This article looks at the 15 best places in South Carolina for a couple to live on only Social Security. If you wish to skip our detailed analysis, you can jump to 5 Hidden Gems in South Carolina Where Retirees Can Thrive on Social Security in 2024.
Are Retirees Financially Secure?
Are retirees struggling to get by in their golden years? If you ask the seniors themselves, they may have a subjective view of self-reported financial security, while surveys and economists offer differing perspectives. For instance, a Wall Street Journal article reveals how only 3% of retirees are struggling to get by. However, two economists offer a different take on these results. According to Christian Weller, an economist at the University of Massachusetts, only half of seniors are financially secure based on their responses to specific questions related to financial habits. He argues that what constitutes “financial security” can be subjective and varies from person to person. Meanwhile, Alicia Munnell of Boston College contends that retirees might be overstating their financial security and are reluctant to admit any struggles.
READ ALSO: 16 Largest Senior Living Companies in the USA in 2024 and 20 States with the Highest Taxes on Retirement Income in the US
Our take? Retirees may or may not be struggling depending on how long they are living and how much they have been saving up for retirement. The truth is, even if there isn’t a retirement crisis yet, longer lives and lower savings are certainly fueling one. The Social Security Administration is expecting 65-year-olds to live another 20 years. While this may be good news, living longer certainly comes with a price tag. According to the Motley Fool, the median retirement savings for American households is $87,000. Meanwhile, a survey from The Charles Schwab Corporation (NYSE:SCHW) reveals how Americans think they need at least $1.8 million to live a comfortable retirement.
If all of this sounds confusing, individuals may be disappointed to know that the Social Security program may not be paying in full less than a decade from now. Many retirees depend on their Social Security checks to last them in their retirement years. Findings reveal how only one in five married retired couples and 45% of single retirees depend on these benefits for more than 90% of their income in retirement. Unfortunately, the program is designed to replace only 40% of the average salary in retirement, and upcoming cuts may reduce this percentage even further. Thankfully, there are many states that are best for seniors on social security. These states often don’t have a tax on retirement income and also boast an affordable cost of living. A recent study on some of the best states to live on Social Security alone highlights states such as Mississippi, Wyoming, Georgia, and West Virginia.
While moving states may help lower expenses, Voya Financial, Inc. (NYSE: VOYA) reveals how 64% of Americans still wish they had started saving for retirement when they were under 25.
“Deciding to save early and often in an employer-sponsored 401(k) or other retirement account is within the control of every employee who has access — and this can be an important factor in creating an effective plan that leads to financial security in the future. As many employees face competing financial priorities, it’s important to remember that saving in a tax-advantaged retirement account can allow earnings to compound over time, which could be increasingly powerful for employees with a longer investment time horizon.”
– Kerry Sette, VP, of Consumer Insights & Research at Voya Financial, Inc. (NYSE: VOYA).
In Q2 2024, the company reported net income of $201 million ($1.96 per share) and after-tax adjusted operating earnings of $223 million ($2.18 per share). Fee-based revenue growth offset lower underwriting gains, with approximately $200 million in excess capital generated and returned to shareholders through share repurchases and increased dividends. CEO Heather Lavallee highlighted strong performance in Wealth and Investment Management and confidence in their Health business.
While we acknowledge the potential of VOYA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VOYA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Methodology
To compile the list of best places in South Carolina for a couple to live on only Social Security, we began by identifying the most affordable locations in the state using cost of living indexes. These locations were then evaluated based on key metrics, including median home price, average rent, and overall livability score, to assess their suitability for retirement living. We calculated a total Insider Monkey score for each location and ranked them in ascending order based on this score. The median home prices were sourced from Redfin, rental data was obtained from Zumper and Zillow, and livability scores were derived from AreaVibes.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
In South Carolina, as in many states, the question of whether retirees are struggling financially is nuanced and complex. While some reports suggest that only a small percentage of retirees face significant challenges, others argue that varying definitions of financial security and rising costs of living reveal a more precarious reality for many seniors in the Palmetto State.
