Charleston Retirement Communities: A Comprehensive Financial Guide to Choosing the Right Neighborhood

With its Southern charm, mild weather and ample opportunities for fun and leisure, Charleston is a prime option for retirees. 

But it’s not just the beautiful setting that makes it a top retirement destination; affordable living options, a robust healthcare system and tax benefits make it a practical choice, too.

When it’s time to consider where you’ll retire, making an informed financial decision is crucial. If Charleston tops your list of cities to spend your retirement, here are some considerations to keep in mind:

Types of Charleston Retirement Communities

Charleston offers multiple options for retirement residences, with a range of costs and amenities.

Independent living communities

Independent living facilities are social retirement communities, generally intended for people over 55 who are in good health. 

Charleston offers several options for independent living communities, at a variety of price points. While these facilities are maintenance-free and provide many opportunities for socialization, they also tend to be a more expensive retirement option.

Continuing care retirement communities (CCRCs)

CCRCs provide housing options for a wide range of needs, allowing older adults to live in one place long-term.

Typically, these facilities offer options for both independent and assisted living, as well as on-site healthcare services. 

However, all those services come at a cost, and CCRCs can have very steep associated expenses. According to the AARP, the average CCRC entrance fee is $402,000 – though that number may be vastly different from place to place. 

Charleston has a handful of CCRCs, each with their own features and amenities to suit an array of needs.

Assisted living facilities

Assisted living facilities provide long-term care in the form of housing, meals and personal care. They are generally suited for people who need some daily assistance. 

Most assisted living facilities have a monthly fee, plus additional charges for higher levels of care.

Charleston and its surrounding towns offer many top-notch options for assisted living facilities. 

Key Charleston Neighborhoods for Retirees

If you’re looking to have your own little piece of Charleston, there are many beautiful neighborhoods to buy or rent property.

Here are some popular options for retirees:

Downtown Charleston: In addition to its many shops, restaurants and historic sites, Downtown Charleston is also home to luxurious senior living communities like the Wellmore of Daniel Island and the Peninsula of Charleston, opening in 2027.

Mount Pleasant: Picturesque beaches, historic beaches and access to medical facilities makes Mount Pleasant a top contender for retirees. There are also several retirement and independent living facilities here, including Somerby Mount Pleasant, South Bay at Mount Pleasant and Revela at Mount Pleasant.

James Island and Johns Island: These islands both offer a peaceful ambiance, waterfront properties and natural beauty, making them a popular choice for retirees. They also have senior living communities – like Indigo Hall – as well as several 55+ apartments and homes.

North Charleston: North Charleston provides access to Charleston amenities, but with a potentially lower cost of living and a suburban feel. There are multiple desirable residential alternatives for retirees, including The Marsh at North Charleston and The Bridge at Charleston. 

Summerville: Summerville is another strong choice if you’re considering a South Carolina retirement. Some of the draws are the lower cost of living, strong community feel, and the Del Webb 55+ retirement community. 

Understanding the True Cost of Retirement Living

Coastal views and resort-style facilities can be exciting, but the bottom line is that everything comes at a cost. Before you begin envisioning yourself with a certain retirement lifestyle, it’s important that you run the numbers first.

Monthly fees and what they include

Typically, most retirement facilities charge on a monthly basis. More inclusive living options include housing, utilities, meals and other services in their costs. The more services or assistance you require, the more you might have to pay in monthly fees.

Hidden costs and additional expenses

There are some fees that people forget to include in the cost of living in a retirement community. Some of the most common ones include a one-time admission fee, activity fees, pet care, spouse or roommate fees, and paying for a parking spot.  

Insurance considerations

If you expect to spend time in a retirement facility, you could opt for long-term care insurance (LTC) to help you cover those expenses. LTC is a private insurance that assists in paying for in-home care and assisted living facilities. 

Property taxes and local tax benefits

The tax benefits that South Carolina has to offer are another reason why so many people choose it as their retirement destination.

South Carolina has some of the lowest property tax rates in the country, coming in at around 0.53%. By comparison, the nation’s overall average property tax rate is 0.90%. 

