Find a Financial Advisor in Horry County

The Grand Strand economy: tourism, retirees and a growing Conway

Millions of visitors come to Horry County each year for the beach, the golf, the boardwalk and the shows, and that traffic runs the local economy. Hotels, restaurants, attractions, golf courses, vacation rental managers and the Myrtle Beach International Airport all depend on it. Construction follows the people, and new neighborhoods keep appearing in places like Carolina Forest. Away from the water, Conway is the county seat and home to Coastal Carolina University, with Horry-Georgetown Technical College also serving the area. Further inland, Loris and Aynor keep a more rural feel, with farming and small business still part of the picture.

Three groups share the county, and each plans differently. Retirees who moved down from the Northeast or Midwest bring savings and a pension but often little local family. Year-round working households in hospitality, health care, education and construction have pay that moves with the season. Second-home owners live elsewhere for part of the year and need to understand where they are legally resident for tax purposes.

An advisor who works with only one of those groups may miss the others. Ask any advisor you consider how many clients they have in each situation, and what is different about them.

Horry County at a glance

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, Horry County has a median age of 48.7, and 26.4% of residents are 65 or older. Median household income is $66,880, with a per capita income of $38,025. The median home value is $287,700, and median gross rent is $1,255. About 77.3% of homes are owner-occupied, and 27.1% of adults hold a bachelor degree or higher. Unemployment is 4.9%.

Median owner costs with a mortgage of $1,446 look modest next to other coastal counties, but insurance is a bigger variable here than any median suggests, and it can change the picture for a beach address.

South Carolina tax rules that matter in Horry County

South Carolina does not tax Social Security benefits, and it offers a deduction for retirement income for older residents, with details that change. Check current rules with the South Carolina Department of Revenue or a tax professional. The state has no estate or inheritance tax.

Property tax treats homes differently depending on use. A legal residence is generally assessed at a lower ratio than a second home or rental property, and the difference can be substantial. Owners of vacation rentals also deal with sales tax and accommodations tax obligations, and local licensing. These are areas where a mistake is costly, so keep records and work with a tax preparer who handles rentals.

If you split time between South Carolina and another state, your domicile matters. Where you vote, drive, bank, spend most days and keep your closest ties can all be used to decide. Moving from a high-tax state doesn’t automatically end its claim on you, so ask your tax professional to document the change.

Retirement planning in Horry County

Retirement is the main business of the Grand Strand. A couple who sold a house in Ohio or New Jersey and bought a home in Murrells Inlet or Carolina Forest at 64 has a different set of questions from the average saver. How much of the sale proceeds should stay liquid? Should they pay off the new mortgage or keep it? What happens to the plan if one spouse needs long-term care?

A planner who serves Horry County will usually address:

• Social Security timing and the tax on benefits at the federal level
• Withdrawal order from IRAs, 401(k) accounts and taxable savings
• Medicare enrollment, supplement choices and prescription coverage
• Long-term care costs and ways to pay for them
• Moving your estate documents to South Carolina law after you relocate

People who move late often forget that wills, powers of attorney and health care directives written in another state may need updating. Our retirement planning guide and estate planning guide are good places to begin.

Life insurance in Horry County

Younger working families in Conway, Socastee and Little River often have thin coverage, because early-career jobs in hospitality or retail rarely offer much group life insurance. A household with two children and a mortgage should look at term coverage, which gives a large benefit at a low cost for a set number of years.

Older residents ask different questions. Some want to keep a permanent policy to leave money to children or to pay estate costs. Others want to know whether an old policy is worth keeping, or whether a hybrid policy with a long-term care benefit fits. Compare them side by side, and ask for the cost in plain dollars. Read our life insurance guide to learn the main types.

Wealth management in Horry County

Wealth in Horry County shows up as real estate more often than as a stock portfolio. Owners of beachfront condos, golf course lots, small commercial buildings and several rental properties may have a large net worth with a modest income. A wealth manager helps decide what to hold, what to sell and how to turn property into dependable income. Retirees who sold a business back home also arrive with a lump of cash to invest.