On that note, let us dive into the best places in South Carolina for a couple to live on only Social Security:
15. Mauldin
Insider Monkey Score: 22
IM Cost of Living Index: 91.2
Average Rent (2-bedroom): $1,208
Median Home Price: $330,000
Livability Score: 85
Ranked one of the most affordable cities in South Carolina, Mauldin is a vibrant city overflowing with cultural experiences and recreational activities. It boasts more than 78 acres of parks and greenways, 11 bike trails, and a Cultural Center that hosts 30,000 people and 1,000 events annually. The bottom line is that as a resident of Mauldin, seniors get to enjoy a vibrant life and that too, without breaking the bank.
14. Simpsonville
Insider Monkey Score: 22
IM Cost of Living Index: 90.7
Average Rent (2-bedroom): $1,475
Median Home Price: $322,000
Livability Score: 86
Simpsonville, located in Greenville County, offers the charm of a small town while flaunting all the big-city amenities. A vibrant downtown, excellent parks, abundant recreational facilities, and affordable cost of living make Simpsonville one of the best places in South Carolina for a couple to live on only Social Security.
13. Forest Acres
Insider Monkey Score: 26
IM Cost of Living Index: 83.7
Average Rent (2-bedroom): $1,175
Median Home Price: $343,000
Livability Score: 72
Situated in Richland County, Forest Acres is a thriving city of tree-lined streets and a serene suburban atmosphere. Retirees get to enjoy living amidst beautiful and well-established neighborhoods, with lush greenery and well-maintained homes. Local parks, such as Citadel Park and Trenholm Park, further amplify the allure of Forest Acres as a retirement spot.
12. Clemson
Insider Monkey Score: 27
IM Cost of Living Index: 89.1
Average Rent (2-bedroom): $1,434
Median Home Price: $305,000
Livability Score: 83
A rural town with a lakeside setting, Clemson makes it to the 12th place on our list of best places in South Carolina for a couple to live on only Social Security. College town atmosphere, reasonable cost of living, and Southern hospitality are key highlights of the place. Beautiful parks, scenic trails, golf courses, and recreational centers further boost the beauty and charm of Clemson as a retirement destination.
11. West Pelzer
Insider Monkey Score: 28
IM Cost of Living Index: 88.9
Average Rent (2-bedroom): $1,100
Median Home Price: $308,000
Livability Score: 72
A town in Anderson County, West Pelzer promises peace and tranquility in one’s golden years. Local parks, yearly events, and a rich history keep residents interested in this small town and allows them to spend their days doing things that they enjoy. West Pelzer also has a rich history, with several historic buildings and sites that add character to the town. The convenient location, affordable cost of living, and beautiful surroundings make West Pelzer a nice place to retire in one’s golden years.
10. Boiling Springs
Insider Monkey Score: 29
IM Cost of Living Index: 85.9
Average Rent (2-bedroom): $1,286
Median Home Price: $296,900
Livability Score: 76
Known for its namesake, Boiling Springs is more than just an affordable place to retire on Social Security. This charming census-designated place radiates suburban comfort and natural beauty. The town boasts a variety of parks, walking trails, and recreational opportunities, making it an ideal spot for those who enjoy outdoor activities. Living expenses in the area are 14% lower than the national average, and the home prices are well below the national median.
9. Taylors
Insider Monkey Score: 30
IM Cost of Living Index: 91.2
Average Rent (2-bedroom): $1,179
Median Home Price: $295,000
Livability Score: 80
Situated in Greenwood County, Taylors makes it to the 9th spot on our list of best places in South Carolina for a couple to live on only Social Security. Beautiful homes, easy access to amenities, and safe living make this census-designated place a stand-out choice for many. Moreover, Taylors’ proximity to Greenville means that retirees can easily access healthcare facilities, shopping centers, and cultural events while enjoying the quieter, more relaxed pace of life in Taylors.
8. City View
Insider Monkey Score: 31
IM Cost of Living Index: 90.7
Average Rent (2-bedroom): $1,200
Median Home Price: $227,000
Livability Score: 78
A census-designated place in Greenville County, City View is another wise choice for retirees thinking of making a move in their golden years. Promising the tranquility of a small town along with proximity to urban conveniences, City View suits seniors looking to escape the hustle and bustle of city life. Living expenses in the area are 9% lower than the national average, while home prices are well below the national median too. A couple can easily manage to live on their Social Security checks in City View.
