Global View Investment Blog

Moving To The Carolinas? Time To Update Your Financial Plan

If you're thinking about moving to and retiring in Greenville, SC from out of state, it's likely that at least some aspects of your life will change. As you leave an old lifestyle behind, it can feel bittersweet; therefore, thoughtful financial planning is required to manifest a sensible move that supports your every want and need. 

This article will help you:

  • Decide where to live
  • Understand some basic tax benefits to retirees in SC
  • Start an estate plan
  • Know when and how to update your financial plan
  • How to get the needed help of a fiduciary financial advocate

Serving as your advocate advisors and certified financial planners in Greenville, SC, you have a team of professionals at Global View to ensure your finances can cover you well beyond this precious transition.


Whether you are retiring and relocating here with your spouse or venturing a new path alone, we can help you make life-altering decisions that could potentially impact your entire family, so choose wisely. From taxes and estate planning to investment selections and portfolio rebalancing, you deserve the support you can count on for the remainder of your years!


Where to live?

Greenville, South Carolina is one of the fastest growing cities in the nation. It's also a great place to live and work—but there are many different neighborhoods to choose from so it can be hard to know where you should settle down.

Here are some things you'll want to consider:Greenville, South Carolina is one of the fastest growing cities in the nation.

  • Where will you thrive? Do you need access to popular city amenities like parks, libraries, and hospitals nearby? Is there a neighborhood that suits your needs best?
  • What kind of traffic should you expect where you live? While not everyone can afford a house within walking distance of their favorite places, these questions can help identify which areas are worth further investigation (and test drives).
  • What is the cost of living and how do you decide what part of town may suit your preferences? Your advocate is full of information and ideas at Global View since we are located in the heart of Greenville, South Carolina, and know it well.  

What about taxes?

Are you moving to the Carolinas and want to know how to plan for taxes?

Let’s start by talking about taxes in SC. Mitigating taxes is always preferable but can grow tricky when you have earned income or investments in any type of account that pays dividends or interest. If you do want some extra cash at month-end, it may help to know that:

  1. There is zero Social Security tax in South Carolina
  2. State residents 65+ can deduction up to $15,000 in taxes (this includes all retirement income such as  pension plans, 401(k)s, and IRAs
  3. With one of the lowest property taxes in the state, retirees are exempt from property taxes on the first $50,000 of their home’s value.

Are there estate planning issues to consider?

One of the main reasons people move to North Carolina and South Carolina is because they want to retire somewhere warm, beautiful, and relaxing. But before you pack up and settle in, make sure you have an estate plan in place so that your assets are distributed according to your wishes after you pass away.

Estate planning is about making sure that when it’s time for you to go, all of your assets go where they need to: To family members who love you; friends who appreciate you; charities who can use the assets; and anyone else who deserves a piece of what is yours.


When to update a financial plan

If your financial plan hasn't been updated in a while, then it's probably time to revisit it. There are several reasons why this might happen:

  • You change jobs or income sources. This could be a promotion, demotion, switch to part-time work, or retirement.
  • You move to a new area of the country with different costs of living and tax rates than where you were before.
  • Your family status changes (like getting married, divorced, or losing a spouse).
  • You change investment goals and/or strategies due to market conditions affecting the performance of your portfolio (e.g., returns have been lower than expected).

The list goes on but these are some common reasons why you should update your financial plan annually—even if you don't feel like there's been much change in your life over that time period!


How to update a financial plan

  • Review your current financial situation
  • Look at your goals and dreams
  • Review your financial statements
  • Look at your insurance coverage
  • Review your estate plan
  • Look at your investment portfolio
  • Look at your tax situation
  • Understand your evolving risk tolerance and time horizon
  • Know what kind of health support you may need now or in the future
  • Hire a professional wealth manager to serve on your team of advocates

What about my portfolio and investment advisors in Greenville SC?

You may be wondering how you will manage your finances when moving to the Carolinas. That’s a good question and one that we are happy to answer.

Your financial advisor is your partner in planning for retirement and leaving a legacy behind for your family. A good estate plan can protect you from creditors, provide tax benefits, protect assets and ensure that they go where they should when you pass away. It's also important to maintain a diversified portfolio of investments that will keep up with inflation without taking too much risk (after all, no one likes losing money!).


How do I find a financial advisor in Greenville, SC who is right for me?

Finding an advisor who is a good fit for you is critical as you develop your financial plan.

  • Trustworthy: A trustworthy advisor should be someone who will treat you with respect and compassion, but also be forthright about your options and risks.
  • Knowledgeable: An experienced advisor will have the tools to help guide your decision-making process, whether it's choosing which investments are right for you or determining if refinancing is a smart move.
  • Accessible: Your advocate advisor should be ready to answer questions.  If clear and consistent communication is not something you receive from your advisor, then you may want to consider finding someone who will make you a priority.

Make sure you're prepared financially and that you have a plan in place.

Moving to a new region can be exciting, but it also comes with a lot of life changes. Make sure you're prepared financially with a solid plan in place.

When moving from one state to another, it's important to update your financial plan as well as maintain contact with your financial advisor. If you're working with an online financial advisor who is licensed to practice in both states (or countries), this shouldn't be too difficult for them. However, if yours is based out of one area and licensed for only one state, then it could present some challenges depending on how the move affects his or her license status.

Read: Road to Retirement: How to Protect Your Retirement Savings as Inflation Soars


Are you ready?

If you're considering a move to the Carolinas, it's important to take time to consider all of the changes that will come with a new place to call home. If home is where the heart is, you need to feel financially stable and supported in that space. There are many things to think about when moving across state lines, including what type of financial planner is right for you and whether or not it makes sense for your situation. 

The most important thing is listening to yourself and making sure that everything feels right before deciding whether or not this move will be good for everyone involved. As a company that provides advisory services to retirees specifically, you are in caring hands with our team of experienced fiduciary financial advisors


Global View is a wonderful financial ally to invest in—we look forward to earning your trust. Call us today!


Download Your eBook Here

Matthew Crider

Written by Matthew Crider

Matt is a CERTIFIED FINANCIAL PLANNER™ professional who has been in the financial advisory business since 2008. He holds a BA in Marketing and Management from the University of Cincinnati and his MBA from Clemson University. Prior to Global View, Matt began his career with Fidelity Investments. His specialties at Global View include asset accumulation and investment strategies; college funding strategies; budgeting discipline and analysis; multi-generational planning; and life event changes, such as marriage, kids, home purchase, retirement, etc.

Are you on track for the future you want?

Schedule a free, no-strings-attached portfolio review today.

Talk With Us