You must have this much money to retire comfortably in SC in 2024, new report shows
Do you expect to retire in South Carolina one day?
If you want to do so in comfort, you’d better save up a good chunk of change.
A recent GoBankingRates analysis shows how much it costs to retire comfortably in every state. The report indicates that there’s no one-size-fits-all answer — the exact dollar amount you’ll need will depend on multiple factors, particularly where you plan to live in retirement.
“That’s because the cost of living varies from state to state,” a GoBankingRates article states. “In some places, you can get by on a small nest egg. In others, even $2 million won’t be enough.”
Hawaii has the highest average retirement expenses in the U.S., costing an estimated $129,296 a year to live comfortably, the report shows.
SC retirement costs
So, how much does it cost to live comfortably in retirement in South Carolina? Take a look below.
- Total expenditures: $56,477
- 20% comfort buffer: $11,295
- Cost of a comfortable retirement annually: $67,773
South Carolina is pricier than most of the Southeast, but there are a few states that are more expensive. Here’s what it costs to live comfortably in retirement across the Southeast.
Alabama
- Total expenditures: $50,980
- 20% comfort buffer: $10,196
- Cost of a comfortable retirement annually: $61,176
Florida
- Total expenditures: $59,660
- 20% comfort buffer: $11,932
- Cost of a comfortable retirement annually: $71,592
Georgia
- Total expenditures: $52,832
- 20% comfort buffer: $10,566
- Cost of a comfortable retirement annually: $63,398
Mississippi
- Total expenditures: $51,096
- 20% comfort buffer: $10,219
- Cost of a comfortable retirement annually: $61,315
North Carolina
- Total expenditures: $56,998
- 20% comfort buffer: $11,400
- Cost of a comfortable retirement annually: $68,398
Tennessee
- Total expenditures: $52,253
- 20% comfort buffer: $10,451
- Cost of a comfortable retirement annually: $62,704
Methodology
To determine the average retirement income you would need to live comfortably in every state, GoBankingRates used Bureau of Labor Statistics estimates for food, shelter, transportation, health care and utility costs. A 20% cash buffer was added to the income total to ensure retires could live “comfortably,” the report states.
Housing costs were the biggest differentiator in the cost of living in each state.