7. Seneca
Insider Monkey Score: 32
IM Cost of Living Index: 83.3
Average Rent (2-bedroom): $1,148
Median Home Price: $307,000
Livability Score: 72
Brimming with restaurants, community events, and boutique shops, Seneca offers retirees just enough for a comfortable and affordable retirement. Lying on the edge of the Blue Ridge Mountain segment of the Appalachian Mountains, residents get to enjoy picturesque views and enjoy activities such as hiking, boating, and fishing on Lake Hartwell, one of the largest reservoirs in the Southeast. Its downtown Historic District is listed on the National Register of Historic Places and is vibrant with local shops, restaurants, and cultural attractions.
6. Joanna
Insider Monkey Score: 32
IM Cost of Living Index: 81.0
Average Rent (2-bedroom): $1,296
Median Home Price: $150,000
Livability Score: 66
Situated in the Upstate region, Joanna is home to a small population of around 1,500 people. Its serene small-town atmosphere and peaceful community make retiring here a good choice for many. Living expenses in the area are 19% lower than the national average, and a retired couple can easily manage a 2-bedroom under $1,500. Its proximity to the Appalachian foothills is also a plus, offering residents easy access to the scenic beauty and recreational opportunities.
5. Dillon
Insider Monkey Score: 34
IM Cost of Living Index: 70.8
Average Rent (2-bedroom): $1,190
Median Home Price: $242,500
Livability Score: 66
Retirees with a keen interest in history will have a good time here in Dillon, a city in eastern South Carolina. Charming and affordable, Dillon invites its residents to explore its local heritage at Dillon County Courthouse, allows them to discover the town’s architectural evolution at Dillon Historic District, as well as explore various other museums in the area. Dillon County Theater and various local festivals keep residents entertained just as much, while nearby lakes and parks offer the perfect opportunity to spend a day in the outdoors.
4. Garden City
Insider Monkey Score: 34
IM Cost of Living Index: 90.2
Average Rent (2-bedroom): $1,000
Median Home Price: $305,000
Livability Score: 77
Also sometimes referred to as Garden City Beach, Garden City is a small beach community that remains a hidden gem. Known for its light-hearted, vibrant vibe, the town enchants its visitors to an extent that many end up calling it their forever home. It is best known for its beach lifestyle and picturesque views, while all the activities that it offers are definitely a plus. From crabbing and fishing to watersports, water lovers are going to have the time of their lives here.
3. Saluda
Insider Monkey Score: 35
IM Cost of Living Index: 85.1
Average Rent (2-bedroom): $1,100
Median Home Price: $160,000
Livability Score: 65
Named after the Saluda River, Saluda is a small and quiet town minding its business in Saluda County. Its picturesque countryside and rich history make it a great place to retire to and offers residents the chance to embrace a rural lifestyle. Much like its neighbor Gaffney, Saluda is famous for its peach orchards. Farmers markets, community events, and abundant outdoor activities make Saluda a fun place to retire to.
2. Gaffney
Insider Monkey Score: 42
IM Cost of Living Index: 76.3
Average Rent (2-bedroom): $981
Median Home Price: $225,000
Livability Score: 66
Cherokee County’s city Gaffney is lovingly known as the “Peach Capital of South Carolina”. Besides its alluring Southern charm, Gaffney proudly showcases all four seasons and is a “hop” away from the mountains and the beach. Peaches can be found all year round here, and seniors will love living in a city that celebrates this juicy fruit in every way possible. Southern charm, peachy culture, and an affordable cost of living make Gaffney an ideal retirement destination for those looking to set down their roots in South Carolina.
1. Laurens
Insider Monkey Score: 45
IM Cost of Living Index: 81.0
Average Rent (2-bedroom): $906
Median Home Price: $221,700
Livability Score: 71
A delightful Southern city in Laurens County, Laurens is the perfect way for seniors to spend their golden years. It is bursting with small-town charm, offering retirees the chance to enjoy a close-knit atmosphere that they may have been missing out on in the larger cities. Residents love to go bass fishing, boating, and exploring shoreline campsites and nature trails at Lake Greenwood State Park. There’s Lake Rabon Park too, which is handicap accessible and comes with a fishing pier, playground, and picnic shelters. Together with accessible healthcare, Laurens is the best place in South Carolina for a couple to live on only Social Security.
READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure: None. This article was originally published on Insider Monkey.
