Here’s how much money you need to comfortably retire in SC now, study shows
From housing to groceries, it seems the costs of living in South Carolina and other states keeps rising.
And with all those costs, have you wondered lately how much money you’d need now to comfortably retire in the Palmetto State?
GoBankingRates.com, a personal finance website, recently performed an analysis on the cost of retirement in every state. Using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center, the website determined the amount for housing, food, health care, transportation and utilities needed to retire. Those amounts were multiplied by 25 or 30 years, excluding average annual social security payments of $21,566.76, according to the Social Security Administration.
SC retirement costs
So, based on the analysis parameters, how much money would a South Carolina resident need to retire?
Well, annual retirement expenditures add up to $54,522, the study shows.
For a full 30 years of retirement, a person living in the state would need a minimum of $989,658 — for 25 years, the total cost is a minimum of $823,890, the study adds.
Retirement in other states
Retirement costs in South Carolina may seem like a lot to many, but they’re just a fraction of what you’d need to spend in many other states.
Hawaii comes in as the most expensive state to retire at more than $2 million for a full 25 years. New York, California and Massachusetts are among 12 states where you’d need at least $1 million to spend 25 years in retirement.
West Virginia, on the other hand, is the cheapest state to retire in, with residents needing just under $700,000 for 25 years.
Here’s the cost breakdown to retire in every state.
Alabama
- Annual retirement cost: $50,995
- Minimum needed for 25 years: $735,718
- Minimum needed for 30 years: $883,745
Alaska
- Annual retirement cost: $73,082
- Minimum needed for 25 years: $1,287,880
- Minimum needed for 30 years: $1,547,003
Arizona
- Annual retirement cost: $63,600
- Minimum needed for 25 years: $1,050,826
- Minimum needed for 30 years: $1,262,253
Arkansas
- Annual retirement cost: $51,169
- Minimum needed for 25 years: $740,054
- Minimum needed for 30 years: $888,954
California
- Annual retirement cost: $78,864
- Minimum needed for 25 years: $1,432,425
- Minimum needed for 30 years: $1,720,630
Colorado
- Annual retirement cost: $61,807
- Minimum needed for 25 years: $1,006,017
- Minimum needed for 30 years: $1,208,429
Connecticut
- Annual retirement cost: $65,855
- Minimum needed for 25 years: $1,107,199
- Minimum needed for 30 years: $1,329,968
Delaware
- Annual retirement cost: $58,281
- Minimum needed for 25 years: $917,845
- Minimum needed for 30 years: $1,102,516
Florida
- Annual retirement cost: $58,396
- Minimum needed for 25 years: $920,736
- Minimum needed for 30 years: $1,105,989
Georgia
- Annual retirement cost: $52,557
- Minimum needed for 25 years: $774,745
- Minimum needed for 30 years: $930,625
Hawaii
- Annual retirement cost: $103,610
- Minimum needed for 25 years: $2,051,077
- Minimum needed for 30 years: $2,463,757
Idaho
- Annual retirement cost: $57,240
- Minimum needed for 25 years: $891,827
- Minimum needed for 30 years: $1,071,263
Illinois
- Annual retirement cost: $53,077
- Minimum needed for 25 years: $787,754
- Minimum needed for 30 years: $946,251
Indiana
- Annual retirement cost: $52,672
- Minimum needed for 25 years: $777,636
- Minimum needed for 30 years: $934,097
Iowa
- Annual retirement cost: $51,978
- Minimum needed for 25 years: $760,291
- Minimum needed for 30 years: $913,262
Kansas
- Annual retirement cost: $50,533
- Minimum needed for 25 years: $724,154
- Minimum needed for 30 years: $869,855
Kentucky
- Annual retirement cost: $53,886
- Minimum needed for 25 years: $807,990
- Minimum needed for 30 years: $970,559
Louisiana
- Annual retirement cost: $52,441
- Minimum needed for 25 years: $771,854
- Minimum needed for 30 years: $927,152
Maine
- Annual retirement cost: $64,005
