That aging population will change the way the state spends money and collects tax dollars. Already, it is changing where South Carolinians live and how local governments operate.
Today, the fastest growing segment of the state's population is residents age 85 or older. By 2029, more than 1 million South Carolinians will be older than 65, according to estimates. A year later, the state will have more retirees and residents 65 or older than school-age children.
State spending on healthcare, associated with an aging population, continues to rise, lawmakers were told Monday. "Every year, it just continues to grow and grow and grow," said
The aging population also will change the state's income, in part because S.C. tax laws shield older residents from paying many taxes.
Residents age 85 and older, for example, are exempt from
In response, the state will face pressure to change the way it brings in money and the services it pays for.
Spending on some areas -- including for local governments -- could become less of a priority. Meanwhile, spending in other areas -- on state pensions and for
Older residents spend money differently than younger South Carolinians, said S.C. chief economist
But a lot of those items -- including healthcare -- are not taxed, which means the state will not earn money off the sales, White said.
Coast, urban areas draw retirees
The aging population will most dramatically affect certain parts of the state.
Those who move to
Older residents are retiring in beach communities and areas near cities, said
"The coast of
The aging population already is being felt in the
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