Another major perk for retirees is that Social Security benefits are not taxed in South Carolina. 

Healthcare facility proximity

Charleston is home to some of the best healthcare facilities in the state, making it a convenient option for retirees. From top hospitals like The Medical University of South Carolina (MUSC), to  numerous primary care facilities, rehabilitation centers, and senior living communities, Charleston has an abundance of options to help you receive the best care possible.

Financing Options

Retirement communities have many benefits, but they can also be quite expensive. If you’re set on moving to Charleston or choosing a local retirement community for your new residence, there are some options to fund your move.

Selling existing home considerations

Many people choose to sell their home to cover the cost of a retirement facility or community. Your home might be the largest asset you own, and selling it can provide ample funding for a retirement community. Before you sell, consider how much equity you have in your home, and how much money you will realistically pocket after your home sells. You want to avoid overestimating how much money you will get for your house, or underestimating how much money you will need to cover the costs of your retirement community.

Retirement Community Buy-In Options

There are a few different financial models that retirement communities and facilities tend to use, including:

Entrance fee communities: This is an upfront payment that secures your residency. Some communities provide partially refundable entrance fees, so make sure you’re clear on what your retirement community offers.

Monthly rental fee: These retirement facilities may not require a large buy-in option, but they do have ongoing monthly fees that vary based on the level of care needed. These fees might cover costs like your housing, maintenance, utilities and food.

Equity or Cooperative Models: Some communities allow residents to purchase a unit, allowing for potential asset appreciation in the future.

Understanding the financial structure of the community you’re considering is crucial to making the right choice.

Integrating Long-Term Care Insurance

Long-term care insurance can help cover services within a retirement community, particularly in assisted living or skilled nursing settings. Policies vary, so it’s important to review coverage details and know what’s included. 

Bridge Loans and Financial Planning Tools

Let’s say you want to secure your spot in a retirement community before you sell your house, but you still need the funds from your home sale to cover your entrance fee. In that case, a bridge loan – a temporary, short-term financing option – could provide liquidity until your home is officially sold. 

These loans are especially helpful when you have to move quickly, but your financial resources are tied up in an asset. A financial planner can help you determine if a bridge loan is the right option for your situation.

Making the Financial Comparison

Before you settle on a retirement community, you should make a thorough financial comparison that will show the true cost of each option:

Cost of Living Analysis Across Neighborhoods

The cost of retirement communities can vary significantly based on location. For example, a downtown Charleston option may have higher fees than one outside the city. Consider factors like housing costs, proximity to preferred medical facilities, and daily costs like groceries or transportation when you’re comparing your options. 

Value Assessment of Included Amenities

Beyond the standard costs, it’s important to assess all of the amenities offered. Some communities include services like housekeeping, fitness centers, and dining in their fees, while others charge extra. Look into services like meal plans and dining options, fitness centers, pools, housekeeping and laundry services, on-site healthcare and anything else that would be a priority for you. 

One option might look more expensive upfront, but the included amenities could make it a better deal in the long run.

Long-Term Financial Implications

The long-term costs of your retirement community could have a major impact on your finances. Look into fee structures, potential future healthcare expenses, and any possible fee increases to have a more accurate idea of what your long-term cost might be. 

Impact on Estate Planning

There are so many decisions to make when choosing a retirement community, and these decisions could affect your estate plan. Here are some considerations to watch out for: 

• Entrance fees: Some entrance fees can be refunded to your heirs, but others cannot. Be aware of your retirement community’s entrance fee policy. 
• Asset protection: Would buying into a community renting be a better long-term option for wealth preservation?
• Inheritance planning: If you sell your home to fund retirement living, how does that impact your heirs? Make sure you clearly communicate your future plans to your family.

Selecting Charleston for Your Golden Years

Charleston is considered a top U.S. retirement destination in 2025, and for good reason. Whether your retirement plan includes delicious food, outdoor recreation, coastal views or historic charm, Charleston has it all. 

Work with your financial planner to determine if retiring in Charleston supports your long-term financial goals, as well as your legacy.