendly states in the country from a tax standpoint.
First, Social Security income is completely exempt from South Carolina state income tax. That’s a big deal if Social Security makes up a meaningful portion of your retirement income — and for most of my clients, it does.
Second, if you’re 65 or older, South Carolina allows a retirement income deduction of up to $10,000 for individuals (or $15,000 for couples filing jointly). That covers income from pensions, 401(k) distributions, and IRA withdrawals. When you combine this with the Social Security exemption, many of my retired clients in Myrtle Beach pay very little — sometimes nothing — in state income taxes.
There’s also no estate or inheritance tax in South Carolina, which matters if you’re thinking about what you pass on to your kids or grandkids.
The Cost of Living Is Lower Than You Might Expect
Myrtle Beach has a reputation as a tourist town, and yes, the beach is gorgeous. But here’s something that often shocks people relocating from the Northeast or Midwest: the day-to-day cost of living is quite reasonable.
Housing is the biggest factor. You can find a comfortable 3-bedroom home in a nice neighborhood for well under $400,000. Waterfront and golf course communities exist at all price points. Property taxes are also low — South Carolina has a homestead exemption that reduces the taxable value of your primary residence if you’re 65 or older, which cuts your property tax bill significantly.
Groceries, dining, and everyday expenses run below the national average. And while healthcare costs are a real consideration anywhere you retire, the Grand Strand area has continued to grow its medical infrastructure — including a major regional hospital system — so access isn’t the concern it once was.
The Lifestyle Is What Keeps People Here
I moved to Myrtle Beach because of the lifestyle, and I’ve never looked back. For retirees, this area offers something that’s genuinely hard to find elsewhere: a combination of natural beauty, affordable living, and a pace of life that actually lets you enjoy your retirement.
We have over 100 golf courses within a short drive — no exaggeration, this is one of the top golf destinations in the world. Miles of walkable beach. Incredible seafood. A thriving arts and dining scene that people don’t expect until they get here. Winter temperatures are mild enough to stay active year-round. And because this is a major destination, there’s always something going on — festivals, live music, markets, outdoor events.
The retiree community here is also large and established. If you’re coming from out of state, you’ll find it easy to connect with people who made the same move. Active adult communities are plentiful and well-run.
What to Watch Out For
Summers are hot and humid. If you hate heat, July and August in Myrtle Beach will test your patience. Traffic can get heavy during peak tourist season — typically May through August. And while hurricane risk is a real factor, the area has strong building codes and good emergency preparedness infrastructure. Homeowners insurance can be higher here than inland, so factor that into your budget.
Also — and this is a financial planning point — don’t let the lower cost of living make you complacent. Retirement still requires a plan. Healthcare costs rise as you age. Long-term care is something most people don’t adequately prepare for. Social Security alone won’t cut it for most people. The tax advantages here are real, but they work best when you have a coordinated retirement income strategy in place.
Getting the Financial Side Right Before You Make the Move
Whether you’re already in Myrtle Beach or planning a move here, the financial planning steps are the same. Before you retire, you need to know:
• How much guaranteed income you’ll have each month
• How you’ll cover the gap between that and your actual expenses
• How your portfolio is structured to handle market downturns without forcing you to sell at the wrong time
• What your Medicare strategy looks like
• When to claim Social Security to maximize your lifetime benefit
These aren’t things you figure out as you go. The decisions you make in the 5 years before and after retirement have an outsized impact on how long your money lasts. As a fiduciary financial advisor in Myrtle Beach, this is exactly the work I do with clients every day.
Bottom Line: Myrtle Beach Is a Strong Retirement Choice — With the Right Plan
If you’re looking for a place that combines low taxes, a reasonable cost of living, warm weather, and a lifestyle that actually rewards you for the decades you’ve spent working — Myrtle Beach belongs on your short list. It’s not perfect (nowhere is), but for the right person with the right financial plan, it’s an incredibly rewarding place to retire.
I’ve helped people from all over the country make this transition. Some were already local and just needed to get their finances organized. Others were relocating from New York, Ohio, New Jersey, or Michigan and needed help with everything from rolling over a 401(k) to building a retirement income strategy from scratch.
Whatever your situation, the first step is understanding where you actually stand. That starts with a conversation. If you're in need of a Real Estate agent, you can check out Carolina Living Team who specializes in out of state relocations.