Local business owners, such as restaurant operators, builders, golf professionals and attractions operators, have their own planning needs: exit plans, retirement plans for employees and tax strategy. Wealth managers also coordinate with attorneys on trusts, particularly where family members live in several states.

Financial planners in Horry County

A planner builds a full picture of your cash flow, debts, insurance and goals. Seasonal workers get plenty out of a plan built around variable income: a base budget, a rule for saving in busy months and a target reserve for slow ones. A server or hotel manager who earns more in June than in January can avoid credit card debt with a simple system.

For retirees, planners focus on whether the money will last, how to withdraw it and what to do if costs spike. Many planners charge a flat fee, which suits people who want a plan without handing over their savings. Our financial advisors guide compares the common titles.

Investment advisors in Horry County

An investment advisor builds and manages your portfolio. Registered advisors file a Form ADV, which discloses fees, services and any disciplinary history. For retirees, the key questions are how much risk to take and how withdrawals are handled in a market drop. Ask how the advisor would keep two or three years of spending in safer investments so you aren’t forced to sell during a decline.

If you hold rental property, ask the advisor how it fits into the overall allocation. Too much money tied to one coastal market is a concentration risk, even if each property looks fine alone. Our investing guide covers the basics.

Hurricanes, flooding and insurance on the coast

Horry County has been hit by storms in recent years, including Hurricane Matthew in 2016 and Hurricane Florence in 2018, which brought record flooding to the Waccamaw and Little Pee Dee river areas inland. Storm risk is part of living here, and it affects what you pay for coverage. Homeowners policies in coastal South Carolina often carry a separate named storm or wind deductible calculated as a percentage of the home value. Flood coverage is sold separately, and even homes outside high-risk zones can flood.

Before you buy or renew, ask for the full premium and deductibles in writing. Keep cash for the deductible, and take a video inventory of your belongings. Owners of rentals should confirm that their policy covers lost rental income.

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Living in Horry County: housing and cost of living

Prices vary widely across the county, with a median home value of $287,700. Oceanfront condos and new golf communities cost far more than homes in Loris or Aynor. Newer neighborhoods may have homeowners association fees and special assessments that the median figures do not show. Renters should note a median rent of $1,255, and rental supply can tighten in season.

Many retirees underestimate the cost of keeping a beach home. Insurance, repairs from salt air, association fees and property tax add up. A good planner includes those costs in the retirement budget rather than relying on a mortgage payment alone.

How to choose a financial advisor in Horry County

Start by asking how they are paid, what services they provide and whether they have worked with clients in your position, such as a recent retiree or a rental owner. Check registration through the SEC or the South Carolina Attorney General’s securities division. Meet two or three people and see who explains things most clearly.

Financial advisors in Horry County: costs in brief

Fees come as a percentage of assets, a flat project fee, an hourly rate or a retainer. Ask for the full yearly cost in dollars and whether any product pays a commission.

Areas we serve in Horry County

Advisors who serve the area work with residents throughout the county, by phone or video, including Myrtle Beach, Conway, North Myrtle Beach, Surfside Beach, Socastee, Carolina Forest, Little River, Garden City, Loris, Aynor and Murrells Inlet.

Part-year residents and snowbirds

Many owners spend winter or summer in Horry County and the rest of the year elsewhere. That arrangement raises practical questions. Which state sends your tax bill, and which state’s courts would handle your estate? Who watches the house during a storm while you are away? Does your health plan cover care in both places? Keep a log of the days you spend in each state, since some states audit residency claims, and name a trusted person with a power of attorney who can act locally.

If you rent your property for part of the year, tell your insurer. Policies for owner-occupied homes often exclude or limit claims when guests are staying, and a gap can be expensive. A planner can also help you decide whether a second home still fits when you reach your late seventies and travel becomes harder.

Early-career workers and students

Coastal Carolina University and the technical college bring thousands of young adults into the county. Many graduates take hospitality, education or health care jobs, and a good number want to stay. For them the first steps are plain: build a small emergency fund, enroll in any workplace retirement plan, pay down high-interest debt and carry basic renters insurance. Our budgeting and saving guide covers the first year of that process.

Frequently asked questions