This is how long you can live on $1M in retirement savings in SC, 2024 report shows

Having $1 million for retirement is a sizable nest egg, but it may not last as long as you’d think.

GOBankingRates recently released a report that shows how long $1 million in retirement savings would last in each U.S. state. The personal finance website based the report on annual living expenses, including groceries, housing, utilities, transportation and healthcare.

GOBankingRates found that if you live in one of the more expensive states, like New York or Hawaii, you’ll want to work as long as possible because $1 million won’t cover 15 years-worth of living expenses.

But what about South Carolina?

Here’s the breakdown for the Palmetto State. For details on every other state, click here.

Retirement cost of living in SC with $1 million

According to the report, $1 million in savings in South Carolina would last 18 years, four months and three days.

• Annual groceries cost: $4,701
• Annual housing cost: $9,435
• Annual utilities cost: $4,744
• Annual transportation cost: $4,512
• Annual healthcare cost: $6,921
• Total annual expenditures: $54,522

Methodology

To determine how long $1 million would last in each state, GOBankingRates found the national average annual expenditures for people 65 and older using data from the U.S. Bureau of Labor Statistics. The site created state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score from the Missouri Economic Research and Information Center. Finally, GOBankingRates divided each state’s average annual expenditure estimates by 1 million to get the results.

Top 10 states where $1 million retirement would last longest

1. West Virginia: 20 years, 3 months, 19 days
2. Mississippi: 19 years, 11 months, 12 days
3. Oklahoma: 19 years, 11 months, 5 days
4. Kansas: 19 years, 9 months, 15 days
5. Alabama: 19 years, 7 months, 11 days
6. Missouri: 19 years, 7 months, 3 days
7. Arkansas: 19 years, 6 months, 15 days
8. Iowa: 19 years, 2 months, 26 days
9. Tennessee: 19 years, 1 month, 17 days
10. Louisiana: 19 years, 0 months, 26 days

Top 10 states where $1 million retirement lasts the least

1. Hawaii: 9 years, 7 months, 25 days
2. Massachusetts: 11 years, 8 months, 9 days
3. District of Columbia: 11 years, 10 months, 25 days
4. California: 12 years, 8 months, 5 days
5. New York: 13 years, 8 months, 1 day
6. Alaska: 13 years, 8 months, 5 days
7. Washington: 14 years, 11 months, 12 days
8. New Hampshire: 14 years, 11 months, 16 days
9. Vermont: 15 years, 0 months, 19 days
10. Maryland: 15 years, 0 months, 26 days

This story was originally published July 4, 2024 at 6:00 AM.

Patrick McCreless

The State

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Patrick McCreless is the Southeast service journalism editor for McClatchy, who leads and edits a team of six reporters in South Carolina, Georgia and Mississippi. The team writes about trending news of the day and topics that help readers in their daily lives and better informs them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.