- Minimum needed for 25 years: $1,060,944
- Minimum needed for 30 years: $1,274,407
Maryland
- Annual retirement cost: $66,375
- Minimum needed for 25 years: $1,120,208
- Minimum needed for 30 years: $1,345,595
Massachusetts
- Annual retirement cost: $85,571
- Minimum needed for 25 years: $1,600,097
- Minimum needed for 30 years: $1,922,038
Michigan
- Annual retirement cost: $52,614
- Minimum needed for 25 years: $776,191
- Minimum needed for 30 years: $932,361
Minnesota
- Annual retirement cost: $54,580
- Minimum needed for 25 years: $825,336
- Minimum needed for 30 years: $991,394
Mississippi
- Annual retirement cost: $50,128
- Minimum needed for 25 years: $714,036
- Minimum needed for 30 years: $857,701
Missouri
- Annual retirement cost: $51,053
- Minimum needed for 25 years: $737,163
- Minimum needed for 30 years: $885,482
Montana
- Annual retirement cost: $59,610
- Minimum needed for 25 years: $951,090
- Minimum needed for 30 years: $1,142,450
Nebraska
- Annual retirement cost: $52,614
- Minimum needed for 25 years: $776,191
- Minimum needed for 30 years: $932,361
Nevada
- Annual retirement cost: $58,454
- Minimum needed for 25 years: $922,181
- Minimum needed for 30 years: $1,107,725
New Hampshire
- Annual retirement cost: $66,838
- Minimum needed for 25 years: $1,131,771
- Minimum needed for 30 years: $1,359,485
New Jersey
- Annual retirement cost: $63,773
- Minimum needed for 25 years: $1,055,162
- Minimum needed for 30 years: $1,267,462
New Mexico
- Annual retirement cost: $54,291
- Minimum needed for 25 years: $818,109
- Minimum needed for 30 years: $982,713
New York
- Annual retirement cost: $73,140
- Minimum needed for 25 years: $1,289,325
- Minimum needed for 30 years: $1,548,739
North Carolina
- Annual retirement cost: $55,621
- Minimum needed for 25 years: $851,354
- Minimum needed for 30 years: $1,022,647
North Dakota
- Annual retirement cost: $54,522
- Minimum needed for 25 years: $823,890
- Minimum needed for 30 years: $989,658
Ohio
- Annual retirement cost: $53,308
- Minimum needed for 25 years: $793,536
- Minimum needed for 30 years: $953,196
Oklahoma
- Annual retirement cost: $50,186
- Minimum needed for 25 years: $715,482
- Minimum needed for 30 years: $859,437
Oregon
- Annual retirement cost: $66,317
- Minimum needed for 25 years: $1,118,762
- Minimum needed for 30 years: $1,343,858
Pennsylvania
- Annual retirement cost: $54,811
- Minimum needed for 25 years: $831,118
- Minimum needed for 30 years: $998,339
Rhode Island
- Annual retirement cost: $64,756
- Minimum needed for 25 years: $1,079,735
- Minimum needed for 30 years: $1,296,979
South Carolina
- Annual retirement cost: $54,522
- Minimum needed for 25 years: $823,890
- Minimum needed for 30 years: $989,658
South Dakota
- Annual retirement cost: $53,077
- Minimum needed for 25 years: $787,754
- Minimum needed for 30 years: $946,251
Tennessee
- Annual retirement cost: $52,267
- Minimum needed for 25 years: $767,518
- Minimum needed for 30 years: $921,943
Texas
- Annual retirement cost: $53,771
- Minimum needed for 25 years: $805,100
- Minimum needed for 30 years: $967,086
Utah
- Annual retirement cost: $60,420
- Minimum needed for 25 years: $971,326
- Minimum needed for 30 years: $1,166,758
Vermont
- Annual retirement cost: $66,433
- Minimum needed for 25 years: $1,121,653
- Minimum needed for 30 years: $1,347,331
Virginia
- Annual retirement cost: $58,627
- Minimum needed for 25 years: $926,517
- Minimum needed for 30 years: $1,112,934
Washington
- Annual retirement cost: $66,895
- Minimum needed for 25 years: $1,133,217
- Minimum needed for 30 years: $1,361,221
West Virginia
- Annual retirement cost: $49,261
- Minimum needed for 25 years: $692,354
- Minimum needed for 30 years of retirement: $831,657
Wisconsin
- Annual retirement cost: $55,158
- Minimum needed for 25 years: $839,790
- Minimum needed for 30 years: $1,008,757
Wyoming
- Annual retirement cost: $53,886
- Minimum needed for 25 years: $807,990
- Minimum needed for 30 years: $970,559
